Finance Codes


Finance Codes

This page enables you to set up the Finance Codes in aXcelerate that match the account/finance codes in your accounting system to support invoicing and payments related to your training services. aXcelerate currently supports invoice and payment data export files to the following popular accounting systems: 

  • MYOB
  • Xero

Other accounting systems can be catered for using a simple .CSV export file format. If you have an alternative accounting system to the ones listed above, please contact aXcelerate support via the Support Centre to request further information. NOTE: It is vital to have your account and finance codes set up correctly before invoicing students for any type of training. 

Basic Steps

  1. Choose Finance > Finance Codes.

  2. Click the Add New Finance Code button. 

  3. The New Finance Code form will display. 

  4. Populate fields in each section of the New Finance Code form. For more information, see Notes For Specific Fields
  5. Click the Submit button.

Notes For Specific Fields

 

Field Name
Field Notes
New Finance Code form
DomainSelect the appropriate Domain from the drop-down list.
DescriptionUnder the Description field, enter an income account descriptor. Example: Traineeships, Corporate Training, Certificate courses. This income account name should match the name that you have used for this account in your accounting system.
Finance CodeEnter the matching Finance Code. Examples: 4-1500, 4-2000 (MYOB) or CorpTrain, CertCourses (QuickBooks) or 2500, 2433 (Sales or Revenue codes for Xero). NOTE: Some Finance reports rely on ensuring that no finance code is duplicated in order to produce accurate data. In some circumstances, Finance Codes may need to be duplicated so that multiple Cost Centre Codes can be set up against a single Finance Code or Finance Sub-code. In this situation, it will be important to rely on the reporting from your finance/accounting package as some reports in aXcelerate may not yield accurate data. If you want to allow duplication of Finance Codes or Sub-codes so that you can use many Cost Centre Codes against a single Finance Code or Sub-code, ensure that the System Setting under the Additional Options tab called: Enforce Unique Finance Codes is set to 'No'.
Finance Sub-codeEnter the matching Finance Sub-code only if you use sub-codes (MYOB) or sub-categories (QuickBooks) to classify income. Example: 4-1511, 4-2016 (MYOB) or Leadership, Hospitatlity (QuickBooks). NOTE: Some Finance reports rely on ensuring that no finance code is duplicated in order to produce accurate data. In some circumstances, Finance Codes may need to be duplicated so that multiple Cost Centre Codes can be set up against a single Finance Code or Finance Sub-code. In this situation, it will be important to rely on the reporting from your finance/accounting package as some reports in aXcelerate may not yield accurate data. If you want to allow duplication of Finance Codes or Sub-codes so that you can use many Cost Centre Codes against a single Finance Code or Sub-code, ensure that the System Setting under the Additional Options tab called: Enforce Unique Finance Codes is set to 'No'.
Till CodeEnter if applicable.
Cost Centre CodeEnter if applicable. NOTE: This field maps to the JobID field in MYOB for clients who export finance data from aXcelerate to MYOB. NOTE: Some Finance reports rely on ensuring that no finance code is duplicated in order to produce accurate data. In some circumstances, Finance Codes may need to be duplicated so that multiple Cost Centre Codes can be set up against a single Finance Code or Sub-code. In this situation, it will be important to rely on the reporting from your finance/accounting package as some reports in aXcelerate may not yield accurate data. If you want to allow duplication of Finance Codes or Sub-codes so that you can use many Cost Centre Codes against a single Finance Code or Sub-code, ensure that the System Setting under the Additional Options tab called: Enforce Unique Finance Codes is set to 'No'.
Attracts Commission

If checked, the dollar value of any invoice line items assigned this finance code will contribute towards agent commission calculations in various agent revenue reports. If unchecked, invoice line items will not attract any commission.

Use this Finance Code as the default for:

The Use this Finance Code as the default for field allows you to enter Finance Code to be used as the default Finance Code for all instances of a type of training service. Simply tick the relevant checkbox beside that training service. What this means is that each time you set up a particular training service, aXcelerate will automatically use the Finance Code that you have set up for all instances of that type of training service

Example: To keep things simple, in your accounting system, you currently group all your public courses/Workshops under a single income account called 'Public Workshops' (no matter what workshop type they may be) with an account code of 4-3000 (MYOB) or 'Public Workshops' (QuickBooks). Every time you set up a new instance of any Public Workshop, aXcelerate will use the default Finance Code for this training service.

In-house WorkshopsCourses that you are contracted to deliver for a specific organisation.
Public WorshopsCourses that are offered on a public basis. Also, face-to-face components of full Certificates.
In-house WorkbooksFees generated through sales of course workbooks from in-house courses.
Certificate FeesFees generated from all Certificates.
Workshop CustomisationFees from customisation or tailoring of training courses. These are usually in-house Workshops.
Extra ItemsExtra items are typically for additional fees generated from such billable items as travel, accommodation, car hire, additional coaching fees, assessments, training resources not included in the standard course fee, etc.
Venue Hire/CateringEntered when setting up a Venue for Workshops.
AccommodationEntered when setting up Accommodation for Workshops.
Travel Expenses/Flights/Taxi Charges/Car Hire/Fuel/Travel AllowanceEntered when setting up Travel for Workshops.
MealsEntered when setting up Travel Allowance for Workshops.
Expenses ReimbursedEntered when setting up additional billable items for Workshops.
Survey FeesEntered when setting up and deploying any type of billable survey for a client.
CoachingEntered when setting up one-on-one coaching for a client.
Other Sales ItemsAny other billable items not covered in any of the categories above. This could relate to products that you also sell in addition to your training.
MembershipsIf you are an association or membership-based organisation, ALL membership income recorded in aXcelerate will be grouped using this single default account/code.


Finance Codes table
UpdateTo update an account or code, click the  icon.
DeleteTo delete an account or code, click the  icon.
MakeTo make an account or code inactive, click the  icon.