Fee Types have many functions and are critically importing to properly billing your members and accounting for the club. We will review these items here.
Fee Types are used to put your products into 'like' categories. The most common are Fee Types are:
- *Membership Fee
- Initiation Fee
- Equity Fee (sometimes called a Bond fee)
- Late Fees (sometimes called Penalty fees)
- * House Guest Fee
Fee Types of note
The Membership Fee, Fee Types is a special fee type. When a member pays for a product in this fee type the payment status of the member is changed from UNPAID to PAID. Every member of your pool will need to pay for a product in this fee type. Typically it is the yearly dues.
The House Guest Fee Type - anyone added to an account with this fee type is removed after each seaaons based on the end date of the season for each club.
One Fee Type Per Product
Every product must have a fee Type. Should you think that your product is not billing it is likely because you have not selected a Fee Type for the product.
Fee Types and Accounting (your treasurer will love you)
Fee Types are the basic for accounting. To know where your revenue comes from (or is going) you have to categorize your charges, Fee Types do just that. From an accounting perspective every charge has to belong to a specific revenue category or you can't generate accurate reports. For example you certainly want to make sure your Discounts are put into Discount Fee Type so that you can see how much revenue discounts account for to your bottom line.