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A/R and Box Office Statements - Where Does the Money Show?

Michelle Wiesel
$organization

Hello!!

I'm wondering if some wise soul can answer a question for me and our beleaguered finance department.

We've finished our first performance under a new GL structure using software allowing the GL Summary report from Tessitura to be mapped directly into Quickbooks.

We've discovered finance has $36,000 LESS in deferred revenue than the box office per the Box Office statements!

  • Where or rather how is ticket revenue reported when 'paid' to A/R which generates an invoice with a balance due allowing tickets to be printed and thus counted in Box Office reports, etc?
  • Box Office Statement - Will show all tickets seated in ticket counts but the revenue will NOT include revenue with a payment method of A/R?

OR - Have we set things up incorrectly on the back end as follows:

  • Third party ticket vendor (paid to A/R) Price Type is connected to an A/R GL "Third Party Ticket Seller" so finance knows that money is "outstanding" when they receive the GL Summary daily.
  • Payment Method used is also "A/R Payment" Method with an Invoice Payment Type.

I suspect the difference is the outstanding monies due against the invoices. Very close to the sales we had with the third party vendor.  Once paid, these amounts move from the A/R GL Line to the Single Ticket GL Line for that show and we'll match.

Is there anyone out there that could enlighten me? I've also posted in the ticketing forum.

Many, many thanks to al who can offer assistance!!!

Michelle Wiesel

 

 

 

  • $organization

    Hi, Michelle:

     

    Receivables report to a different GL than single ticket sales (at least in our system), so QuickBooks doesn’t recognize AR payments as single ticket income, but as a receivable.

     

    Lucie

     

  • $organization in reply to Lucie Spieler

    Hi Lucie:

    Thank you!  Yes, that's correct.  I may not have stated my question correctly.

    Then would it follow that none of the A/R single ticket sales are showing up in any of the following:

    Box Office Statement

    Performance Sales Summary by PT Category

    Or, since we use the Ticket Sales by Period report frequently using the MOS Category as one of the variables, in theory, that money should be showing up in all reports where we employ that category.  It would not show up, however, in single ticket sales through the GL Summary and Finance would need to "move" that money to Single Ticket Sales in Quickbooks once the invoices are paid.

    Correct?

    I'm trying to ensure we're reporting the correct amounts in all box office statements / reports. For Finance it's the GL Summary and since they've not moved the A/R liability to single ticket sales, that's the difference they're seeing. Once invoices are paid, that should (in theory) wipe out the difference.

    In reviewing outstanding amounts from our Third Party Seller they match closely to what Finance is showing as the difference.

    Thank you!  I do know we all have our different GL structures and ways of reconciling. My biggest concern is when I sign off on Box Office statements and work with production to pay royalties, etc., that I'm providing a true and correct picture of sales.

     

     

     

    though I did suspect that possibly this deferred revenue is not being moved over to settled when the show closes out and