Revenue Codes are used to configure and modify the revenue module. Each code has its own function, and the codes will interconnect with the revenue software configured with MC Trade. These codes can be found under Admin > Manage Codes > Revenue Codes.
Below is an infograph explaining how the various revenue codes interact and affect each other:
Revenue Item: This code refers to products or services being sold. Each code created represents an item or service purchasable to members and non-members using the database.
Adjustment Types: This code is used to update an invoice, either to reduce the amount owed or to refund an invoice amount. All adjustment types must be custom-made by selecting the + Add An Adjustment Type button in the top right corner. Event Promo and Event Benefits both feed from this to create discounts on the invoice automatically.
Class Types: This code relates specifically to Quickbooks Desktop. Class relates to revenue items to group related transactions together in Quickbooks reporting.
Class Type codes do not work with Quickbooks Online, as it has its own class option and must be edited within the Quickbooks Online application.
Payment Types: This code refers to the type of payment used, such as credit card, PayPal, wire transfer, cash, etc. The standard codes already created here include: cash, check, credit card, trade-out, and unapplied payment. Standard codes can be renamed, and new codes can be created by selecting the + Add A Payment Type button in the top right corner.
Payment Source Codes: This code is used to sort how the money from a revenue item is received, whether someone paid with a credit card through an online portal, paid cash in person, paid with a check at an event, etc.
Account Codes: This code could only be used on revenue items and payment types within MC Trade, and should not be exported to external revenue software. It is used to classify accruals (the money expected to be received in the coming fiscal window) and is later marked off when the money is or is not received. For example, the money expected to be made from membership dues in the coming year.
Related Revenue Items: This code is used to create additional revenue items offered to the customer at checkout and creates automatic invoice charges. These optional items could be for donations, to purchase ad space in the directory, etc.
There are two options offered when creating a related revenue item: Add and Rebalance.
Add will charge the customer full price for the item or service they are purchasing, and give the option to add funds on top of the original price. For example, if the service costs $100, and the ad space they purchase costs $15, the total will be $115.
Rebalance will subtract the amount for the related revenue item from the total the customer is already paying and only charge the customer the original total. For example, if the service costs $100, and the customer would like to donate $15, the total they pay will still be $100, but only $85 of that money will go towards the service they purchase, and the other $15 will go towards the donation.
Pledge Campaign Types and Pledge Level Codes: Pledge codes are used in the Pledge Campaign Module to categorize pledges. A pledge must be added via Revenue > Pledge Campaign and connected to a revenue item. A pledge promised for multiple years can be set to create a recurring billing record.