Hoping someone with better accounting knowledge than I can help me. I just started using Manager and have loaded all my accounting transactions into it since 1/1/2017 and all looks good except for one thing. Our organization promotes concerts and we sell tickets online in advance of the concert da…

A P&L statement is for a defined period of time. Change the period and you’ll get different results. You also get different results based on whether you are using accrual or cash basis accounting. See this Guide: Choose between accrual or cash basis accounting | Manager . It may be that you should h…

[image] Tut: Advanced ticket sales asset account, “Liability” account, as it would have a credit balance from the Receive Money Plus it would have been owing - refunded - if the concert didn’t proceed.

You’re right about the P/L of course. What caused me to think about this is that I’m using tracking codes to get a P/L for each concert and the ones for the two January concerts aren’t correct due to this. It won’t matter in future year since the advance sales will be in Manager and I’ll be able to…

[image] Brucanna: “Liability” account, as it would have a credit balance from the Receive Money Plus it would have been owing - refunded - if the concert didn’t proceed. Of course. Typing too fast. :blush:

Correct heading would be “Unearned Revenue” and when concert takes place, debit the unearned revenue and credit the sales.

[image] SmartBookkeeper: Correct heading would be . . . “Pre-sold Tickets”, the revenue is not earned until the concert occurs. If the concert is cancelled then the Pre-sold Tickets are refunded - the revenue doesn’t become - unearned

Thanks for the ideas. The credit card company transfers money into our bank account on a weekly basis. Instead of allocating that entry to Ticket Sales, I would allocate it to the Liability account and then on the day of each concert, I would journal the sales for the concert out of the Liability …

You can create an account for each concert. After you have transferred the money to the income account, you will not be able to delete the account, but you can rename it to an upcoming concert.

OK, that sounds like it should work. Thanks.

Accounting help

dcVest June 26, 2017, 7:52pm 11

You may also want to look into Custom Subsidiary Ledgers

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Accounting help

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