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Income Categories and Product Categories

Income Categories

An Income Category is similar to a Chart of Accounts in accounting.  A Chart of Accounts (COA) is a financial organizational tool that provides a complete listing of every account in an accounting system. An account is a unique record for each type of asset, liability, equity, revenue and expense.

Income Categories in Shape can be used across all 3 revenue streams (Memberships, Services and Point of Sale items).

Examples of Income Categories are Memberships, Term Memberships, M2M Memberships, Family, Couple, Individual, Military, Corporate, Personal Training, Group Exercise, Online Sales, Apparel, Beverages, Supplements, etc. 

mceclip1.pngYou should add the Income Categories before creating your Memberships, Services and Products.  It will save you from editing these types later.

Add Income Category

  1. Tools -> System Settings -> Field Definitions -> Income Categories
  2. Click on Income Categories to expand the area
  3. Enter the Category into the blank field at the top of the list and click 'Add New'mceclip2.png
  4. The Income Category will now be available for you to select when creating your Memberships, Services and Products.

Product Category

Product Categories are used to simplify the purchase process.  If you sell several types of memberships, you may want to break them up into product groups such as Individual, Couple, Family, Corporate, Employee, 12 Month, 6 Month, Paid in Full, Student.  Similarly with Services, you can break them up by Personal Training, Group Exercise, Number of Sessions, Partner, Pilates.  You can do the same for your Products by adding Apparel, Beverages, Smoothies, Boxing Equipment.  Add the product types that make sense for your business model.

Unlike the Income Category, Product Categories are entered into Shape by revenue stream.

Add a Membership Category

  1. Tools -> System Settings -> Field Definitions -> Membership Categories
  2. Click on Membership Categories to expand the area
  3. Enter the Category into the blank field at the top of the list and click 'Add New'mceclip4.png
  4. The Membership Category will now be available for you to select when creating your Membership Types.
  5. This is an example of Product Categories for a Membership purchase.  If you know you are purchasing a Paid in Full Membership, you will select the PIF Membership, then select from the Membership Types for your Member.mceclip12.png
  6. For example, under the Paid in Full Product Category, you may find 12 month PIF, 24 month PIF, 1 week PIF or 1 month PIF.

Add a Service Category

  1. Tools -> System Settings -> Field Definitions -> Service Categories
  2. Click on Service Categories to expand the area
  3. Enter the Category into the blank field at the top of the list and click 'Add New'mceclip10.png
  4. The Service Category will now be available for you to select when creating your Service Types.
  5. Here are some examples of Service Product Categories. 

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      6. Under the 60 minute Master, you may find 60 minute x 1 session, 60 minute x 12 sessions etc.

 Add a Product Category

  1. Tools -> System Settings -> Field Definitions -> Product Categories
  2. Click on Product Categories to expand the area
  3. Enter the Category into the blank field at the top of the list and click 'Add New'mceclip11.png
  4. The Product Category will now be available for you to select when creating your Product Types.

mceclip14.png

      5.  Under Cooler Drinks, you may find Muscle Milk, Water, or Powerade, just to name a few.

 

 

 

 

 

 

 

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