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How to set up an event that spans the end of the year

How to set up an event that spans the end of the year

Owned by Brian McLaren (Deactivated)
Last updated: Feb 01, 2022Version comment

Event revenue should be recognized in the year that the event occurs. Sometimes we may sell a ticket in December for an event that happens in January.  When this happens, we need to set up the Deferred Revenue portion of the item record.  This will tell Fonteva when to recognize the revenue for accounting's reports.

Step-by-step guide

  1. Go to the item (ticket) you are setting up and go down to the Deferred Revenue section of the item.
  2. Check the box for Defer Revenue
  3. Select AIA 2746 Events Deferred Income for the deferred revenue GL account
  4. Leave Flex day of the month blank
  5. Select Specific Date as the revenue recognition rule 
  6. Select Jan 1 of the year the event occurs in as the revenue recognition date
  7. Select No Partial Credit as the revenue recognition term rule
  8. Select "1" as the revenue term (this means that we will recognize 100% of the revenue in month 1.
  9. Save the changes

 

Don't forget

If you clone an event, make sure you update the Revenue Recognition date so that it is for the year of your new event