Revenue groups can be set against rental and sale products, services, and surcharges. They’re a way of categorizing income generated during the invoicing process.
If you’re using an accounting integration, your revenue groups can be mapped to your accounting integration for revenue tracking.
When you post an invoice to your linked accounts system, the revenue will be assigned to that revenue group against the invoice.
You can set revenue groups against actual stock levels (also known as individual items / assets) - if you add the item directly on to your orders, this revenue group will be used instead of the one set at product level. If you choose a product then later allocate the item, the one set at product level will take priority.
Note: In order to assign revenue groups to your products, services, and surcharges. You will need to create a General Ledger Template.
Get started
Head to System Setup > Revenue groups to add or change your revenue groups.
System groups
We have created some system revenue groups when you sign up for inspHire:
Maintenance Revenue - This Revenue Group is for Maintenance Income into the business.
Miscellaneous Sales Revenue - This Revenue Group is for Miscellaneous Sales Income into the business.
Rental Revenue - This Revenue Group is for Rental Income into the business.
Sales Revenue - This Revenue Group is for Sales Income into the business.
Service Revenue - This Revenue Group is for Additional Services Income into the business.
Sub-Rent Revenue - This Revenue Group is for Sub-Rent Income into the business.
Surcharge Revenue - This Revenue Group is for Surcharge Income into the business.
Transport Revenue - This Revenue Group is for Transport Income into the business.
Add new revenue groups
To add new revenue groups, go to System Setup > Revenue groups and click the blue add revenue group button.
Name - Enter a name for your revenue group.
Description - Specify a description for your reference.
Active - You’ll generally want to keep this to YES. Toggle to NO if you don’t wish to be able to use this revenue group.
Edit a revenue group
To edit a revenue group, find it in the list and click the name of the revenue group and this will take you to the edit page.
Delete a revenue group
To delete a revenue group, find it in the list and click the bin icon to the right of it. A pop up will appear to confirm you would like to delete this, simply select Yes.
Once you are happy with your revenue groups, learn about General Ledger Templates to undertsand how you assign these to your products, accounts, surcharges or services.
Do you need Help? Start a conversation using the Blue help bubble at the bottom-right