Credit Book

Credit Book

Credit Book allows for the issuance and redemption of credits from the POS and offers the additional benefit of recording
the credit book costs as an expense in the general ledger. Below are the steps to setup and manage the credit book

Step 1:  Credit Book Tender

A Credit Book tender method should be created in Tender Methods:

Step 2:  General Ledger

The client will identify the GL accounts used to expense credits issued to members and should be added to the chart of accounts in Financial/GL Manager.  For example, if credits are being awarded for tournaments, they will likely have a tournament prizes expense account:

Step 3: Add Credit Book

Credit Book will be created in Options/POS/Credit Book.

Note: Credit Book Events and Credit Book Entries will no longer be used.  

Step 4:  Inventory Manager

The client will create an inventory category, typically in the retail area entitled ‘Credit Book’.  The sales account will be the tournament prizes expense account described in Step 2.  You must select Qualify Credit Book and Non Inventory Item. This category will typically be non-taxable:

The client can then add inventory items in the category.  If they want to track prizes for each event, they can add an inventory item for each event (with a zero sales price).  If they want to be able to expire credits for individual member, they can add a generic item ‘Award/Expire Credits:

Step 5: Add to the appropriate profile and managed accordingly:

Credit Book: Add from Credit Book entered in Options above
Credit Book: Add the Credit Book tender method with applicable Liability Account

Add category or inventory items from Inventory Manager to applicable POS Menu:

Awarding Credits

To award credits to a member, you do so through a POS transaction by crediting the member for a credit book item (the price is set at the time of sale to a negative amount): 

The sale is then tendered to the Credit Book tender method:

Expire Credits

Determine the amount to be expired. Process the sale of the credit book item (this is a sale and not a credit), in the amount of the balance to be expired:

NOTE: Remember to set the POS date to the expiry date. Tender the sale to the credit book tender method.

Reporting

In addition to the existing credit book report, the club can now report using: