Loyalty Reporting Best Practices
This page will guide you through best practices regarding financial loyalty reporting. Below are tips for financial reporting forย loyalty programs with ASC 606 and IFRS 15. *AIQ is not a financial advisor, please seek your own counsel to assure that you are in compliance.
Loyalty Financial Reports can be found under Settings > Loyalty Settings > Points Reporting. The AIQ - Recommended Best Practices for Loyalty Financial Reporting is to utilize these reports exclusively to designate the financial liability from outstanding point balances.
These are automatically created and report on the previous months data . Please compile these reports month over month to understand the financial liability of outstanding loyalty points across a larger time frame (than one month).
- Per Persona: You can report points based on each customer based on what they specifically redeemed, earned, etc. These records are not attached to a store and provide global liability.
- Per Store: You can also report points based on where the actions taken by the custom occurred (accrued points, redeemed points, etc.) as our system will attempt to assign a Personaโs points accrued / redeemed / expired to a store location to provide store level liability.
- When a customer accrues points due to them doing something not tied to a specific store, those points are assigned to an "Unknown" row in the reports downloaded on a per store basis. These can be considered global liabilities.
- Depending on your POS, some redemptions are "Groupon style" and rely on proper in-store SOP's to align with AIQ's reports. Depending on you organization's settings, it's possible to have users redeem points without being at a store location. The opposite is also true with "Groupon style" redemption where if SOP's aren't followed properly, a staff member could simply give a customer a discount manually but they don't actually collect the "coupon" by redeeming it with the customer. Most AIQ clients leverage modern point-of-sale infrastructure which has AIQ built in to redeem natively (AKA a Tier 3+ integration). Being natively integrated solves these discrepancies but it's important for us to mention it in this article.
- Detailed Report: You can report points based on each customer based on what they specifically redeemed, earned, etc. These records are not attached to a store and provide global liability.
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These reports are identical to the Monthly Financial Report Vault Reports, however, they can be scheduled at different intervals beyond monthly (like the MONTHLY FINANCIAL REPORT VAULT)
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