In this article we will cover:
This is income that you will definitely get as long as the event goes ahead, such as sponsorship, donations and contributions from your Self Generated Income (SGI). You are allowed to use funds in your SGI to contribute to an event’s costs.
How to record event fixed income
Step 1: Navigate to Fixed Income
Step 2: Input fixed income details
For each item of income, complete the description, the account code, the unit price, the number of units you are expecting to sell, and the appropriate VAT code. The VAT and net amounts are automatically calculated.
This is income that varies with attendance such as ticket sales. Other variable income could include the number of programmes sold, shirts, drinks, etc.
How to record event variable income
Step 1: Navigate to Variable Income
Step 2: Input variable income details
For each item of income, 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 purchase the items or services bringing you income. For instance, if 75% of the attendees would buy student tickets to your event, the %units/head field should show 75.00. The total amounts are calculated by using the number of expected attendees which you have previously entered.