Liabilities
Liabilities refer to financial obligations a business is responsible for fulfilling in return for payment it has received upfront. For example, guests pay upfront for packages, memberships, and gift cards but the business is still liable to provide a service or deliver value in exchange. The sale of financial instruments such as packages, memberships, and gift cards are in essence, liabilities for the business. Discount-based memberships and certain membership fees such as setup fee, freeze fee are not considered.
For each financial instrument, sales represent the total purchase amount irrespective of the payment type, while redemptions reflect the amount used through liability instruments. Note that refunds are factored into all categories and are based on the refund sale date. Redemption is based on the center where it is redeemed, irrespective of where it was purchased
To reconcile and drill in further, follow these steps:
Click View reports.
The Accounting Summary report appears.
For sales details in each category, please refer to the sales columns in the Liability section.
For details on redemptions, please refer to the redemption tables in the report. Review the values in Center Redemption and Cross Center Redemption sections.
Note
If you can't find the column you need, you can customize the report view to include it.