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Customer Support > Payment Groups > Basic Financial Terms

Basic Financial Terms

Concepts

The basic financial concepts within the Hubb system are those of receivablereceipt and assignment.

  • receivable (a.k.a. a "pledge" or a "fee" in some contexts) is created whenever money is owed for something. Receivables have an amount, and a "due date", which is when payment becomes due.
  • receipt is a record of an actual payment. Receipts have an amount, a payment method (the way in which this money was paid) and a "creation date", which is when the payment was received.
  • An assignment defines what a particular receipt is for, whether for an outstanding receivable and/or a particular payment fund. There can be more than one assignment per receipt. So you may have a receipt for a single cheque of £50, and then want to assign £20 to Receivable A, while assigning the remaining £30 to Receivable B.

Receipt Payment Methods

A receipt's payment method can be one of: cardcashchequewrite-off, or test-mode card payment.

If you issue a write-off receipt, then it implies that although the receivable to which it is assigned is technically still owed, you no longer expect to see any payment for the write-off amount. Note that this is different from reducing the receivable amount, which implies that the money is in fact no longer owed.

Financial Reports

Full financial information across your website can be analysed and exported through the Financial Reports available in the Reports area of the Web Office.

Most of the column names in the financial reports should be obvious. One that requires some explanation is:

  • Original Registration Id: When a payment group registration is first created, its Original Registration Id will be equal to its Registration Id. However, if that registration is subsequently edited, a new registration is created, with a new Registration Id, but its Original Registration Id remains the same. Hence it is possible to track the history of all edits made to a particular registration over time.