Learn how to manage your park's Accounting settings
Campspot has a ton of great functionality enabling you to decide how your parks financial transactions are recorded in Campspot reporting.
This article will highlight resources available for you to better understand Campspot's Accounting functionality.
How does Campspot define Accounting?
You will see or hear a lot of accounting terms commonly used by Campspot. To make sure you are comfortable with these terms, click HERE.
Where in Campspot can I find my Accounting settings?
A majority of Accounting Setup can be found in two places (click on either to learn more):
The remainder of this article will connect you with support on the following topics (Click on a section to jump ahead):
- Cash vs Accrual Basis Accounting
- Cash & Accrual Basis Accounting Reporting
- Financial Accounts
- Financial Account Mapping
- Understanding System Accounts
- Using Your Accounting Software
- Miscellaneous Charges
- POS Accounting
Cash vs Accrual Basis Accounts
Before you decide what Financial accounts you need, how transactions should be recorded, and what type of Campspot reporting you should use, you need to identify which method of accounting you use to report financial transactions.
Learn more about Cash versus Accrual Accounting.
Already know which one you use? Dive into each a little further:
Financial Accounts: What are they, where are they, and how to set them up them?
Financial Accounts are used to separate assets, liabilities, payment methods, and revenue into different categories, or buckets, on your park's journal entry reports. These buckets are mapped to all parts of Campspot to define where transactions should be recorded for your financial reporting.
Most Commonly Used Financial Accounts
Here is a list of the most Common Financial Accounts used in Campspot. This document can be printed out for your reference.
Where are Financial Accounts in Campspot?
Financial Account Mapping
Financial accounts are mapped in many parts of Campspot. How do you audit your system to know if everything is mapped to your preferences?
Use the Financial Account Mappings Report to view all financial accounts in Campspot, how the account is defined (asset, revenue, liability, COGS, etc.), where the account can be updated, and more.
How to: Create Custom Accounts
Campspot will have the Financial Accounts set up during your parks onboarding. If you need to add a new custom Financial Account to match your financial reporting practices, click here to learn how.
Reporting: Accounting Tab
Are you in need of changing financial accounts for multiple site type campsite rates? (For example: Reporting Extended Stay revenue vs Transient revenue)
Campspot has a very useful tool to help make updating all site type rates in a single screen. Click here to learn more about the Accounting tab in Campspot Reporting.
How to set up or update them?
Set Up Financial Accounts
Do you need to setup additional Financial Accounts? Click here to learn more.
Also, use this PDF for a quick reference on the steps of Setting Up Financial Accounts.
Re-mapping Existing Financial Accounts
Do you need to update what buckets existing Financial Accounts are mapped? Click to learn more about Re-mapping these Financial Accounts including these parts of Campspot:
- Site Type Revenue
- Payment Methods
- Unit Setup
- Rules (Reservation Surcharges, Site Lock Fees, Taxes, Cancellation Fees)
- Reporting - System Accounts
Campspot offers multiple ledger reports allowing users to upload directly into their accounting software.
- The most common accounting software used by parks today is Quickbooks Intuit. Learn more about:
- Import Quickbooks IIF reports to Quickbooks Desktop (not available using Quickbooks online)
Journal Entry Reporting
Journal entries are records of your park's financial transactions over a given period of time. These transactions are recorded as either accrual or cash basis and reports debit and credit balances by financial account.
Learn more about Journal Entry Basics.
Below is a list of reports available in Campspot's Organization Reporting. Click here to learn more about these reports.
Journal Entry (Accrual Basis Detailed with Inventory)
Journal Entry (Accrual Basis with Inventory)
Audit Trail (Reporting Service)
[Note: The Audit Trail does not include deferred revenue, prepaid deposits, or accounts receivable.]
Liability Detailed Report (Reporting Service)
[Note: You can use two Liability Reports to validate the deferred revenue, accounts receivable, and prepaid deposits totals on the JE]
Journal Entry (Cash Basis - includes today)
Journal Entry (Cash Basis - excludes today)
Journal Entry Construction (Cash Basis)
Journal Entry (Cash Basis Quickbooks IIF)
Journal Entry Detail (Cash Basis - By Invoice & Account)
Miscellaneous charges are charges applied manually to reservation invoices. These charges are not tied to rules or base pricing but each is mapped to Financial Accounts.
Learn more about Miscellaneous Charges.
Miscellaneous Charge as a Deposit
You can use a Miscellaneous charge to apply a manual deposit to a reservation invoice for things like utility or equipment rental deposits.
Learn more about setting up a manual deposit.
Campspot's POS feature has 4 default financial accounts:
- Using system Default Accounts
- Unmapped POS Revenue - Revenue
- Unmapped POS COGS - Cost of Goods Sold
- Unmapped POS Inventory - Asset
- Unmapped POS Write Off - Cost of Goods Sold
Additional Custom Financial Accounts can be created to report POS performance based on your reporting preferences.
How are products mapped in POS?
Each product is assigned to a Category. The Category is mapped to the 4 default unmapped financial accounts above - Revenue, COGS, Inventory, Write Off.
When running the Financial Account Mappings Report, you will find POS categories listed on the report with the assigned financial accounts.
Learn more by watching the video found here.
Find a list of the most POS categories on the Common Financial Accounts document on page 2. This document can be printed out for your reference.
Where are the categories mapped?
Financial accounts can be defined on the POS Accounting page.
Find out more here.