Momentus Elite gives you the ability to track expenses and revenue for each of your events and report on this 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
- Actual Revenue
- Billing and Receiving Payments
- Finalized Events
- Account Financials
- Keeping Track of it All
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 Manage Revenue Streams.
In addition to designating revenue streams, you are also able to add cost and revenue GL codes to inventory and revenue GL codes to rental rates in your price schedules. For more information on managing your GL codes, please see Manage GL codes.
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 you are able to display both the estimated revenue and economic impact on your calendar. The estimated revenue is also on the event list.
Actual expense and 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. Expenses are recorded as the cost of the items. Anything which you will bill to the client will be included on these tabs.
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. Additional costs can also be entered here - simply add the amount in the cost field and leave the revenue field blank.
Once you begin adding actual revenue, it will display on the event details overview tab as well as in the event list. The actual revenue amount will update whenever you add additional items or revenue to the event. 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. Note that revenue includes service charges but does not include taxes.
The Totals card 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.
For a detailed explanation of each line item in the Totals card below, please see How are event totals calculated?
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, and grouped by revenue stream. Click the cloud_download download icon to export this information to Excel.
Billing and Receiving Payments
- Invoices > Edit
- Payments & Credits > Edit
You are able to bill clients for events, record payments, create account credits, and issue refunds. Invoices, payments, and credits are attached to the account, although invoices will also display on the event's details page. If you associate payments, credits, and refunds with an event they will appear there as well. Some notes about accounts receivables:
- 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 from a different account to the event, allowing that contact's account to be billed.
- Once an invoice is sent (or marked as sent), the items on that invoice are locked and cannot be edited. If billed items must be edited, the invoice must be marked as not sent first.
- You may create standard invoices or deposit invoices:
- If your venue has one or more standard invoice schedules (such as 50% of charges due on contract and 50% due 30 days before event), you may build an invoice schedule template which is applied to events. These templates simplify creating invoices, and also allow you to track deposit invoices which must be issued. Please see Invoice for Deposits for an overview of the deposit workflow.
- Payments, Credits, and Refunds:
- Payments, credits, and refunds are attached to the account; they can also be associated with an event.
- If an account has multiple open invoices and they send you one check, you can allocate that single payment to multiple invoices - even if they are for different events.
- If an account has a credit balance, you are able to issue a refund or a credit.
- You can also create an ad-hoc account credit.
- Venue-Specific Access > Finances: allows you to access the Financials tab
- Detailing > Edit: allows you to finalize events
Once all charges have been applied to an event, you may finalize it. Click the Finalize Event button on the Financials > Summary tab:
In the event's activity log, we track when it is finalized (and also if it is un-finalized):
Once an event is finalized, several things happen:
- The event's bookings and financials are locked. You are still able to create invoices and add additional revenue, but you are not able to:
- Make any changes to booked spaces or event status.
- Change the rental rates.
- Make any changes to functions or event-wide details.
- On the calendar, actual charges will display instead of estimates
- The event's contract status will switch to its payment status
- Accounts & Contacts > View or Edit
- Invoices > Edit
- Payments & Credits > Edit
You are able to view the financials for an account 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, credits, and refunds on the account.
- All invoices for the account.
- 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, you will be alerted to this when events are booked:
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 with links to the invoice details, account, and event. This is a standard page in Momentus Elite and cannot be customized, but if you'd like an aging report with different information, we can build that for you. You'll need the Reports & Dashboards permission to access this page.
- Create custom views for the event list and calendar (see Custom Saved Views for instructions):
- Filter to show events either with or without a balance.
- Filter to show events with no invoices, events with at least one invoice created and sent, or events with at least one invoice created and not sent.
- Filter to show either finalized or not finalized events.
- Receive a notification when an event is finalized (see How can I know when an event is finalized?).
- 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 email each morning of what is due that day. If you aren't booking events, you can request that your colleagues add this template as one of their default templates, and it will be applied to each event as it is created.