Deferred Revenue - Cool Tools, CSI Software Club Management Software

Club Management Software, Member Management Software - CSI Software

Deferred Revenue

Accounting Is No Longer A Balancing Act.

Streamline your books with powerful features designed for the unique accounting challenges facing the health club industry. CSI Deferred Revenue helps manage the bundled packages and prepaid services that drive your business. Leverage a single-source solution for robust accounting, unified reporting, automated posting and rapid closes.

Make better internal decisions and comply with external requirements. Enjoy more flexibility and greater transparency when it counts, because SpectrumNG automatically defers revenue through a variety of methods ideal for your products and services.

Choose Monthly Recognition for memberships. Select Series Sales to track personal training packages and tennis lessons. Utilize Program Registration for camps and niche programs. Any service, any department, and any number of sessions, Deferred Revenue can account for your most sophisticated offerings.

Memberships, personal training, spa packages, seasonal programs and gift cards are a vital part of your revenue base – and revenue recognition. Deferred revenue issues challenge most health clubs relying on prepaid services to meet revenue goals.

Manual reporting and consumer programs are no match for today’s accounting guidelines and standards. You need a true enterprise solution to navigate challenges and speed the process. Now, take payment upfront for any individual or bundled service and accurately recognize the associated revenue in your general ledger – automatically – as the service is delivered. It’s smarter accounting that leads to better financial management.

Make your accounting automatic.

Deferred Revenue Benefits:

  Create and manage deferred revenue schedules for courses, programs, individual items and bundled services.
  Automate accounts receivable to general ledger posting for revenue recognition.
  Access quality data for managerial insight and future decisions.
  Unify your books with flexible, proven features built for the health club industry.
  Enjoy full integration with SpectrumNG and connect to complimentary modules.

Deferred Revenue in Action

Monthly Recognition

With monthly recognition, select any product or service and accurately defer revenue on a month-over-month basis. First, select your G/L liability account holding initial payments. Then, select the Revenue Account you want payments transferred to over a scheduled period of time. Finally, choose the number of months your revenue will be recognized in. Let SpectrumNG do the rest.

Everything is based on your rules for each item. Now, make a sale through point of sale, billing, or accounts receivable transaction entry and SpectrumNG instantly generates a database schedule – starting with the date of sale - for recognizing revenue each month.

The process is simple and efficient, and tailored to your needs.

Series Sales
Design innovative packages that showcase your club’s expertise and effectively account for multiple products or services. Depending on your club policies, you may require series sales packages to be paid in advance. And SpectrumNG allows you to defer revenue generated by those packages with hassle-free precision.

Select packages you want deferred on an item-by-item basis. Revenue is recognized as each session is used. Simply choose the appropriate liability and revenue accounts, and Deferred Revenue will automate future series sales based on your rules and selections. It divides total revenue by total number of sessions and recognizes that revenue calculation at each usage date.

Program Registration
As part of SpectrumNG’s Program Registration module, you can defer revenue for instructor led courses and other specialty programs. Choose from two options: Defer by Program or Defer by Product. Using either method set the chosen enrollment fee product to defer, and then select the appropriate liability and revenue accounts. SpectrumNG makes it easy to configure and differentiate deferral schedules for current and future sessions.

Defer by Program
With Defer by Program, revenue calculations are based on the date each enrollment fee was paid. SpectrumNG divides enrollment fees by the number of classes remaining classes for any designated program. And a schedule is created to recognize the calculated amount on each class date.

Defer by Product
You have an additional deferred revenue method when choosing Defer by Product. Defer at Sale is a viewable as a Yes or No function. Defer at Sale is similar to monthly recognition, dividing enrollment fees by the number of months a service will be provided. If you bypass Defer at Sale, simply choose a deferral start date, the number of months needed to defer the revenue, and SpectrumNG will identify the correct amount of deferred revenue.

Recognizing Revenue
Revenue recognition occurs within the same posting process used to target debits and credits from your general ledger accounts. SpectrumNG searches your deferral schedule and series sales usage tables for revenue needing to be recognized during a given posting period. Recognized revenue is included on the A/R to G/L posting report, and in any custom G/L Export used to import data into your accounting system.

contact a specialist now:
1-800-247-3431