In this article we will cover:
Fixed expenditure is that which you have to spend, regardless of how many people come to the event. For items such as programmes, you still need to order these before you know the numbers who will be attending, so it is still considered as fixed expenditure. Examples of fixed expenditure include venue hire, lighting, sound, ticket booklets, DJ and other entertainments, decorations, publicity materials, stewards, costumes, set/staging, make-up, programmes, etc.
How to record event fixed expenditure
Step 1: Navigate to Fixed Expenditure
Step 2: Input fixed expenditure details
For each item of expenditure, complete the description, the account code, the unit price, the number of units you are expecting to purchase and the appropriate VAT code. The VAT and net amounts are automatically calculated.
This is an expenditure that depends on the number of attendees and is for items that you can order once you know how many tickets you have sold. Examples of variable expenditures include food, drinks, entry fees, accommodation, etc.
How to record event variable expenditure
Step 1: Navigate to Variable Expenditure
Step 2: Input variable expenditure details
For each item of expenditure, complete the description, the account code, the unit price, the %units/head, and the appropriate VAT code. The VAT and net amounts are automatically calculated.
The %units/head field indicates what percentage of attendees is expected to pursue the activity requiring the expenditure. For instance, if half of the participants of the tour will require accommodation the %units/head field should show 50.00. The total amounts are calculated by using the number of expected attendees that you have previously entered.