★ Event Financials

VenueOps gives you the ability to track the revenue for each of your events and report on event revenue for your venue. You are able to track financials for an event from estimating revenue at the beginning of the sales process through to when revenue is realized and the event is paid in full - we'll walk through that workflow in this article:

Account Setup

When you set up your account, you will designate how you would like to categorize your revenue by creating revenue streams. All revenue, whether via event charges, additional revenue items, or exhibitor orders will be assigned to one of these revenue streams. For instructions on creating revenue streams, please see this article.

Estimates

During the sales process, you are able to add estimated cost and revenue in each of your revenue streams. You are also able to estimate the economic impact for this event. To enter these amounts, go to the Event Details page > Financials > Estimates.

 

The estimated revenue displays on the Overview tab (and clicking that box will take you directly to the estimates tab).

 

And you are able to display both the estimated revenue and economic impact on your calendar. The estimated revenue is also on the event list.  

 

Actuals

Actual revenue is recorded on the event details page in several places, depending on the source:

  • Rental charges are entered on the Booking > Rental Rates tab, and items (food and beverage, furniture, staffing, etc) are entered on the Detailing tab. Anything which you will bill to the client will be included on these tabs.
     
    Please note that items that are not being billed but are needed to fulfill the event will also be on these tabs. Check unbillable when you add these items to the event - you will still be able to enter a cost for the item, but it will not appear on any proposals, contracts, or invoices.
  • Additional revenue for the event, such as from parking or concessions, will be entered on the Financials > Details tab. 

The Financials > Summary tab allows you to see a quick snapshot of the event financials. The summary on the left displays event estimates and actuals, allowing you to see a high level P&L for the event.
 
 

The Totals on the right will give you a quick overview of the event balance and revenue. You'll be able to easily see all charges, all payments, what has been invoiced (or not), and any balance due.

  • The first section lists all client-facing charges:
    • Subtotal: total of all charges before discounts, service charges, and taxes
    • Discount: total of all discounts 
    • Service Charges: total of all service charges
    • Tax: total of all taxes
    • Client Total: net total of all charges less discounts, plus service charges and taxes.  
      • Because of rounding issues, the category totals on the left may at times add up to a penny or so off. This happens because we store each item total in an unrounded state, which could be three or more decimal places depending on your taxes and service charges. We round for display purposes, thus totaling the items in each category, rounding to two decimal places, and then adding the categories up, could be slightly off from totaling all the items and then rounding to two decimal places (as we do for the totals on the right). If there is a difference, go by the totals on the right. The event balance is stored as a two decimal place number.
    • Deposit Charges: These are items marked as deposit items in inventory - almost always deposits. These are listed separately because they are not included in the event revenue; they simply reflect pre-payment for future charges (more information on invoicing for deposits here).
  • The next section is the event's billing information:
    • Uninvoiced Charges: Charges on this event (including deposit items) which have not been billed yet.
    • Total Invoiced: The total of all invoices which included charges from this event. If you bill for multiple events on an invoice, this amount may be more than the total charges for the event - we'll let you know know with a note if this is the case.
    • Allocated Payments: total of all payments which have been allocated to invoices which include charges for this event
    • Allocated Credits: total of all credits which have been allocated to invoices which include charges for this event
    • Balance: The balance of all invoices which include charges for the event. This may be displayed on the calendar, and you may also filter your calendar view to only show events with an outstanding balance.
  • The last section lists any revenue from other sources:
    • Additional Revenue: revenue added on Financials > Details which is not from the client, such as from parking or concessions
    • Exhibitor Orders: total revenue from exhibitor orders
    • Total Revenue: total of all revenue sources: client charges, additional revenue sources, and exhibitor orders

If you would like to see a detailed breakout of the event charges, see the Details tab. Each item and rental rate will be listed with price, quantity, service charges, discounts, and taxes. Click the download icon to export this information to Excel.
 
 

Billing and Receiving Payments

You are able to bill clients for events, record payments, and create account credits. Invoices, payments, and credits are attached to the account (although invoices can also be created on the event's details page). Some notes about accounts receivables in VenueOps:

  • Invoicing:
    • When creating an invoice, you will need to choose an account first. You will then be able to choose which of those account's events to invoice. 
    • Did you notice we said events? You may bill for as many of the account's events as you wish on one invoice.
    • You will be able to bill multiple accounts for an event. There is still the main account - what we call the contracting account - but you may add a contact who belongs to a different account to the event, allowing that contact's account to be billed.
    • You are able to invoice for deposits if you wish. We've outlined the workflow in this article.
  • Payments and Credits:
    • Payments are added to the account rather than the event. If payments are for a specific event, we recommend adding a note to the payment.
    • If an account has multiple open invoices and they send you one check, you can allocate that single payment to two invoices - even if they are for different events.
    • You can send your client a payment receipt if you wish
    • If an account overpays, you can create an account credit from the overpayment and send a credit memo. You can also create an ad-hoc account credit.

We are still building out this portion of our help desk; as we add these articles we'll add links to detailed instructions. In the meantime, we do have a recording of a webinar which walks you through the accounts receivables workflow in Venueops.

Finalized Events

Once all charges have been applied to an event, you may finalize it. Click the Finalize Event button on the Financials > Summary tab: 

 

Once an event is finalized, several things happen:

  • Up until now, all financials on the summary tab are calculated when the page loads. When the event is finalized, these amounts are "stamped" in the event record in the database. This allows a faster recall of the information for reporting and allows the information to display in other places in the app:
    • On the event details Overview tab, actual charges will display rather than estimates
    • On the calendar, actual charges will display instead of estimates
    • The event's actual revenue will be listed in the Events List
  • The event will be included in the account's total revenues
  • The event's contract status will switch to its payment status

Account Financials

You are able to view the financials for an on the account's financials tab. Go to the account's overview from the link in the account list, event details page, or calendar summary slider, and click on Financials. Here you are able to view:

  • A financial overview, including balance, total invoiced, total unallocated payments, and total available credits
  • All payments and credits on the account
  • All invoices for the account

Notes:

  • These amounts include cancelled events, because in certain circumstances there will still be charges for events even if they are cancelled. If an event is cancelled and there is an open invoice which will not be paid, be sure to remove the invoice (the activity log will note this action for your records). You could also download the invoice before deletion and upload it to the documents tab for the event if you wish to retain a copy. If you would like to include the cancelled event's charges in your revenue totals, be sure to finalize it just as you would any other event.
  • If an account has a balance, sales managers and bookers will be alerted to this when they book events:

     

Keeping Track of it All

We have several tools to help you keep track of event and account financials:

  • On the reports page, we have an Aging Report, listing all outstanding invoices grouped by account.

  • Create custom views for the event list and calendar (see the calendar section for instructions):
    • filter to show only events with an outstanding balance
    • filter to show only finalized events
    • on the calendar, color code by outstanding balance or paid in full (note that the event must be finalized to be considered "paid in full", as opposed to not having a balance)
  • Receive a notification when an event is finalized (see this article)
  • If you'd like to be reminded about the various to-do's and steps you have for each event, you can create a finance task template. When the template is applied to the event, the due date for each task is relative to various milestones for the event. These tasks can be assigned to you, and they will appear on your tasks page. You can even have a daily digest each morning of what is due that day. If you aren't booking events, you can request the bookers and sales managers add this template as one of their default templates, and it will be applied to each event as it is created.

     

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