Financial Settings


 

Types of Payment Accounts

Overview

Payment Types in CivicRec categorize forms of payment for every transaction, such as scholarships, cash, check, department credit, etc. Some payment types may not be viewable on your CivicRec public website, so you can only access them internally.

Types of Accounts

  • Payment Account(s): Also known as an “Asset Account”. This will be debited for all cash, check, and credit/debit receipts received into CivicRec. One account is typical but more can be used. Some groups opt to create a different Payment account for each of their payment types, but that isn’t required.
  • Liability Account(s): Liability accounts are most typically used in the case of “Credit on Account” where the department ends up with money from a patron and now owes a future service to that patron. Liability accounts are credited when account credits are created and debited when account credits are used. Other common examples of Liability accounts include “Refund Check Requests” and “Deferred Revenue”. 
  • Revenue Account(s): These are the codes most people are familiar with. They reflect how the incoming money is distributed across the various revenue lines in the organization. They are credited when money is received. Your codes will likely cover things like “Youth Sports”, “Therapeutic”, “Facility Rentals”, “Admin Fees”, etc.



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