Finance Module

It is possible to configure the club’s basic financial settings in Club parameters > Other parameters > Finances. You can define default prices and, if the club decides it, a penalty for “No-shows” at events (settings 1 to 3 are not mandatory, but useful when the participation price is always, or almost always, the same).

1. Default prices for attendance at an event, for active members, prospects and other contacts. This price can also be set individually in the financial parameters of any event.

2. Default prices for attendance at an event, for guests and visitors (this price can be the same as for members or different, up to the club). This price can also be set individually in the financial parameters of any event.

3. Penalty for unexcused absences ("no-shows". This amount represents what the restaurant owner may charge for a meal ordered but not served. This penalty can also be set individually in the financial parameters of any event.

4. Activate Enable member financial accounts to activate the individual account system. This gives each member of the club with a login access a continuous "debit - credit - balance" account. If the club wants to work with the individual member accounts, this setting must be enabled.

5. This setting adds the MY FINANCES tab to the member's navigation menu, making it possible to view their individual financial account.

6. When this toggle is activated and the financial configurations are either set to default or recorded in an event established with Option 2 "Prices defined in the event finances/Payment with Finance Module" the participation fees for club members and any accompanying individuals are automatically deducted from these members' accounts. These deductions are logged in the individual accounts with the designated label Meal and are displayed in a distinct tab within the individual accounts; this facilitates the review and, if needed, billing of this position which may include a significant number of entries.

7. Activate this setting if the club operates either a flat-rate meal package based on a fixed amount per period, regardless of the number of meals consumed, or a minimum amount to be topped up during the period.

For each event on the calendar created with option 1 or option 2, the Finances tab of the event displays the full breakdown of income (individual contributions from members, guests and visitors) and expenses (restaurant, room hire, speaker, etc.) related to this event, making it easy for you to check everything before closing the event.

An overall financial view is also available by displaying the Finances tab in the general feature Club Life > Calendar/Reports. The financial view of all closed events is accessible by default for the current quarter, with the option to select a different period (current or last year, last quarter or half-year, specific period,…).

Managing financial parameters

When creating the event, select Option 2 "Prices defined in the event finances/Payment with Finance Module" in the Registration tab of the event.

Check that all the financial parameters correspond to your specific event: 1️⃣ Default prices for attendance at the specific event / 2️⃣ Activate the automatic debit of the price of the specific event from members’ accounts / 3️⃣ Cost per participant for the specific event / 4️⃣ If any, the fixed expenses for the specific event:

During and after the event, capture all attendance of members and visitors (QR code or manually), collect contributions on spot (cash, credit/debit cards, smartphones, etc.), except those of active members if the debit of their individual accounts is activated, Check that the count is complete (see below) and correct it if necessary,

When all attendances and expenses are verified, close the event.

Note: closing the event affects the attendance of the members present, but also debits, where applicable, their individual accounts for the amount of their contribution to the event. Reopening a closed event will create reverse entries in the members' individual accounts, not erase them.

Without automatic transactions

In this option, each member (active, prospect or other contact) has only one current account, to record the various possible accounting entries. Each entry is generated manually by the treasurer.

The entries can be :

• debit transactions > club entry fees, club membership fees, donations, "No-show" penalties, etc.

• credit transactions > payment by the member to the club bank account, cash payment by the member to the treasurer.

With automatic transactions

In addition to manual transactions, it is also possible to automate entries for member contributions to statutory and non-statutory meetings. Activate the option - in the by-default financial settings or in a specific event - to have event contributions automatically debited from members' accounts.

In this case, only guests and visitors pay their event contributions on the spot, while those of club members and their potential companions are automatically debited from the member's individual account. These automatic debits are the event prices, but optionally also a “nos-show” contribution for a member registered but absent at the event.

Automatic entries are made when the event is closed by the administrator.

Note: an event must only be closed once all attendance figures have been entered and verified. Closing the event affects the attendance of the members present, but also debits, where applicable, their individual accounts for the amount of their contribution to the event. Reopening a closed event will create reverse entries in the members' individual accounts, not erase them.

With meal packages

Clubs using the meal package can choose between two systems: set a minimum amount per period for meals (to be completed by concerned members, if needed) or a fixed amount per period for meals, regardless of the number of meals consumed. To activate this meal plan system, in Club parameters > Other parameters > Finances, activate the Uses meal package switch.

Minimum meal package: members pay in advance a fixed predefined amount for n “meal tickets”. Unused “tickets” are acquired by the club and cannot be carried over to the following period, except in the case of special authorization for a given member. Additional meals to the n “meal tickets” are at the member's expense.

Fixed meal package: for the given period, regardless of the number of statutory events the member attends (no balance invoiced or refunded).

In both cases, a sub-account of the Main individual account, named Meal, is used, from which the contributions due are automatically debited when an event is closed. The display in a distinct tab within the individual accounts facilitates the review and, if needed, billing of this position which may include a significant number of entries.

