Financial Accounts can only be used to direct payments to multiple bank accounts if you are a ClubExpress Premium Payments user.
Financial accounts are a powerful reporting and analysis tool for all financial transactions. They allow you to organize individual line items into specific buckets for aggregation purposes. They also link transaction line items and payments to bank accounts, allowing you to distribute funds into different accounts, including accounts belonging to parent organizations (such as a national association.) And for clubs that enable QuickBooks® integration, they allow you to link financial transactions to QuickBooks® accounts.
How are they used?
Think of financial accounts as the glue that links different kinds of charges to one or more bank accounts. But they can also be used for reporting and analysis purposes, even if every financial account links to the same bank account.
- When you define Member Types, one of the options is the financial account into which basic membership dues should flow. Use this option to track total dues for each member type.
- When you define subgroups, one of the options is the financial account into which the subgroup portion of membership dues should flow. This option is used if your club or association charges dues at the chapter, district and/or region level.
- When you define optional additional charges, you have each charge aggregate into its own financial account.
- When you define an event, you can specify a financial account for that event into which registration fees will flow.
- When you define a donation fund, you can specify a financial account.
- When you define a product in the Storefront module, you can specify the financial account to track sales of that product.
- When you create a misc. charge or credit, you can specify the financial account into which that charge or credit will be aggregated.