Hi Folks!
Had a conversation with our accounting manager and our box office manager this morning as we get ready for our up coming season build and selling season tickets. I wanted to check in here to see how other orgs handle their deferred revenue. We will start our selling of our Subscriptions in April, but our fiscal doesn't start until July 1. Currently how we handle deferred revenue is that until our fiscal switches over, everything coming though on the GL summary reports that is coded to the next fiscal our Accounting Manager moves manually in Sage to a deferred revenue GL, but we have everything moving through Tessitura into the correct GL's for subscriptions, single tickets, etc.
Just wondering how other people handle this and if you have a more fun, less manually way!
Thanks,
Nicki
Definitely! Therapy session :-)
Do you have two sets of price types (one for deferred, one for regular?). I came into an org that changed gl codes on price types and it wasn't fun trying to reconcile. We had people who bought under deferred, but then returned on the price type with the new gl assigned.
I'll be there!
I have worked with it in two ways -
1- All revenue goes to deferred and then after each show a revenue report is run for Finance to do the Journal entry for production income.
2- Revenue is set to actual revenue account in Tessitura (but finance loads to deferred) then report is run after each production to reconcile for Journal entry for Finance.
Just don't call it "Open Bar" (people might get the wrong idea) ... be a good turn out though
There is always the fun option of 2 sets of GL codes. You flip flop back and forth each year to keep things completely separate. (been there and done that)
so for example this year show 1 for fiscal 2023 = 1101-01. Next year your code for show 1 fiscal 2024 would be 1201-01 (or something like that)
Tessitura never really handled deferred ticketing revenue very well. :-)
Having Odd and Even Fiscal Year codes is always helpful!
We have always had odd and even codes. And we also default to deferred revenue for tickets. As a (VERY) not finance person, though, my understanding is basic at best.
Hi Mary,
Which report do you use for this purpose? Thank you
for #1 - ticket sales by periodfor #2 - GL Summary for the production specific GL