Double bucket billing - two bank accounts for deposits
SwimOffice Admin - Super User
When a club needs to have two separate bank accounts for the various fees charged and payments made, TeamUnify offers “double bucket billing” for this. This allows you to associate all chart of accounts with one of two bank accounts. Credit card payments will automatically get deposited into the proper banks (so it will potentially charge the same card twice--once for charges associated with one bank, and again for different charges associated with a second bank). For those who pay by check you can specify to which bank account a payment goes. This greatly reduces hassle because once you define to which bank account certain funds go, it simply happens automatically for auto payments.
To use double bucket billing, you will need to set up two payment gateway merchant accounts with us for credit card and ACH processing. Please contact firstname.lastname@example.org to get this set up. They will direct you to the SE Payments Setup page.
- As you fill out the info on the first page, make sure to set the last question, Does your team use two bank accounts (double bucket billing)?, to Yes.
- You will next enter your primary bank account info.
- It will then take you through the flow again to enter your secondary bank account info.
Once you are approved, you must first designate which chart of accounts connect to which bank account.
- Go to Billing Setup.
- Chameleon users: In the side menu click Billing Admin > Billing Setup.
- New CMS users: In the side menu click Financial Tools > Billing Setup.
- Click CoA Setup tab.
- Click Add New to add a new account (note existing CoAs cannot be changed to a different bank account).
- Fill in the data
- Chart of Account: the name you want (for QuickBooks it must match EXACTLY the QB CoA name)
- Bank: choose Default Bank Account or Secondary Bank Account
- Charge Type: always choose Normal Charge/Discount
When you enter a payment on demand, you can designate to which bank account it goes.
- Go to Invoices & Payments.
- Chameleon users: In the side menu click Billing Admin > Invoices & Payments.
- New CMS users: In the side menu click Financial Tools > Invoices & Payments.
- Search for the desired account(s).
- Check the box(es) next to desired account(s).
- Click New Charge.
- Fill in the data.
- For Deposit to click drop down and select Default Bank or Secondary Bank.
- Click Save New Payment.
Here are other places it’s used.
- Inc & Pay Sum, Inc Trans Rpt, Inv Rpt, and Payment Sum reports all allow you to choose for which bank to show amounts and totals.
- CoA Sum report shows figures for both banks.
- For registrations, in the first Fees Setup screen under Accepted Payment Method(s), if you choose to Charge CC Processing Fee, you must choose a chart of accounts for each bank to use for that fee.
- For TUMoney, when you set up an event, the Accounting section allows you to choose which CoA to use for donations and processing fees.
- In Lessons Setup (Team Admin > Lesson Admin, click Edit), you can define to which bank credit card deposits are made. This is global; you cannot have some classes/fees go to one bank and other classes go to the other.