Mapping of Campspot's default financial accounts is required in order for a Journal Entry report to produce accurate financial data. The information in this article will empower you to re-map your accounts appropriately.
Before beginning, you will need to know which style of accounting your park uses, either Cash Basis or Accrual basis. If you are unsure, check with the park owner or financial controller. You can also read more about the differences between the two styles of accounting HERE.
Re-mapping of Campspot default accounts will be almost identical whether you're using Cash Basis or Accrual Basis accounting. The one difference between the two styles is noted later in this article.
Note: Re-mapping of default financial accounts requires you to create a few new accounts in Campspot. Your park’s financial accounts can be found under Campground Setup > Accounting > Financial Accounts.
To add a new account select Add Account Each account needs an account ID and an account name. If you are hoping to import into another accounting system such as Quickbooks, these will need to match what currently exists in this other system.
Financial accounts are mapped in different areas of Campspot. All areas can be accessed through the main navigation at the top left corner of the admin page. We recommend beginning with Campground Setup.
- Payment Methods: Change all Payment Methods mapping from General Liability to General Asset
- As a best practice we recommend creating additional Asset accounts labeled ‘Transfer Internal’ and ‘Transfer External’ and mapping those to the corresponding payment methods
- Unit Setup: Ensure the Main Financial account for all Site types and Add-on types is set to General Revenue. General Revenue is the default Main Financial Account for Site Types but it is recommended to double check in case these have been edited previously.
- As a best practice in Unit Setup, we recommend changing all the Deferred Financial Accounts to Deferred Revenue, however, this does not impact reporting unless you're using Accrual basis accounting
The clip below shows the mapping of one Site Type.
- All Reservation Surcharges (Rules > Pricing > Reservation surcharges): The Main Financial Account should be set to General Revenue, and the Deferred Financial Account should be Deferred Revenue.
- Site Lock Fees (Rules > Functions > Lock site function): The Main Financial Account should be set to General Revenue, and the Deferred Financial Account should be Deferred Revenue.
Taxes (Rules > Pricing > Taxes): Create a liability account for tax (typically named the same name as the tax) and map this newly created account as the Main Financial Account. The Deferred Financial Account should be General Liability.
- Cancellation Fees (Rules > Policies > Cancellation policy): The Main Financial Account should be set to General Revenue and the Deferred Financial Account should be set to Deferred Revenue.
The clip below shows the mapping of one Tax rule.
System Accounts are mapped under the Accounting tab in Reporting.
Accounts Receivable, Prepaid Deposits, Deferred Revenue should be mapped to their corresponding system accounts.
- Over & Under Payment: If you are using Cash Basis Accounting, it is recommended to create one liability account called Over/Underpayment and map both to that same account. These can also be mapped to their own separate named liability accounts if that is preferred.
If you are using Accrual Basis Accounting you would follow the same steps but it is recommended that instead of a liability account you create a revenue account.
- Camp Credit: Create and map to a liability account called Camp Credit.
The clip below shows the mapping of the system accounts
Point of Sale:
- All mapping for the POS is done through Point of Sale > Accounting
System Accounts: All system accounts should be mapped to their corresponding system accounts. All corresponding system accounts have 'Unmapped' in the title.
Categories: All Categories within your POS Inventory will need to be mapped individually and those should be mapped as described below:
Financial Account = General Revenue
COGS Financial Account = Unmapped POS COGS
Inventory Financial Account = Unmapped POS Inventory
Write Off Financial Account = Unmapped POS Write Off
Deferred Financial Account = Unmapped POS Deferred Revenue
The images below show what the Point Of Sale Accounting page should look like after mapping.