Revenue Items are primary component of invoice line items, They are used throughout Atlas including Sales Opportunities, Billing Records, Event Items and all invoices. You can create as many Revenue Items as you need for the different line items you bill for, and will be able to run many revenue reports that are categorized by these items.
Follow these steps to create Revenue Items:
- Go to Admin > Manage Codes, then click Revenue Codes > Revenue Items. The Revenue Items window will appear.
- Click Add Revenue Item.
- In the Item Name field, enter the name of your new Revenue Item.
- In the Description field, enter a specific description of your new Revenue Item. This is the default text that will appear printed on invoices that use this item (though you can always override this on any specific invoice).
Revenue Items can either have their pricing configured now, or the invoices they are used on can have the price set at that time. There are three options for pricing on a Revenue Item:
- Unit Price - Use this if the price of the item should be multiplied against a quantity amount. This is the most common Pricing style.
- Base Price - This amount will be added to any amounts that are also added in the Unit Price or Flat Fee amounts
- Flat Fee - Use this if the item always has a flat fee. It will not ne added or multiplied by any Quantity amounts entered later.
Revenue Item Flags
Revenue Items can be flagged for reporting and analysis purposes later. Revenue Items can have as many flags as necessary.
- Tax/Taxable - If this item is taxable, select that from the dropdown. If it is itself a tax (e.g. "Sales Tax"), select Tax and enter the corresponding percentage.
- Dues Type - Check this when the Revenue Item is for Dues. This will be useful in several reports and in the Drop Automation procedure.
- Cash Basis - check this if the Revenue used for this Revenue Item is accounted for on a Cash Basis. There is no Accrual Basis checkbox, so checking or unchecking this box determine how revenue is Posted to your Accounting software.
- Deferred revenue - this will filter invoices that use this Revenue Item into your Revenue Recognition reports in Atlas.
- Inactive - Check this if the Revenue Item is no longer being used. Once checked, the item will still appear in all old invoices that used it, but won't be an option when creating new invoices or billings.
To assign your Revenue Items to your Accounting System, you must have your Account Codes and Accounting Package entered into Atlas. You can do this by going to Admin > Manage Codes, Revenue Codes > Account Codes.
- Accounting Package - Select the Accounting Package this Revenue Item is tied to.
- Debit Account - The Account in your Accounting Package that gets Debited when this Revenue Item is used. Usually, this is a Receivables account. If the item is marked as Cash Basis, you can leave this field blank.
- Credit Account - The Account in your Accounting Package that gets Credited when this Revenue Item is used. Usually, this is an income account (or 'revenue account'). If the item is marked as Deferred Revenue, this should be the Deferred/Unrecognized account.
- Class - The Class in your Accounting Package that gets credited when this Revenue Item is used, only for QuickBooks users.
- If you set a Revenue Item as "Taxable," you'll need to assign the Tax Types that the system should use when you generate an invoice for that item. In the Actions dropdown for that item, choose Set Tax Items
- Check all the Tax Type Revenue Items that should be applied to the selected Revenue Item.
- If you chose a "QuickBooks" Accounting Package, you will be prompted to enter the Class for the revenue item. Choose the Class or Sub-Class that any invoice using this revenue item should be posted to in QuickBooks. **NOTE: if you use QuickBooks Desktop, you must manually enter your QuickBooks "Class Types" into Atlas. You can do this by going to Admin > Manage Codes > Revenue Codes > Class Types. QuickBooks Online classes are populated automatically after importing Accounts.
- If you chose an "Intacct" Accounting Package, you must complete set up of your Revenue Items in the desktop version so that you can dynamically choose your Department and Location for each item.