Expenses and Adjustments
While on tour, your expenses can add up. Entering your expenses into the settlement tab will not only help you keep track of expenses, it will help you see how much profit (or loss) an event may have made, as well as save a record of your expenses for reference.
There are various places to enter different expenses in the settlement tab, but there may be a few pre-made fields that you can use instead of creating brand new fields. If we do not have the fields you are looking to enter, feel free to add them for your use. If we have too many fields that you do not use, remove the ones that you are not currently using. NOTE: Formula fields can be used to enter values. Do not let the Formula field confuse you. If you need to enter a value instead, just enter the value into the field, and you will be able to see the information entered in the total field to the right of the formula field.
Where you enter your expenses can be very important. For example, if you had adjustments to be entered prior to your taxes being calculated into the total, enter the information into the Gross Adjustments section. Do the expenses come in after the taxes, but before the split point? Enter the information into either Net Adjustments, Fixed Expenses, or Variable Expenses.
Ticket buys and final adjustments will be added post split. This will come before the settlement is complete. Withholding adjustments come after the split but before the remaining balance due.
Knowing where to put the expenses is very important. Leaving out expenses prior to the split may cause the promoter to get a larger share than they are supposed to, and the reverse case is also true. Entering information pre-tax may cause your organization to underpay taxes. Be sure to pay attention to where the information is being entered, or values may be misrepresented.