Individual transaction

The tab to create a transaction is accessed via Members > Active members (or prospects, or other contacts) > click on the Finance icon of each member.

When creating either a Debit (periodic club fee, “no-show” fee, donation, …) or a Credit (payment by the member to the club bank account or in cash to the treasurer), following choices must be done:

1. The account > by default Main

2. The type of transaction > by default Other

3. The description of the transaction

4. Whether it is a debit or a credit

5. The amount, which will appear in red if it is a debit

6. The accounting date, i.e. the date on which the transaction actually took place; e.g. the date of the payment into the club's bank account.

The date of the transaction appearing in the first column of the member current account is the date of recording by Polaris.

Bulk transaction

The tab to create a transaction is accessed via Members > Active members (or prospects, or other contacts) > button Create bulk transaction.

When creating a bulk transaction, either a Debit (periodic club fee , meal package fee) or a Credit (payment by members to the club bank account), following choices must be done:

1. Select the members concerned with the bulk transaction; by default, this field shows all active members of the club

2. The account > by default Main (Meal sub-account is available, if requested)

3. The type of transaction > by default Other

4. The description of the transaction

5. Whether it is a debit or a credit

6. The amount, which will appear in red if it is a debit

7. The accounting date, i.e. the date on which the transaction actually took place; e.g. the date of the payment, by all concerned members, into the club's bank account.

The date of the transaction appearing in the first column of the member current account is the date of recording by Polaris.

IMPORTANT

As in any accounting system, once an entry has been created, it cannot be deleted. If an entry needs to be corrected, a "reversal" is created, i.e. an entry which cancels the entry to be corrected.

At the beginning of the accounting period, the treasurer must:

• Debit all the Main accounts with the amount of the club fees and meal packages through two bulk transactions.

• When creating the Meal package bulk transaction:

  • Choose the “Fixed meal package” or the “Minimum meal package”.

  • A box labeled “Create corresponding meal transaction” appears and, when activated, enables the automatic crediting of the amount for the chosen meal package in the Meal sub-account of all relevant members.

It is easier to charge the two entries, fees and, if selected, meal package, on the same day and to issue the members an invoice that includes both items, using the Serial Letters feature.

At the end of the accounting period and depending on the club's financial operating mode, the the treasurer must:

• if the fixed meal-package is in force:

  • reduce the positive and negative balances of the “meals” accounts to zero, by means of the appropriate entries.

  • credit the total of the positive amounts of this account in the club's accounts (this amount represents the balance of the fixed meal packages not consumed by members who do not attend very often)

• If the minimum meal-package is in force:

  • reduce the positive balance of the “meals” accounts to zero, by means of the appropriate entries

  • credit the  total of the positive amounts of this account in the club's accounts (this amount represents meals paid for in advance and not consumed by members who do not attend regularly)

  • reduce the negative balance of each “meal” account to zero, by means of the appropriate entries, and debit the member's main account by the same amount

  • invoice the members concerned the negative balance representing the meals consumed and not covered by the minimum meal package paid for at the beginning of the period.

The Members > Active Members > Finances tab allows the treasurer to display the balances of all members as of the current date. Display filters are available to differentiate between:

• the oldest members

• members who are required or exempt from attendance

• members whose main account is negative or positive respectively

• members whose meal account is negative or positive respectively

Prior to enabling the various functionalities of the Finance module for the club, it is essential to conduct tests on them.

NOTE

The upcoming test will generate entries for the members in attendance, making them visible to the relevant members in MY FINANCES. On the day the club opts to activate the finance module for its members, it is crucial to create entries to reset any accounts that are not at zero.

The suggested testing milestones are:

1. In the club configurations, select the basic option to Activate the financial accounts of members.

2. Establish a fictitious other contact, such as “Finance Test”, and assign him a user account.

3. Record transactions for various debits and credits throughout a quarter.

4. Review the Main account statement in the backend.

5. Examine the Main account statement in the frontend by “logging in as” the member.

6. Terminate the “log in as”.

7. In the club configurations, select the option to Debit the cost of events from members' accounts.

8. Create attendance for several past events for the profile Test Finances (future attendance cannot be set).

9. Assuming that there are not yet valid bookings for any members, the simplest thing is to reopen closed events.

10. Verify the balance of the Main account in the backend.

11. Verify the balance of the Main account in the frontend by “logging in as” the member.

12. Terminate the “log in as”.

13. In the club configurations, select the option to utilize a meal package.

14. Create a “Meal package” debit in the Main account of the profile Test Finances, as well as a credit in the Meal account.

15. Create attendance for several past events for the profile Test Finances (future attendance cannot be set).

16. Check the Main account balance in the backend.

17. Check the Main account balance in the frontend by “logging in as” the member.

18. Terminate the “log in as”.

19. Also try out bulk transactions like fees, meal packages, etc..

20. At the conclusion of the experiment, reset the balances of all affected accounts.

ENJOY YOUR EXPERIMENT!