On Account Payment Methods and Fiscal Years

I don’t know why you would need to have different on-accounts for fiscal years.   What may have been wanted was a way to clear out each year for a clean closing.  This we do for Subscriptions by having Odd and Even year on-account and alternate between the two.   For Special Events, Membership and several others we only have a single on account.   Check with your finance dept as to how they close the books each FY.

Also for the those funds we let folks (usually members) put money on-account as they exchanged tickets during the year and it is not used at the end of the season – the money is taken as a contribution since there is no refund. 

There has to be a better way…

Prior to when I started working here the company got started down a path where they were creating new payment methods for each fiscal year.  This is mostly for the On-Account payment methods that they insist they need for when they do exchanges.  Here is the scenario (tell me if this sounds familiar to any of you): 

          A Saturday Evening Series subscriber calls and says they cannot make it this Saturday, so they want to exchange for next Thursday.  No problem as far as the subscription policy.  However, the cost of the tickets on Thursday night is a little less than the Saturday night tickets. This leaves us with a balance due the customer in the transaction. However, police does not allow for giving the customer a refund for the difference, so this money is put “On-Account” using a payment method that is “On Account Play 2” (or 3 or 4 etc, depending on what show in the season this is).  

Why do we use an on-account payment method?  Here’s the rest of the story:

          Two days later, the same customer calls and says they actually cannot make it to the Thursday show either, so they want to come to the next Saturday evening.  Now, since the cost of these tickets is greater than the cost of the Thursday night tickets, we use the on-account money to cover the difference.

Does anyone else do anything like this?  Our business office maintains that they must “keep the money with the show that it came from.”   When the show run is over, how do we move all the money that is left in the on-account payment method for each show back to the ticket sales (or fees) for that show?

Finally, is it really necessary to create a new set of on-account payment methods for each fiscal year?

Thank you

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!

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!

I don’t know why you would need to have different on-accounts for fiscal years.   What may have been wanted was a way to clear out each year for a clean closing.  This we do for Subscriptions by having Odd and Even year on-account and alternate between the two.   For Special Events, Membership and several others we only have a single on account.   Check with your finance dept as to how they close the books each FY.

Also for the those funds we let folks (usually members) put money on-account as they exchanged tickets during the year and it is not used at the end of the season – the money is taken as a contribution since there is no refund. 

There has to be a better way…

Prior to when I started working here the company got started down a path where they were creating new payment methods for each fiscal year.  This is mostly for the On-Account payment methods that they insist they need for when they do exchanges.  Here is the scenario (tell me if this sounds familiar to any of you): 

          A Saturday Evening Series subscriber calls and says they cannot make it this Saturday, so they want to exchange for next Thursday.  No problem as far as the subscription policy.  However, the cost of the tickets on Thursday night is a little less than the Saturday night tickets. This leaves us with a balance due the customer in the transaction. However, police does not allow for giving the customer a refund for the difference, so this money is put “On-Account” using a payment method that is “On Account Play 2” (or 3 or 4 etc, depending on what show in the season this is).  

Why do we use an on-account payment method?  Here’s the rest of the story:

          Two days later, the same customer calls and says they actually cannot make it to the Thursday show either, so they want to come to the next Saturday evening.  Now, since the cost of these tickets is greater than the cost of the Thursday night tickets, we use the on-account money to cover the difference.

Does anyone else do anything like this?  Our business office maintains that they must “keep the money with the show that it came from.”   When the show run is over, how do we move all the money that is left in the on-account payment method for each show back to the ticket sales (or fees) for that show?

Finally, is it really necessary to create a new set of on-account payment methods for each fiscal year?

Thank you

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!

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!