★ Managing Your Inventory and Pricing
When your venue hosts an event, you often provide more than just the space. You provide tables, chairs, AV equipment, staff, food and beverage, and much more — all the goods and services that support the event. Managing those goods and services in VenueOps allows you to enter the information one time and then be able to:
- Communicate event information to the departments that deliver the services
- Know if items for the event have been over-allocated
- Communicate event expectations to your client and bill after the event
- Report across time on your inventory usage, including cost to your venue, how often items are used, and more
VenueOps allows you to create a library of your inventory, their stock levels, and their prices. You then use this library to add those items to your events as needed.
You will find all of this on the Inventory & Prices page. To get there:
- Click your name in the upper-left corner.
- Click Inventory & Prices.
You'll land on the Inventory tab, with the Price Schedules and Setup tabs right beside it.
All the items which you use to execute your events are organized in your Inventory.
The first step in organizing your inventory is to create departments. Departments represent the teams that are responsible for specific event information or manage specific inventories. While these departments might match your org chart, they do not need to. Your document templates can use the departments to group and filter an event's items, instructions, and charges. This is useful for proposals, contracts, event orders, and BEOs, for example.
For step-by-step instructions to create your departments, see this article.
Within each department, you will create categories to hold your items. For example, for a Catering department, you can create categories for:
- Beverage Packages - Alcohol
- Beverage Packages - Non-Alcoholic
- Refreshment Stations
When you create a category, you will assign it to a revenue stream. The revenue streams were created by your System Admin during the account setup process and should match how you report revenue in your venue.
For step-by-step instructions to create your categories, see this article.
Once your categories are created, you can add all of your items. This article walks you through that process.
What if things change?
- If you no longer have an item, or if a menu is no longer being offered, simply remove the item. Removing the item removes it from your library, but will not remove it from any events where it is already in use. If you copy an event which has a removed item, that item will not be copied.
- If items are still in use but you don't wish to have them available for certain types of events or for exhibitor ordering, you may remove those items from specific price schedules. This allows those items to be used for events which use a different price schedule.
- If an entire category is no longer needed, you may inactivate it. Inactivating a category does not affect events which already have items in that category applied, but you won't be able to add any additional items from that category. If you copy an event with those items, they won't be copied to the new event. You cannot delete categories, only inactivate them.
The Setup area will give you the opportunity to create GL codes, taxes, and services charges. You will apply these to your items as you add prices.
For more information:
- Adding, Editing, and Removing GL Codes
- Adding, Editing, and Removing Taxes
- Adding, Editing, and Removing Service Charges
Once your inventory library is built and any needed GL codes, taxes, and service charges have been created, you will add standard pricing for all of your items as well as rental rates for the various rooms in your venue. Your prices are organized into price schedules. You could have just one, or you could have several. Common price schedules are:
- Internal (often used on university campuses where university clients are charged differently than external rentals)
- Each year: Standard 2019, Standard 2020, etc (this allows you to set pricing for future events without changing pricing for current events)
- Exhibitor (used by exhibitors to order items for their booths for trade shows, etc.)
For details on creating price schedules, please see this article.
Once you've created a price schedule, click it to start editing.
From here, you can add the items and rental rates to the price schedule. The cost (for items) and price (for both items and rental rates) will be applied to each event when you add the items to the event, but you are able to override them, if needed. Also, be sure to only add the items which should be available for events using a particular price schedule.
For more information:
You're now ready to start detailing your events! Do you have additional questions? Just contact our Client Success team.
Updating an Event after Changes to a Price Schedule
When you add items to your price schedule, all the information from the price schedule (cost, price, GL codes, taxes, and service charges) is "stamped" on the event. This means that if you make changes to a price schedule, events using that price schedule will not be changed. Most of the time this is a good thing, but there are times you may wish to "refresh" events after updating your price schedule. To do so, you can click the refresh refresh icon next to the price schedule on the event's details page. For full directions, please see this article.