Ledger Codes
Ledger codes are alphanumeric identifiers used in accounting to categorise transactions and financial activities. These codes help organise and track financial data efficiently. They typically consist of a series of letters and/or numbers that represent specific accounts within your operation's chart of accounts.
Using ledger codes allows for consistent and standardised recording of financial transactions, making it easier to generate reports, analyse data, and ensure accuracy in financial records. Different organisations may have their own unique coding systems tailored to their specific needs and reporting requirements.
In the Ventrata dashboard, ledger codes are organised in a table according to priority. Each time a transaction is made in the Bookings table, the system crawls through the ledger rules from top to bottom until a rule applies to the transaction. The booking is then assigned the ledger code with the applicable ledger rules.
Organise your ledger codes from the most detailed to the most general, placing them in order from top to bottom. This organisation enables the system to generate an accurate portrayal of your booking transactions.
In the Ventrata dashboard, go to Supplier Settings > Ledger Codes.
Press the + New Ledger Code button.
Enter a name and a brief description of the purpose of the code.
Select an account type and set the ledger code rules for categorising and processing financial transactions automatically.
For a detailed description of individual account types, jump to Account Types below.
Press the ADD RULE button to add additional sets of rules to your ledger code rules if your use cases benefits from it.
Press the Create Ledger Code button to save your rules.
There is no requirement to have accounts of each account type, however there are essential account types you need to maintain for accurate financial reporting and compliance purposes.
This type of account keeps track of bookings with a balance due amount.
A cash account represents the operation's assets, specifically the money paid by the customer to purchase the product. Using two cash accounts, you can record all transaction methods and reseller vouchers separately. If you opt for one cash account, transactions by all of the transaction methods are going to be recorded in that account without further granularity. Conversely, you can create a separate cash account for each individual transaction method and/or gateway.
Revenue account types capture the income that your operation has generated. This account type helps in monitoring and analysing the sources of revenue and evaluating the financial performance of your operation.
Ventrata's ledger system allows you to create multiple accounts that help you analyse the sources of your revenue. This is achieved by selecting one of the checkboxes below the list of account types. A Summary Report on the ledger table will then show a separate line and a corresponding value in either the debit or credit column that reflects the net tax, commission, discounts or costs associated with the booking(s) in question.
Whenever you check one of the checkboxes under the revenue account type, at least one corresponding account type must also be created to match the entry to a ledger code.
If none of the checkboxes are selected, every sale through the general revenue account results in a revenue entry where the split items are absorbed.
Split Net Tax (Payable) - determines the tax amount due; creates a new credit line
Split Commission Payable - serves as an offset account to the voucher owed which would be otherwise absorbed by the revenue account; creates a new credit line
Split Commission Expense - records commission expense in a new debit line
If 'Split Commission Expense' is unchecked, the commission is recorded in the revenue.
Split Discount (Expense) - records discount expense (promotions, that were applied to the sale) in a new debit line
Split Cost Payable - pertains to 3rd party sales; records the cost attached to the 3rd party product in a new debit line.
In a summary report, 'Split Cost Payable' offsets what is essentially a voucher sale, reducing the revenue credit line to only the commission percentage.
Split Cost Expense - records operator expenses in a new debit line, i.e. the wholesale rate of the product owed to the operator,
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Net Tax Payble' checkbox is ticked.
Deselect the 'All Taxes' checkbox on the right-hand side of the window to create separate accounts for different types of tax (city, state, federal).
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Commissiong Payble' checkbox is ticked.
Deselect the 'All Resellers' checkbox on the right-hand side of the window to create separate accounts for different resellers, which will be applied based on reseller name or reseller tag.
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Commissiong Expense' checkbox is ticked.
Deselect the 'All Resellers' checkbox on the right-hand side of the window to create separate accounts for different resellers, which will be applied based on reseller name or reseller tag.
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Discount Expense' checkbox is ticked.
Deselect the 'All Promotions' checkbox on the right-hand side of the window to create separate accounts for different promotions, which will be applied based on promotion name or promotion tag.
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Cost Payble' checkbox is ticked.
Deselect the 'All Operators' checkbox on the right-hand side of the window to create separate accounts for different operators.
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Cost Payble' checkbox is ticked.
Deselect the 'All Operators' checkbox on the right-hand side of the window to create separate accounts for different operators.
Using ledger codes allows for consistent and standardised recording of financial transactions, making it easier to generate reports, analyse data, and ensure accuracy in financial records. Different organisations may have their own unique coding systems tailored to their specific needs and reporting requirements.
In the Ventrata dashboard, ledger codes are organised in a table according to priority. Each time a transaction is made in the Bookings table, the system crawls through the ledger rules from top to bottom until a rule applies to the transaction. The booking is then assigned the ledger code with the applicable ledger rules.
