Setting up your billing properly through ChamberMaster is key for your organization's income, reporting, and when exporting to your accounting software. Use this guide to help you set up your Chart of Accounts (CoA), Billing Options & Settings, and Fee Items. Read and follow the suggestions under each section below.
When all sections have been completed, you'll be ready to continue setting up Memberships and preparing your Membership Billing. This guide will lead you through the initial setup needed to ensure you are ready to manage billing through your ChamberMaster software. When all sections have been completed, you can feel confident your ChamberMaster billing is set up accurately.
Accounting Method Decision
ChamberMaster billing can operate on a Cash or Accrual accounting method. The selection of Cash or Accrual is determined in collaboration with your Accountant.
For example, if your membership revenue should be recognized over the term of the membership rather than one lump sum when paid (Cash method), your accounting method would be called Accrual. Using the Accrual accounting method, there are a variety of ways to recognize that revenue in ChamberMaster.
Setup Default Billing Options & Settings
Under Setup > Billing Options & Settings you will define many global billing settings for your organization.
- Configure default finance settings
- Configure Invoice Templates, including uploading your logo
- Configure Payment Terms
Setup Chart of Accounts
Add or edit the Chart of Accounts. Keep in mind that ChamberMaster only facilitates Accounts Receivables. Include only those accounts that apply to AR and transactions done through ChamberMaster eg membership dues, event registrations, sponsorships, donations, sales, etc.
Setup Fee Items
Fee Items allow you to define the “products” for the memberships, event registrations, sponsorships, etc. you provide. Upon initial setup of the system, you will add high-level categories of the items that you offer. Additional fee items may be added as your organization requires.
Accountant Review
Decisions on the above configuration of your default Billing Options & Settings, Chart of Accounts, and Fee Items should be made in conjunction with your Accountant. Please have your Accountant review and agree that the selections you have made are following the recommended best practices between your organization and your Accountant.
Final checks
Please confirm that you've completed all of the above steps and have confirmed that your billing setup is complete for successful invoices and reporting through ChamberMaster.
