When used in combination, Member Splash and Quickbooks make it exceedingly easy to track your revenue without needing to manually enter transactions. Member Splash already tracks all payments by fee type and provides summary reports that show revenue by category as well detail reports that show revenue by user, specific item, payment method, etc.
KEY CONCEPT: Use Member Splash when you want to find out revenue details -- who paid what, which membership types generated the most sales, etc. Use Quickbooks to record total revenue, optionally split into categories. There is no need to track individual payments in Quickbooks using the approach outlined below.
Step 1: Recording Deposits in Quickbooks as Uncategorized
With Member Splash your online payments are automatically deposited into your business bank account, typically the day after the payments are made. Rather than splitting each deposit into the various fee types that it represents, you'll record the deposit as Uncategorized.
1. Open QuickBooks and go to the Transactions -> Bank Transactions menu and select your bank account.
2. If your bank account is linked to Quickbooks then the deposit will show up automatically in Quickbooks, marked as For Review. Click on the row for the deposit which will look something like this.
Once opened select Uncategorized Income as the Account type and click Add to complete the deposit. (You can also set up Quickbooks to map the deposits to Uncategorized Income automatically).
If your bank account is not linked to Quickbooks you'll need to manually add the deposit. To do that click on the New button at the top left and select Bank Deposit.
Fill out the deposit as shown below. The Received From field allows you to select from your saved Vendors. We suggest adding Member Splash as a vendor but you're welcome to assign this however you like. The key is to use Uncategorized Income as the account.
3. Repeat for each deposit you need to record.
Step 2: Get Batch Reports From Member Splash
When you are ready to categorize the deposits in Quickbooks into the various fee types you'll log into your site and go to the Finances > Batch Reports tab.
How frequently you choose to categorize deposits is up to you. You can do it for each deposit, once a week, monthly, or even just once at the end of the season. The settings are explained below.
Date Range Filter: You can select pre-defined date ranges, like Last Week, or select a custom date range. To select a single day just click on it twice, then Apply.
View Transactions: To see the transactions and details included in the batch, select the three dot menu at the right of the transaction. You'll be able to view the transaction ID, Date and Time of the transaction, Payment Method (Credit or ACH, if enabled), Details, Type of Transaction, Amount and Customer Name. To view details, simply select the details arrow. Use the Export button to export the visible rows to a CSV or Excel file.
NOTE: If your club is accepting ACH payments please be aware that there are several differences with how those work. An ACH payment is considered settled when it has been submitted for final funding. However, depending on the banks involved it may take several days for the funds to actually be transferred into your account. The timing is also affected by bank holidays. There is also the possibility that the payee may have insufficient funds in their account at the time the charge is submitted for funding.
Step 3: Create Journal Entries to Categorize the Deposits
Now that you have the report breaking down each deposit into its individual fee types for the selected date range, you're ready to update QuickBooks. With a clear view of what was paid for in each deposit, you can now accurately categorize the transactions within QuickBooks.
1. Click the New button at the top left and select Journal Entry
Set the Journal Date to the last day of the date range you are reconciling.
For the Account select the Income Account. How fine grained you wish to get is up to you. You could use Dues to record all dues payments, or you can make sub accounts for your various membership types, such as Family, Couple, etc. Again, you'll have that detail in Member Splash so there isn't really a need to repeat it in Quickbooks, but the choice is yours.
In the Debits field enter the total amount paid for the particular fee type. Repeat for each fee type you are recording.
Add a final line to the entry with the Account set to Uncategorized Income and the Credits field set to the total amount you are recording (Quickbooks will automatically populate this for you based on the other lines).
Save the Journal entry and now your previously uncategorized deposits all correctly reflect the appropriate fee types! Using a report like the Profit and Loss statement will show your revenue broken out into the various categories.
How frequently you choose to do this is up to you. The point of Member Splash is to reduce your workload and since there isn't any particular need to have revenue categorized in Quickbooks in real time we typically recommend doing this monthly. Once you've done it once or twice it shouldn't take more than about 10 minutes.