Managing the financial aspects of your event is crucial to its success. In this guide, we'll help you navigate the world of Let's Do This financials. We'll explain the basics of how money flows through our platform and provide you with essential tips for keeping your financial information in order.
Flow of funds
When you sign up with Let's Do This and set up your event, you'll also create a Stripe account. This Stripe account is where payments from participants will land when they register for your event. Understanding how this money moves through our system is key to managing your finances effectively.
The flow of funds typically involves three main steps:
Initial holding account: When a participant pays their registration fee, the money initially sits in the Let's Do This holding account for a brief period. This step is in line with standard Anti Money Laundering (AML) processes.
Stripe's holding account: After the necessary checks are completed in the Let's Do This holding account, the funds are then sent to Stripe's holding account. Stripe performs additional checks, including an AML check, at this stage.
Payout to your Stripe account: Once all checks are successfully completed, the funds are deposited into your Stripe account according to your payout settings. (We'll cover more about payouts later in this guide.)
Refunds
The flow of funds described above changes only when a refund is processed:
Refunds are processed following your refund policy on the Let's Do This dashboard.
Customers will receive their refund within 7 days.
During the refund process, funds are reversed from your Stripe account back to the Let's Do This Stripe account.
This means that funds are pulled back from your Stripe account to refund the participant.
Refunds will be recorded as negative financial data entries and marked as "refunded" in the payments report.
Understanding Financial Information
In the payments dashboard and through payments reports, we provide you with detailed information about participants and their registrations. Here are key areas to focus on:
Event & Participant Information
Information about the event, race, and ticket associated with each transaction.
Participant details, including their name and email.
The number of participants linked to each transaction
⚠️ This is important to consider when participants have the ability to purchase multiple tickets for your events.
Dates of participant bookings and transfers from Let's Do This to your account.
The source of the entry, indicating whether it came through your channels (non-incremental) or Let's Do This channels (incremental).
IDs & References
Booking ID: A unique reference for each booking, associated with the participant's entry on the startlist and other areas of the dashboard, such as merchandise and add-ons.
Payment reference: Let's Do This's unique reference for the payment made by the booker.
Payment ID: This is the payment reference number in Stripe, and it populates only after the money has been transferred to your Stripe account.
Payment refund ID: Similarly, this reference number appears when a refund is processed, and it also appears after the money has been transferred to your Stripe account.
Payout reference: This reference is provided by Stripe for all grouped payments sent to you. Generally, payouts cover a day's worth of multiple payments.
💡 More on payouts
Let's illustrate this with an example. On September 15th, you received 15 bookings. Instead of having to reconcile 15 different payout IDs with the information available in Let's Do This, the payments will be grouped together. In this case, 1 payout will include 15 payments.
Amounts & Deductions
Detailed breakdowns of payment amounts and deductions are available:
Amounts: Understand the composition of your payment, including:
Gross amount: The order value before deductions.
Amount after deductions: The amount paid by the booker after any discounts or credits.
Booking fees: The amount added to the basket value.
Amount paid to you: The money transferred to your Stripe account.
LDT commission: Transaction fees and payment processing costs.
Deductions: Discover the various ways deductions are applied to orders:
Credits & Discounts: Money subtracted from the order value, including discount codes, bulk purchase discounts, multiple ticket discounts, and credits used. Also covers discounts funded by you, the event organizer, or covered by Let's Do This.
EO Funded: Discounts funded by you, such as bulk purchases or multiple ticket discounts.
LDT Funded: Discounts covered by Let's Do This. The two main examples are referral discounts and campaign-based promotions.
Referral discounts: To incentivize group bookings and encourage participants to invite friends and family, Let's Do This provides the booker with a unique link accompanied by a discount. If this discount is used, Let's Do This covers it.
Campaigns: Occasionally, Let's Do This funds discount codes on events to support and drive bookings for your events.
Merchandise, Add-ons, Tax, and VAT
Merchandise & Add-ons
Track additional purchases related to your event:
iTab: The transaction includes the purchase of an iTab medal, which is a small custom plate or tab engraved with a runner's name and time that can be attached to the medal or ribbon.
Clothing: The transaction includes the purchase of an item classified as clothing.
Misc: The transaction includes the purchase of an item categorized as miscellaneous, such as a toy.
Booking form items: The transaction includes the purchase of an item within the booking form, typically related to parking or race pack delivery.
Tax & VAT
Understand tax implications:
Tax: In the US, we display the amount of sales tax paid by the customer on the transaction.
VAT: In the UK, we display the amount of VAT associated with each item.
Understanding these financial aspects will empower you to manage your event's finances efficiently and ensure a smooth experience for both you and your participants.
If you have any specific questions or need further assistance, please don't hesitate to reach out to our support team. We're here to help you make your event a success!
Need more help?
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