Organise your ledger codes from the most detailed to the most general, placing them in order from top to bottom. This organisation enables the system to generate an accurate portrayal of your booking transactions.
Create Ledger Codes
In the Ventrata dashboard, go to Supplier Settings > Ledger Codes.
Press the + New Ledger Code button.
Enter a name and a brief description of the purpose of the code.
Select an account type and set the ledger code rules for categorising and processing financial transactions automatically.
For a detailed description of individual account types, jump to Account Types below.
Press the ADD RULE button to add additional sets of rules to your ledger code rules if your use cases benefits from it.
Press the Create Ledger Code button to save your rules.
Account Types
There is no requirement to have accounts of each account type, however there are essential account types you need to maintain for accurate financial reporting and compliance purposes.
Balance - Essential
This type of account keeps track of bookings with a balance due amount.
| Rule | Description |
|---|---|
| All Order Destinations | ✅ assign orders from any destination to the account |
| 🔲 untick the checkbox to assign only orders without a destination, or | |
| ➕ select individual destinations to assign orders coming from those destinations to the account | |
| It is recommended to keep 'Order Destinations' ticked and use the Ledgers table to pull reports filtered by destination instead | |
| All Destinations | ✅ assign bookings from any destination to the account |
| 🔲 untick the checkbox to assign only bookings without a destination, or | |
| ➕ select individual destinations to assign bookings coming from those destinations to the account | |
| It is recommended to keep 'Destinations' ticked and use the Ledgers table to pull reports filtered by destination instead | |
| All Ledger Codes | ✅ assign all ledger codes to the account |
| 🔲 untick the checkbox to assign only bookings without any ledger codes, or | |
| ➕ select ledger codes to assign bookings associated with them to the account |
Cash - Essential
A cash account represents the operation's assets, specifically the money paid by the customer to purchase the product. Using two cash accounts, you can record all transaction methods and reseller vouchers separately. If you opt for one cash account, transactions by all of the transaction methods are going to be recorded in that account without further granularity. Conversely, you can create a separate cash account for each individual transaction method and/or gateway.
| Rule | Description |
|---|---|
| All Order Destinations | ✅ assign orders from any destination to the account |
| 🔲 untick the checkbox to assign only orders without a destination, or | |
| ➕ select individual destinations to assign orders coming from those destinations to the account | |
| It is recommended to keep 'Order Destinations' ticked and use the Ledgers table to pull reports filtered by destination instead | |
| All Destinations | ✅ assign bookings from any destination to the account |
| 🔲 untick the checkbox to assign only bookings without a destination, or | |
| ➕ select individual destinations to assign bookings coming from those destinations to the account | |
| It is recommended to keep 'Destinations' ticked and use the Ledgers table to pull reports filtered by destination instead | |
| All Ledger Codes | ✅ assign all ledger codes to the account |
| 🔲 untick the checkbox to assign only bookings without any ledger codes or assign bookings with specific ledger codes to the account | |
| Transaction Methods | ✅ assign bookings using the selected transaction methods to the account |
| Options include: | |
| 💳 Credit/Debit Card | |
| 💶 Cash | |
| 🎟️ Reseller Voucher | |
| 🎁 Gift Card | |
| 💰 Other - custom payment methods; specify in 'Other Types', see below | |
| 🔄 Balance Transfer | |
| All Gateways | ✅ assign bookings using any gateway to the account |
| 🔲 untick the checkbox to assign bookings without any gateways or assign bookings paid using specific gateways to the account | |
| All Gift Ledger Codes | ✅ assign bookings associated with any ledger code for gifts to the account |
| 🔲 untick the checkbox to assign bookings without any gift ledger codes or assign bookings associated with specific gift ledger codes | |
| Other Types | ➕ select custom payment methods to assign to the account |
Revenue - Essential
Revenue account types capture the income that your operation has generated. This account type helps in monitoring and analysing the sources of revenue and evaluating the financial performance of your operation.
Ventrata's ledger system allows you to create multiple accounts that help you analyse the sources of your revenue. This is achieved by selecting one of the checkboxes below the list of account types. A Summary Report on the ledger table will then show a separate line and a corresponding value in either the debit or credit column that reflects the net tax, commission, discounts or costs associated with the booking(s) in question.
Whenever you check one of the checkboxes under the revenue account type, at least one corresponding account type must also be created to match the entry to a ledger code.
If none of the checkboxes are selected, every sale through the general revenue account results in a revenue entry where the split items are absorbed.
Split Net Tax (Payable) - determines the tax amount due; creates a new credit line
Split Commission Payable - serves as an offset account to the voucher owed which would be otherwise absorbed by the revenue account; creates a new credit line
Split Commission Expense - records commission expense in a new debit line
If 'Split Commission Expense' is unchecked, the commission is recorded in the revenue.
