Setting up Club Financials is the foundation for accurate reporting in Sprocket. This includes choosing your accounting method, setting up accrual periods where needed, and configuring items like accounting classes and surcharges so your programs report correctly.
Most clubs should partner with their Client Success Team during initial setup to avoid downstream reporting issues. If you need to make an adjustment later, there are a few settings you can update directly in Club Admin.
What you’ll find in this article
What to configure before you start running financial reports
How to update your accounting method
How to create and manage accounting classes
How to create and manage surcharges
Where to apply accounting classes and surcharges in Programs
Before you begin
A few quick notes that help avoid common setup problems:
Your accounting method determines which reports you should rely on for revenue reporting.
Accounting classes and surcharges are applied at the Program level, not at the registration level.
If you are unsure which settings to use, reach out to your Client Success Team before making changes.
Update your club’s accounting method
Your accounting method controls whether your club reports on a cash basis or accrual basis.
Go to Club > Settings.
Select Edit Club Profile at the top of the settings list.
Scroll to the Account Method dropdown.
Choose Cash or Accrual.
Select Save at the bottom of the page.
Tip: If you switch your accounting method and your reports no longer match expectations, confirm your club’s intended revenue recognition approach first. If you are unsure, contact your Client Success Team. They can help confirm the correct setup for your club’s accounting workflow.
You may choose cash-basis or accrual-basis reporting depending on how your club recognizes revenue. Cash-basis clubs recognize revenue when payments are received. Accrual-basis clubs recognize revenue when program activity occurs, regardless of when cash is collected. Your accounting method should align with how your external bookkeeping system is structured.
Add or adjust accounting classes
Accounting classes are typically used to map revenue into categories that your finance team wants to track and report on.
Go to Club > Settings.
Select Edit Accounting Classes.
To add a new class, select + Add Accounting Class.
To edit an existing class, select the Accounting Class Name.
To delete a class, select Delete next to the accounting class.
Tip: Keep class names simple and consistent, especially if you export financials for reconciliation.
Add or adjust surcharges
Surcharges allow your club to add an additional percentage-based charge on top of applicable payments.
Go to Club > Settings.
Select Edit Surcharges.
To add a new surcharge, select + Add Surcharge.
To edit an existing surcharge, select the Surcharge Name.
To delete a surcharge, select Delete next to the surcharge.
Enter a Name and a Rate.
Rate is the percentage you want to charge as the surcharge.
Save your changes.
Note: Surcharges should be reviewed carefully before enabling them broadly, since they impact what families pay at checkout.
Adjust your fiscal year
Fiscal year adjustments require platform-level support.
To adjust your club’s Fiscal Year, reach out to your Client Success Team.
Apply accounting classes and surcharges to programs
Once accounting classes and surcharges are configured, you will assign them to your club’s programs.
Go to Programs > Manage Programs.
Find the program you want to update and select the Program Name.
In the Basic Info tab:
Select the Accounting Class for the program.
Assign any Surcharges that should apply to that program.
Save your changes.
Important: Accounting classes and surcharges are Program-level settings. They cannot be customized at the registration level.
Next steps
Once your settings are in place, you’re ready to start validating your setup through reporting. The next articles that typically help are:
Using accrual periods
Accounting classes
Surcharges
Financial reporting overview
If anything in your reports looks off after changes, reach out to your Client Success Team so they can help you confirm the setup before you rely on the outputs for reconciliation.
FAQs
Should I choose Cash or Accrual accounting?
Your accounting method should align with how your club recognizes revenue and how your external bookkeeping system is structured.
Where are accounting classes and surcharges applied?
They are applied at the Program level, not at the registration level.
Can I change my fiscal year in settings?
No. Fiscal year adjustments require support from your Client Success Team.
What should I do if my reports look incorrect after changing settings?
Confirm your intended accounting approach and contact your Client Success Team before relying on the reports for reconciliation.