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Converting Earned to Deferred Revenue

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Converting earned ticket revenue to deferred can be used reverse or undo a rollover of deferred to earned revenue for a performance that you did not want to happen (such as performance date got cancelled and moved to the future but the performance date was not changed before end of day was run).

This can be done from two places

  • From the performance detail window as shown below. Use this if you want to do just one performance
  • From the performance setup list on the play tab using a context menu. Use this if you want to roll back a number of performances for an event.

You will see the Convert Earned Revenue Back To Deferred button under the following conditions:

  • You are logged in as a Master User or Outlet Administrator
  • The performance has a GL number that indicates it is rolled over to earned revenue (or was always using earned revenue). This is indicated by the Sales Posting Number which can look like:
    • SP-xxxxxxx. This indicates the performance has has been rolled from deferred revenues and posted to the G/L in sales posting SP-xxxxxxx
    • SP-0000000. This indicates that the performance was never posted to deferred revenue and was marked as only using earned revenue when the first End-Of-Day was run after the performance was created.
  • The Performance date and time must be in the future. You cannot roll back the earned revenue to deferred if the performance is in the past

Before attempting to do this process for the first time, you may wish to get advice from support and see one in action.
Do not run the create sales entry process during end of day while doing this.
You can continue selling tickets at the box office or online for the performances you are intending to rollback.

 

To create GL entry that will Rollback Earned to Deferred

Be very careful with editing or setting up the accounts. If you do not adhere to the steps, money will get rolled back, but maybe not to the place you expect.

  1. OPTIONAL STEP

    Note: only adjust the accounts if they were never right in the first place. If the accounts are right and the event was rolled over by mistake, skip to step 2.

    On the Accounting Tab, you may need to make the following changes:

    • Deferred Revenue Allocation: Change this option from 'Revenue earned at time of sale' to Defer until .. after performance. If the option is already marked deferred, no change is required.
    • Only change the following settings if you are rolling back ALL FUTURE PERFORMANCES. Otherwise to not change the following:
      • Also defer Taxes: changing this setting makes it possible to put taxes into a deferred account.
      • Accounting Style: changing this setting allows you to split out regular, season and other ticket types into separate deferred accounts.
      • Accounting tabs: you can change the accounts that you want to roll back the deferred income to. You will need to set up the accounts first if they do not exist.
  2. If you didn't change any of the above on the accounting window, and the sole reason that you are rolling back revenue is because you had to post pone the event and simply moved the date forward, then you can click the Convert Earned Revenue back to Deferred without much worry.

    if you have made accounting setup changes, take a Screenshot of your G/L tab before clicking the button so you can compare the values before and after

  3. Close the performance detail window.
  4. On the Event window, click the Refresh button on the tool bar and then go to the G/L entry tab. Review that the account totals are where you expect them to be.

    If they are not, please contact support for assistance.