Split Discount (Expense) - records discount expense (promotions, that were applied to the sale) in a new debit line
Split Cost Payable - pertains to 3rd party sales; records the cost attached to the 3rd party product in a new debit line.
In a summary report, 'Split Cost Payable' offsets what is essentially a voucher sale, reducing the revenue credit line to only the commission percentage.
Split Cost Expense - records operator expenses in a new debit line, i.e. the wholesale rate of the product owed to the operator,
| Rule | Description |
|---|---|
| All Order Destinations | ✅ assign orders from any destination to the account |
| 🔲 untick the checkbox to assign only orders without a destination to the account, or | |
| ➕ select individual destinations to assign orders coming from those destinations to the account | |
| It is recommended to keep 'Order Destinations' ticked and use the Ledgers table to pull reports filtered by destination instead | |
| All Destinations | ✅ assign bookings from any destination to the account |
| 🔲 untick the checkbox to assign only bookings without a destination, or | |
| ➕ select individual destinations to assign bookings coming from those destinations to the account | |
| It is recommended to keep 'Destinations' ticked and use the Ledgers table to pull reports filtered by destination instead | |
| All Gifts | ✅ assign bookings with gift cards to the account |
| 🔲 untick the checkbox to assign bookings without gift cards to the account | |
| All Items | ✅ assign bookings with any purchase items to the account |
| 🔲 untick the checkbox to assign bookings without any purchase items to the account | |
| ➕ select specific items to assign bookings that contain purchases of those items to the account, or | |
| 🏷️ select specific item tags to assign bookings with tagged items to the account | |
| All Products | ✅ assign bookings of all products to the account |
| 🔲 untick the checkbox to assign bookings without any products, for example only item purchases, to the account | |
| ➕ select specific products to assign bookings with these products to the account, or | |
| 🏷️ select specific product tags to assign bookings with tagged products to the account | |
| If a package product is selected, make sure to untick the 'Package' booking type, see below, to avoid duplicate entries in the Ledgers table. It is also recommended to save a Ledgers table view with 'Package' sale type unselected to have a corresponding view for the ledger rule. |
| Rule | Combinations | Description |
|---|---|---|
| No Option or All Options | ✅ ✅ both checkboxes are selected | ✅ assign bookings with or without options to the account |
| If ✅ 'No Option' is selected and 🔲 'All Options' unticked | ✅ assign only bookings without options to the account | |
| If ✅ 'No Option' is selected and 🔲 'All Options' unticked | ✅ assign only bookings without options products to the account | |
| ➕ select specific options to assign bookings with these options to the account, or | ||
| 🏷️ select specific option tags to assign bookings with tagged options to the account | ||
| If 🔲 'No Option' unticked and ✅ 'All Options' is selected | ✅ assign only bookings with options to the account | |
| If 🔲 🔲 neither checkbox is selected | ➕ select specific options to assign bookings with these options to the account, or | |
| 🏷️ select specific option tags to assign bookings with tagged options to the account |
| Rule | Description |
|---|---|
| All Extras | ✅ assign bookings with any extras to the account |
| 🔲 untick the checkbox to assign bookings without any extras to the account, | |
| ➕ select specific extras to assign bookings with these extras to the account, or | |
| 🏷️ select specific extra tags to assign bookings with tagged extras to the account |
| Rule | Combinations | Description |
|---|---|---|
| No Package Product or All Package Products | ✅ ✅ both checkboxes are selected | ✅ assign bookings with either standalone and package products to the account |
| If ✅ 'No Package Product' is selected and 🔲 'All Package Products' unticked | ✅ assign only bookings without package products to the account | |
| If ✅ 'No Package Product' is selected and 🔲 'All Package Products' unticked | ✅ assign only bookings without package products to the account | |
| ➕ select specific products to assign bookings with these products to the account, or | ||
| 🏷️ select specific product tags to assign bookings with tagged products to the account | ||
| If 🔲 'No Package Products' unticked and ✅ 'All Package Product' is selected | ✅ assign only bookings with package products to the account | |
| If 🔲 🔲 neither checkbox is selected | ➕ select specific products to assign bookings with these products to the account, or | |
| 🏷️ select specific product tags to assign bookings with tagged products to the account | ||
| No Promotion or All Promotions | ✅ ✅ both checkboxes are selected | ✅ assign bookings with or without promotions to the account |
| If ✅ 'No Promotion' is selected and 🔲 'All Promotions' unticked | ✅ assign only bookings without promotions to the account | |
| If ✅ 'No Promotion' is selected and 🔲 'All Promotions' unticked | ✅ assign only bookings without promotions to the account | |
