Hello,
I'm fairly new to the organization and not extremely knowledgeable about Tessitura yet, but we have been having discussions about the best way to handle the following situation.
Patrons can purchase tickets online that are good for 90 days.
These purchases are recorded to a deferred revenue GL and are posted to Great Plains via journal entry.
After 90 days if the tickets are not used, they are considered expired and will be recognized as revenue.
The idea of manually returning each ticket and then entering it as a sale for an expired ticket performance, which points to the revenue GL has been brought up, however, this seems like a very tedious process and not efficient.
Is anyone selling tickets that expire on a future date? If so, any suggestions on a better way to handle this process?
Thank you!
Amy
Ok. Do they all expire on the same day or do you have to know which tickets are past the 90 days?
From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Amy Harris Sent: Tuesday, May 31, 2016 11:51 AM To: Dot Krebs Subject: RE: [Tessitura Finance Forum] Expired Tickets - Removing from Deferred Revenue
Hi Dot,
From what I know, all tickets that we sell online initially go to the deferred revenue account. When the ticket is initially purchased online, it is purchased for a performance slated for 90 days out from the purchase date. Then, as patrons redeem their tickets they are returned and resold as a performance for the day they actually visit the museum. This return process removes the ticket from deferred revenue and puts it into revenue.
That said, at the end of the 90 days, whichever tickets remain in the deferred account would be the ones that were never redeemed (returned and resold.) We would need to move these expired tickets to revenue for recognition purposes.
From: Dot Krebs <bounce-dotkrebs9366@tessituranetwork.com> Sent: 5/27/2016 3:45:54 PM
Hey Amy!
How do you determine if a ticket has not been redeemed?
From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Amy Harris Sent: Wednesday, May 25, 2016 11:20 AM To: Dot Krebs Subject: [Tessitura Finance Forum] Expired Tickets - Removing from Deferred Revenue
This message was sent automatically to you by www.tessituranetwork.com because you subscribed to the Tessitura Finance Forum. You may reply to this message to post to the Finance forum or visit the site to search, read and post to the forums. In the interest of keeping the forum posts from becoming cluttered, we encourage you to delete previous message text from your reply before sending. Thank you!