General ledger accounts, or GL accounts, are used in Nimble AMS to link back to your general ledger. After you set up GL accounts in Nimble AMS, and use them on products, bank accounts, and other financially-related records, the transactions generated by Nimble AMS are automatically tagged with the GL accounts. The transactions can then be exported from Nimble AMS and imported into your general ledger with the correct GL accounts. All GL accounts set up in Nimble AMS must be tied to an entity.
Creating GL Accounts
Staff can create one or more GL accounts for your association. Before creating a GL account, you must create an entity. After an entity is created, you can proceed with creating your GL account(s). The GL account name can be as generic or specific as you would like. Learn more about Entities.
Objects Using GL Accounts
Using bank accounts, you can track cash, checks, and other types of payments. When setting up bank accounts in Nimble AMS, at least one bank account should be created for each entity. The bank accounts you create are used to set up payment methods and credit card issuers for your entities.
In Nimble AMS, staff need to setup a deferred revenue method and attach it to a productin order to record revenue in a deferred GL account until the recognition date occurs. A deferred revenue method can be configured for membership, registration, or subscription revenue.
In this section, you will find information and steps for working with deferred revenue methods.
Deferred Revenue Method Record Types
The record type of your deferred revenue method must match the type of revenue you are deferring. The types of deferred revenue supported by Nimble AMS are:
Key Fields on a Deferred Revenue Method
Deferred Schedule Calculator Class
Deferred Schedule Calculator Class is used to calculate a deferred schedule. If left blank, the standard deferred schedule calculator will be used. This is available to all deferred revenue method record types.
Membership Recognition is used for Membership to determine when revenue will be recognized.
Straightline—takes an equal amount of the recognition for each deferral, for a length of a term until all revenue is recognized.
All On Start Date—recognizes all of the deferred amount at once on the first day of the term.
Event Recognition is used for Events to determine when registration revenue will be recognized.
- End Date
- Event End Month
- Event Start Month
- Start Date
- X Days from Start Date
Days From Event Start Date
The number of days after the event start date that deferred revenue will be recognized. The
Days From Event Start Date is required when the
Event Recognition is set to X Days from Start Date.
In Nimble AMS, a deferred revenue method is tied to a product. The
Deferred Revenue Method is not required, and is populated by staff. The product type record and and deferred revenue method need to relate. For example, a subscription product must use a subscription deferral method.
Using entity crossovers, you can manage multiple financial entities within your single instance of Nimble AMS. When you set up entity crossovers, products from multiple entities can be processed in a single order, and when a payment is applied to the order, any necessary inter-entity transactions are automatically generated based on the entity crossovers. The entity crossovers specify the due-to and due-from general ledger (GL) accounts for the entities.
By creating entity order items, you set the order item types that each entity has available to sell. The entity order items you create are listed in the Staff View order process "Let's Get Started" dialog box.
In Nimble AMS, you use productsto represent the goods or services your association offers to your constituents. Your products are set up using product types which define what attributes the products have. For example, an event session product has a start and end date, but a merchandise product does not. Your products are purchased by your constituent using orders.
Administrators can create a sales tax option for an entity which is used in the order process. Sales tax ensures that your association is collecting the proper tax amount for product sales.
Any place in Nimble AMS where there is an accounting impact, you will find transaction records. The transactions can result from the manual actions entered by staff in Staff View or by constituents in Community Hub—such as submitting an order, or through automated and scheduled processes—such as the recognition of membership deferred revenue. In every case, the creation of the transactions is done automatically by Nimble AMS; staff and constituents do not create them directly. To further safeguard your financial audit trail, transactions cannot be edited or deleted by staff or constituent actions. Common actions such as cancelling or modifying orders create the necessary reversing transactions automatically.
The transaction records hold the accounting details, such as the
Date, and more, and they are the source of the exports to your general ledger (GL) system.