| ➕ select specific promotions to assign bookings with these promotions to the account, or | ||
| 🏷️ select specific promotion tags to assign bookings with tagged promotions to the account | ||
| If 🔲 'No Promotion' unticked and ✅ 'All Promotions' is selected | ✅ assign only bookings with promotions products to the account | |
| If 🔲 🔲 neither checkbox is selected | ➕ select specific promotions to assign bookings with these promotions to the account, or | |
| 🏷️ select specific promotion tags to assign bookings with tagged promotions to the account | ||
| No Reseller or All Resellers | ✅ ✅ both checkboxes are selected | ✅ assign bookings sold by anyone to the account |
| If ✅ 'No Reseller' is selected and 🔲 'All Resellers' unticked | ✅ assign only bookings sold by other than a reseller to the account | |
| If ✅ 'No Reseller' is selected and 🔲 'All Resellers' unticked | ✅ assign only bookings sold by other than a reseller to the account | |
| ➕ select specific resellers to assign bookings sold by these resellers to the account, or | ||
| 🏷️ select specific reseller tags to assign bookings sold by tagged resellers to the account | ||
| If 🔲 'No Reseller' unticked and ✅ 'All Resellers' is selected | ✅ assign only bookings sold by resellers to the account | |
| If 🔲 🔲 neither checkbox is selected | ➕ select specific resellers to assign bookings sold by these resellers to the account, or | |
| 🏷️ select specific reseller tags to assign bookings sold by tagged resellers to the account | ||
| Deferred or Undeferred | ✅ ✅ both checkboxes are selected | ✅ assign bookings in either state to the account |
| If ✅ 'Deferred' is selected and 🔲 'Undeferred' unticked | ✅ assign only deferred (Confirmed) bookings to the account | |
| If 🔲 'Deferred' unticked and ✅ 'Undeferred' is selected | ✅ assign only undeferred (Redeemed or No-show) bookings to the account | |
| Redeemed or No-show | ✅ ✅ both checkboxes are selected | ✅ assign bookings in either state to the account |
| If ✅ 'Redeemed' is selected and 🔲 'No-show' unticked | ✅ assign only Redeemed bookings to the account | |
| If 🔲 'Redeemed' unticked and ✅ 'No-show' is selected | ✅ assign only No-Show bookings to the account | |
| Free (no charge) or Paid | ✅ ✅ both checkboxes are selected | ✅ assign bookings in either state to the account |
| If ✅ 'Free (no charge)' is selected and 🔲 'Paid' unticked | ✅ assign only bookings with a zero price to the account | |
| If 🔲 'Free (no charge)' unticked and ✅ 'Paid' is selected | ✅ assign only bookings with a non-zero price to the account |
| Rule | Description |
|---|---|
| All Channels | ✅ assign bookings made via any channel to the account |
| 🔲 untick the checkbox to assign only bookings that were not made via any channel to the account, or | |
| ➕ select individual channels to assign bookings coming from those channels to the account | |
| Booking Types | ✅ assign any booking type to the account |
| 🔲 untick individual checkboxes to assign only 'Standalone', 'Package' or 'Option' booking type, or combinations thereof, to the account | |
| Sources | ✅ assign booking made through any source to the account |
| 🔲 untick individual checkboxes to assign only bookings made through selected sources, or combinations thereof, to the account | |
| Ticket Unit Tiers | ✅ assign bookings that include any unit tier to the account |
| 🔲 untick individual checkboxes to assign only bookings that include selected, or combinations thereof, to the account |
Tax Payable
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Net Tax Payble' checkbox is ticked.
Deselect the 'All Taxes' checkbox on the right-hand side of the window to create separate accounts for different types of tax (city, state, federal).
Commission Payable
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Commissiong Payble' checkbox is ticked.
Deselect the 'All Resellers' checkbox on the right-hand side of the window to create separate accounts for different resellers, which will be applied based on reseller name or reseller tag.
Commission Expense
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Commissiong Expense' checkbox is ticked.
Deselect the 'All Resellers' checkbox on the right-hand side of the window to create separate accounts for different resellers, which will be applied based on reseller name or reseller tag.
Discount Expense
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Discount Expense' checkbox is ticked.
Deselect the 'All Promotions' checkbox on the right-hand side of the window to create separate accounts for different promotions, which will be applied based on promotion name or promotion tag.
Cost Payable
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Cost Payble' checkbox is ticked.
Deselect the 'All Operators' checkbox on the right-hand side of the window to create separate accounts for different operators.
Cost Expense
Create one or multiple ledger codes that correspond to a revenue account where the 'Split Cost Payble' checkbox is ticked.
Deselect the 'All Operators' checkbox on the right-hand side of the window to create separate accounts for different operators.
NEXT: How to Use Ledgers
Updated on: 07/05/2024
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