Spektrix lets you issue Gift Vouchers, Account Credit, and Ticket Vouchers through Ticket Subscriptions as well as taking Deposits against Orders. This article will guide you through how Credit works in Spektrix. You’ll also find information about how to correctly account for Credit in Spektrix.
Before you read this article, you should be familiar with:
What is Credit in Spektrix?
You can think of Credit in Spektrix as money received which has not yet been spent.
For example:
A Customer purchases a £100 Gift Voucher. The £100 will show as money you have received, but isn’t counted as revenue until one of the following has happened:
- The Gift Voucher has been redeemed
- The Gift Voucher expires
In the meantime, the £100 should be recorded as part of your liability account. This is also true for Account Credit, Ticket Vouchers and Deposits.
What is a liability account?
A liability account is used in your accounting system outside of Spektrix to record income received. For example, a Gift Voucher purchase, which must be paid to someone else, for example, the Gift Voucher recipient.
How should I manage my liability account?
How you manage your liability account is unique to your organisation. In some organisations your liability account may be managed by your finance team.
When the Gift Vouchers, Account Credit, Ticket Vouchers and Deposits have been spent, you can move these out of your Liability Account and into your Sales Account.
In your accounting system, outside of Spektrix, you may want to make an adjustment and move purchases of Gift Vouchers, Account Credit, Ticket Vouchers and Deposits paid out of your Sales Account and into your Liability Account. You can track these balances by running the Special Report.
Go to How to report on issued, spent and expired Credit for more information on the Special Report.
How to Report on Gift Vouchers, Account Credit, Ticket Vouchers, and Deposits
TIP: You’ll need the Insights & Mailings User Role on your User Account before you can run Reports. If you don’t have this, ask the Administrator in your organisation.
You can run the Payments & Activities Report to view any Credits. In the Credits section, a Credit will show on the report for the following:
- Gift Voucher Purchase
- Account Credit added to a Customer’s Record
- Ticket Subscription purchase
- Deposit paid against a Reservation
TIP: You can’t break down sales using a Gift Voucher into payment types. If a customer uses multiple methods of payment or buys other items within one transaction, it isn’t possible to split these out into different payment types. This is known as a mixed payment.
When Gift Vouchers, Account Credit, and Ticket Vouchers are used, you’ll be able to see them as Payment Types in the Payment section of the Report:
How to Report on issued, spent and expired Credit
To view the balance of Account Credit, Gift Vouchers and Deposits, you’ll need to run a Report called the Special Report.
TIP: You’ll need the Insights & Mailings User Role on your User Account before you can run Reports. If you don’t have this, ask the Administrator in your organisation.
The report will display the amount of credit issued, spent and expired on your system over the specified time period.
You can run the Special Report on a regular basis by running the Payments and Activities Report which will show these transactions within a specified period.
Read Reporting on Credit, Deposits & Gift Vouchers - the Special Report for more information.
How to Report on unredeemed Ticket Vouchers in Spektrix
To Report on how many Ticket Vouchers have not been redeemed, you’ll need the Ticket Subscriptions Analysis Report.
TIP: You’ll need the Insights & Mailings User Role on your User Account before you can run Reports. If you don’t have this, ask the Administrator in your organisation.
Read How to Run a Report for more information.
How to view Account Credit and unredeemed Ticket Vouchers online
Customers can view their Account Credit, Gift Voucher Balance and Ticket Subscriptions online
To enable this, you’ll need to change some website settings in Spektrix by following these steps:
TIP: You’ll need the Settings Administrator Role on your User Account before you can change these Settings. If you don’t have this, ask the Administrator in your organisation.
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Click the Control Panel button (in the bottom left corner of Spektrix):
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Click Settings:
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Click Configuration > System Setup from the top menu:
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Click Website from the left menu:
Activate the following settings:
- Display the Account Credit section on your website’s “My Account” page
- Display the Ticket Subscriptions section on your website’s “My Account” page
You can also choose a Custom Header for the Ticket Subscriptions section. If you enter a name, click Save Configuration.
Credit Expiry
Account Credit and Gift Vouchers can be set to expire within a specified time period, or set to never expire.
TIP: Any changes you make to expiry dates will not affect Account Credit or Gift Vouchers which have already been issued. If you want to change the expiry date for previously issued credit, contact Support.
You can find out where to view and change the default expiry dates for credit by reading the following articles:
Once Gift Vouchers and Account Credit have expired, they can’t be used, extended or reissued.
If a Gift Voucher has expired and you want to honour the voucher’s value, you’ll need to sell a new Gift Voucher using a Custom Payment Type to pay for the transaction. Check with your finance team before using a Custom Payment Type, as you may have your own organisational processes.
Ticket Voucher Expiry
When you set up a Ticket Subscription, you’ll enter an expiry date. You can edit existing Ticket Subscriptions and change the expiry date for all holders of Ticket Subscriptions with unredeemed Ticket Vouchers. Read Editing Ticket Subscription Basic Details for more information.
Order Deposit Expiry
Order Deposits will never expire. You should decide whether to return Deposits to Customers who don’t complete their booking after a certain period of time.
If you want to refund a Deposit, read Refunding a Deposit for more information.
This article should give you the information you need to understand Credit in Spektrix. To learn more about payments, visit the Manage Payments section of the Support Centre.