Accounting transactions
Use these examples to read the entries in your Ledger. All amounts are Canadian dollars. Tax rates and processing fees are examples, not a statement of what your club must charge.
Sales and taxes
When an order is submitted at checkout or by a Manager, Curling IO records a REV group for each item. It debits A/R for the total owed and credits Revenue for the price after discount, plus a separate credit for each tax.
One tax
A $100 league registration with 13% HST totals $113.
| Account label | Debit | Credit |
|---|---|---|
| A/R | $113.00 | |
| Revenue | $100.00 | |
| HST | $13.00 |
Multiple taxes
An $80 item with 5% GST and 7% PST totals $89.60. Each tax has its own label and code.
| Account label | Debit | Credit |
|---|---|---|
| A/R | $89.60 | |
| Revenue | $80.00 | |
| GST | $4.00 | |
| PST | $5.60 |
Each tax is rounded to the cent on each item. For example, two $19.95 items at 5% GST each have $1.00 GST, for $2.00 tax altogether. Don't calculate the tax again on the combined subtotal when checking the ledger.
Untaxed items
A $25 item with no tax has no tax row.
| Account label | Debit | Credit |
|---|---|---|
| A/R | $25.00 | |
| Revenue | $25.00 |
Free and fully discounted items
An item priced at $0 with no discount creates no entries. An item discounted to $0 creates zero-value entries. For an untaxed item discounted to $0:
| Account label | Debit | Credit |
|---|---|---|
| A/R | $0.00 | |
| Revenue | $0.00 |
Order adjustments
An adjustment has its own REV group using your Adjustment code. It is never taxed and doesn't change the original item's revenue or tax entries.
A $10 increase:
| Account label | Debit | Credit |
|---|---|---|
| A/R | $10.00 | |
| Revenue | $10.00 |
A $10 reduction:
| Account label | Debit | Credit |
|---|---|---|
| Revenue | $10.00 | |
| A/R | $10.00 |
Late fees and convenience fees
Each fee is a separate item, using Late fee revenue or Convenience fee revenue. It can carry tax if taxes are selected for it. A $5 fee with 13% HST records:
| Account label | Debit | Credit |
|---|---|---|
| A/R | $5.65 | |
| Revenue | $5.00 | |
| HST | $0.65 |
Payment requests
Payment requests also use the Adjustment revenue code, but they can carry the taxes selected on the request. A $20 request with 13% HST records:
| Account label | Debit | Credit |
|---|---|---|
| A/R | $22.60 | |
| Revenue | $20.00 | |
| HST | $2.60 |
Payments
A payment reduces A/R. Revenue was already recorded when you submitted the order.
Online payment
A $113 online payment creates a PMT group:
| Account label | Debit | Credit |
|---|---|---|
| Undeposited Funds | $113.00 | |
| A/R | $113.00 |
The money stays in Undeposited Funds until a payout deposit records it reaching your bank. See the Payments report.
Offline payment and Deposited on
On an order, use Add payment and choose Paid with: Cash, Cheque, e-Transfer or Card (offline). Deposited on is required and defaults to today.
A $113 cheque creates the same payment group:
| Account label | Debit | Credit |
|---|---|---|
| Undeposited Funds | $113.00 | |
| A/R | $113.00 |
It also creates a separate DEP group dated Deposited on:
| Account label | Debit | Credit |
|---|---|---|
| Cash | $113.00 | |
| Undeposited Funds | $113.00 |
For a wrong deposit date, use Edit payment. Curling IO reverses the old deposit and posts a new one dated the new Deposited on date. See payment corrections.
Club credit applied
Applying $30 of club credit creates a CCA group. It reduces what you owe the account holder and what they owe on the order. It has no deposit entry.
| Account label | Debit | Credit |
|---|---|---|
| Club Credit Payable | $30.00 | |
| A/R | $30.00 |
At checkout, club credit is applied before the card payment. It doesn't apply to convenience fees or payment-plan items. See club credits.
Payment plans
The sale is recorded when the order is submitted. Each installment pays its own payment-plan item. A $56.50 installment creates:
| Account label | Debit | Credit |
|---|---|---|
| Undeposited Funds | $56.50 | |
| A/R | $56.50 |
The installment doesn't record revenue a second time. See payment plans and cancelling scheduled payments.
How a payment is split between items
Curling IO allocates a payment by smallest remaining balance first, then the next; ties follow item order. With Add payment, this applies to the items you select under Select the items this payment applies to. An amount reopened by Refund payment only is collected first.
For a $70 payment on an order with an untaxed $5 fee, a $22.60 locker and a $113 league registration, the allocation is $5 to the fee, $22.60 to the locker and $42.40 to the league. The league still has $70.60 owing.
The payment group has one A/R credit per item. Those rows carry each item's class and project codes.
| Account label | Debit | Credit |
|---|---|---|
| Undeposited Funds | $70.00 | |
| A/R (fee) | $5.00 | |
| A/R (locker) | $22.60 | |
| A/R (league) | $42.40 |
The words in parentheses identify the items for this example; the account label is A/R. Follow this order through a refund in Refunds and corrections.
Customer deposits
Customer Deposits is rare: it appears only when a payment ends up larger than what the order owes. New refunds are blocked until the payment history is reviewed.
Payout deposits
Curling IO records payout deposit entries only while Premium is active and Accounting codes is on. Each payment gets a DEP group dated the payout's settlement date in your time zone. Use the Payouts report to check them.
A negative Stripe payout stays negative in the Payouts report. The ledger records a DEP group per payment; the payout transfer itself has no ledger row.
Stripe
Stripe deposits the amount after fees. For a $113 payment with an illustrative combined fee of $3.58:
| Account label | Debit | Credit |
|---|---|---|
| Cash | $109.42 | |
| Processing Fees | $3.58 | |
| Undeposited Funds | $113.00 |
Processing Fees combines the fees withheld from the deposit. Curling IO's application fee isn't a separate line.
SportsPay
SportsPay deposits the full payment and bills fees separately. A $113 payment records:
| Account label | Debit | Credit |
|---|---|---|
| Cash | $113.00 | |
| Undeposited Funds | $113.00 |
Record SportsPay's fee invoices yourself in your accounting system. A refunded payment still deposits its original amount; its refund withdrawal is separate.
Club credit grants and reductions
On Club credits, enter Email, Amount and Notes, then use Add credit. A $50 grant creates a CCG group:
| Account label | Debit | Credit |
|---|---|---|
| Club Credit Given | $50.00 | |
| Club Credit Payable | $50.00 |
A negative amount uses Reduce credit. Reducing the balance by $10 records the opposite:
| Account label | Debit | Credit |
|---|---|---|
| Club Credit Payable | $10.00 | |
| Club Credit Given | $10.00 |
You can't reduce a balance below zero. Credit labelled "Balance carried over from the previous system" has no grant entry. Use Club Credit logs when reconciling those balances.
Your Premium purchase
Your organization's Premium purchase creates a PRE group. For an illustrative $100 subtotal plus $13 Ontario HST:
| Account label | Debit | Credit |
|---|---|---|
| Platform Expense | $100.00 | |
| HST/GST Paid | $13.00 | |
| Cash/Bank | $113.00 |
If a code is blank, Curling IO leaves that line out, so the group won't balance. Add the missing line in your accounting system. See Premium.