Pricing Information
Skip this to set the price manually each time an invoice is created with this revenue item. If this is filled out, it will set the price automatically, but this can be overridden for each new invoice.
There are three options for pricing:
- Unit Price: This price will be multiplied by a quantity. It is the most common pricing option and the default value that populates when manually creating an invoice.
- Base Price: This price will be added to the unit price or flat fee.
- Flat Fee - This is the alternative to a unit price. It is a fixed cost that does not depend on quantity.
Tax Information
- Taxable Item: If the revenue item is taxable, choose this option.
After selecting Save, find the new revenue item, select Actions, and Set Tax Items. Choose the taxes that should apply and select Save.
- Tax: If the revenue item is itself a tax (e.g., Sales Tax), choose this option, and enter the percentage. This will then appear in the list of available tax items when setting tax items.
- Neither: If the revenue item is not taxable and is not itself a tax being added, choose this option.
Other Flags
The revenue item can be flagged for reporting and analysis later. It can have more than one flag.
- Dues Type: If this revenue item involves the collection of dues, then place a check next to this. This will be useful in several reports and the Drop Automation procedure.
- Cash Basis: If the revenue from this item should be accounted on a cash basis, then place a check next to this. There is no Accrual Basis checkbox, so checking or unchecking this will determine how revenue is posted to the accounting software.
- Deferred revenue: If the revenue from this item is deferred revenue, then place a check next to this. This will then appear in the Revenue Recognition reports.
- Inactive: If this revenue item is no longer being used, place a check next to this. This is the best practice, rather than deleting an item, because the item will still appear in old invoices, but will not be an option when creating new invoices or billings.
Default Service Period is important for deferred dues.
Accounting Information
There are processes that require an accounting package. To avoid posting transactions directly to the accounting package, add an unlinked accounting package to MC Trade (i.e., adding a package by name only, but not select the type).
Set up an accounting package in MC Trade.
- Accounting Package: Choose the accounting package for this revenue item.
For the debit and credit accounts, set up accounts in MC Trade.
- Debit Account: Choose the account that should be debited when this revenue item is used. This is generally a Receivables account. If the item is marked as Cash Basis, leave this blank.
- Credit Account: Choose the account that should be credited when this revenue item is used. This is generally an income account (or revenue account). If the item is marked as Deferred Revenue then this should be the deferred/unrecognized account.
If using QuickBooks, set up classes in MC Trade.
- Class: If you are using QuickBooks, choose the class or sub-class that gets credited when this revenue item is used.
For QuickBooks Desktop, manually enter QuickBooks classes. If integrating MC Trade with QuickBooks Online then this information will be imported.
Invoice Message
This is a message that will appear on the invoice. Common invoice messages include: "tax number", "tax deductible", "thank you for your support", etc.