Hello everyone. We would really love your feedback. All of our comps are currently put through at $0 value so it's hard for us to figure out the real value from our sponsors etc, and how much each department is benefitting from the complimentary tickets. We would also like to start putting our casual ticket sales through the system as ticket orders. One way that has been suggested to us is to use a "dummy" payment method which uses a bogus GL code so it doesn't get counted. Our finance department is worried as they currently use the Transactions by Posting report to import reconciliations into our financial system Kaipera.
Would you be able to let me know whether you currently do something similar to what we are hoping to do, how it's paid off in Tessitura, and whether you have utilised a dummy payment method? If you do use a dummy payment method, how do you reconcile performances to show what is sold versus what is imported/comped?
Thank you very much!
Kind regards
Michelle
Hi Michelle,
I know this question is more than 6 months old but figured other members might have similar issues.
Our organization is fairly new to Tessitura. As part of the art museum, we also have an art school where we offer "comp" classes via scholarships. We use a "dummy" payment method but still track it in our accounting system.
The class is coded to our general GL code for art school tuition (this would be similar to general ticket revenue I assume). The payment method is labeled "Art School Scholarships" and coded to a contra revenue account named "Scholarships Redeemed".
In our accounting system (we use Financial Edge), total tuition revenue includes paid classes as well as scholarships. We then have a separate line for total scholarships redeemed. The net effect, when looking at total revenue, includes only paid tuition. The classes "comped" via scholarships still show in total tuition revenue but are backed out in Scholarships Redeemed, the net effect on our books is zero.
To reconcile scholarship classes vs. paid classes, we would look at the contra revenue account Scholarships Redeemed for total scholarship classes. To find the total amount of paid classes, we'd look at Tuition Revenue less Scholarships Redeemed. We would use the reports in our accounting system to reconcile.
Feel free to PM me for more info. Hope this helps!