As products are sold and payments are processed Clubspot will automatically make credits and debits in your COA to account for them. This guide explains which events in Clubspot impact accounting. You can replace our default accounts with your own via the Chart of Accounts section.
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Your sales or income accounts are credited in Clubspot the moment a sale takes place. This includes POS sales, registrations, or any other online purchases. Recurring charges like dues, facilities, or membership add-ons are credited to their respective income accounts when the invoice they are on is finalized and generated. Income accounts can be mapped to specific products, events, or POS locations. By default all sales that are unmapped will be credited to 4000 - Sales. For more information on mapping see our guide here.
Clubspot will automatically populate your chart of accounts with several default accounts needed to accurately track all transaction types. These accounts can be replaced by any existing accounts in your chart of accounts. To do so click into any of our default accounts, click Replace and select the account from your COA that you would prefer to use instead.
| Code | Name | Description |
|---|---|---|
| 1000 | Cash | Funds deposited to your bank by Stripe, and recorded offline payments. |
| 1200 | Accounts Receivable | Receivables from all outstanding invoices and membership balances. |
| 1201 | Unbilled Accounts Receivable | Funds that have been added to members’ house accounts but have not been invoiced for. |
| 1202 | Asset Clearing | Any credits or debits applied to a member’s balance impact AR and Asset Clearing. Adding a credit to a member’s balance will credit AR and debit Asset Clearing |
| 220X | [Tax Rate Name] | Records funds from any tax rate that you create in Clubspot. |
| 3200 | Processing Fees | Fees paid to Stripe for payment processing. |
| 4000 | Sales | Our default Sales account for all transactions that are not mapped to other income accounts. |
| 5000 | Cost Of Good Sold | Records any cost of goods sold where a product has a cost of goods associated and there has been a sale. |
| 6900 | Bad Debt | Records the unbilled accounts receivable from a membership that has been canceled (Expired). |
| 7100 | Cash in Transit | Records online payments that have been successfully processed but not yet paid out to your bank account. When they are paid out a debit is made to Cash. |
When a sale is made that is added to a house account, Clubspot will make a corresponding debit to Unbilled A/R. Importantly, this debit takes place when the sale has been completed but the invoice has not been finalized. Once an invoice is issued, a credit is made to Unbilled A/R and a debit is made to A/R. Debits to Unbilled A/R do not impact a member’s balance as they have not yet been billed for those charges.
When an invoice is finalized, Clubspot will make a debit to A/R. The corresponding credit will be applied to the sales account or to Unbilled A/R if for house account charges included on that invoice. A credit is made to A/R once that invoice is paid or the member’s balance is reduced through a payment.
When an admin update is made to a members balance both AR and Asset clearing are updated. Asset Clearing is the sum of all manual debits and credits applied by an admin to a member’s balance.
Cash in Transit represents your current balance in Stripe. When an online payment like a card payment or an ACH direct debit is processed you will receive those funds in your bank account in a bulk amount and at a slight delay depending on your payout frequency. To account for this delay, online payments that are successfully processed are debited to Cash in Transit. When Stripe completes a bulk payout to your bank account Cash in Transit is credited and your Cash account is debited.
Cash is debited when you receive a payout from Stripe, or you mark a check or other offline payment as paid. For online payments you will receive one debit to Cash matching the Stripe payout amount once it has been successfully paid out. Individual transactions to Cash will be debited for offline payments recorded in Clubspot.