For Promoters: Accounting Reports

For Promoters: Accounting Reports

Here's a brief overview if you prefer a video to an article:)

RaceReady has a few different accounting tools. Inside the "Accounting" tab in your account, you can view the following reports:

1. "Transactions"—this lists each cart, what was sold in it, and the amounts charged / refunded. You can also process refunds directly from within this report.
2. "Reports by Event"—a summary of items you sold, refunded, and what you collected and what fees you paid for each event. 
3. "Reports by Company"—This shows upcoming transfers between your merchant services account and your bank account. If you are expecting some money to be deposited in your account soon, this will show it. 

Additionally, inside the event management interface on the "Riders" tab, is the following:
4. "Export Payments"—this is a spreadsheet download inside of each event management interface, on the "Riders" tab. It lists one row per item sold, with lots of information about it. 

How to See Upcoming Deposits in "Reports by Company"

In this example, there's $1,605 on its way to the promoter's bank account, with another $40 set to be transferred within the next couple of days. 
Note: if the amount is negative, this means merchant services will draw money from your bank account. This typically only happens when you have a lot of cash entries and incur more RaceReady fees than other revenue (which would normally cover the fees). 

How to view a financial summary of your event in "Reports by Event"

Most promoters want to see the Accounting Summary Report for each event. This tells you how much you sold, what your fees were, and how much money went into your cash till VS got transferred to any other promoters VS what went to your bank account. 

To look at the Accounting Summary Report by Event, open your RaceReady promoter account and click on the Accounting tab. 

Click "Reports by Event" and then "Select event or series to view details".

You'll then see a reporting table with multiple rows and columns:

1. "Category" describes the kind of item being accounted for. 
2. "Net Paid Quantity" is the count of the items sold, excluding free items. 
3. "Net Free Quantity" is the count of the items given free, as a comp from the promoter to the racer / spectator. 
4.  "Refunded Quantity" is the count of items that were refunded and returned to inventory. 
5. "Refunded Total" is the dollar total for all items refunded in that category. 
6. "Cash (net refunds)" represents the amount of cash you should have in your till after the event is over, for each category, less the cash sent to non-event promoters in item #9 below. Note that this column doesn't include cash transactions that don't get recorded in RaceReady.
7. "Card (net refunds)" shows the gross totals processed using credit cards. 
8. "Withheld Fees" shows the totals withheld by RaceReady in the form of fees. Typically you'll see Transponder and Live Timing fees, if you run live timing at your events. 
9. "Sent to Non-Event Promoters (cash)" shows the CASH amounts sent to other promoters, which you designated when you created this event (such as gate fees going to a host race track, etc.)
10. "Sent to Non-Event Promoters (card)" is the same as #9 above, just with credit card purchases. 
11. "Net Deposit to your Bank" shows the amounts to expect deposited into your bank. Note that this does not correlate with the individual deposit amounts—we deposit funds to your bank as soon as we receive them, rather than as one lump sum after the event is over. So this amount will be broken into multiple smaller deposits into your bank, but cannot be reported as such smaller amounts on this report. 
12. "Event Promoter Net Total" tells you how much money you kept from the event, before paying your other expenses and employees. 

How to View "Export Payments" transaction detail spreadsheet

How to See Transaction Details with the Option to Refund ("Transactions")

    • Related Articles

    • For Promoters: How RaceReady Bills

      RaceReady empowers promoters to make more revenue at their events, and provide a better experience for their racers. And RaceReady also charges its clients—but not in the way you might think. When promoters use RaceReady's system for online ...
    • For Promoters: Race Day Checklist

      Quick resource to make sure you have what you need on race day. Set up your equipment, and power it on. (gantry setup instructions, timing equipment instructions, ethernet networking instructions) Access the RaceReady local network. The scoring ...
    • For Promoters: Why Using RaceReady Is a Good Idea

      What can RaceReady do to help my events be easier to run and more professional? Picture this:  It's 8:23 a.m. and racers are showing up to check in. The line's already starting to form, it's getting hot, and you can feel everyone's impatience rising. ...
    • For Promoters: How Can I Get Live Timing For My Events?

      The other stuff is nice, but seriously Live Timing is where it's at. RaceReady offers a way for any promoter out there to use live timing. And no, there's not a huge up-front cost.  In fact, for promoters who qualify, there's no upfront cost at all.  ...
    • For Promoters: Post-Onboarding Resources

      Once you complete RaceReady's onboarding, here's a run down of how to move forward. RaceReady's onboarding process is meant to help you learn, test, and successfully use RaceReady's software and systems at your events. Once we finish teaching you, ...