The Settlement tab allows you to view all financial data from across Elite in a single place, eliminating the need to navigate between multiple places during settlement processing. The Settlement tab aggregates existing data from multiple sources (Rental Rates tab, Detailing tab, and the Financials > Payments tab), and also displays a financial summary. The Settlement tab is in the Financials tab on the event details page.
Financial data is entered using key features in Elite to create a settlement statement for a ticketed event:
- Credits are used to represent ticketing receipts.
- Rental Rates and Inventory Items represent facility rental, event expenses, and other fees.
- An Invoice Template is used as the Settlement Statement, showing receipts (Credits, Payments, Deposits) at the top, deducting expenses (as the typical invoice line items), and the balance due to the promoter at the bottom.
If you would like to work with one of our consultants to develop a settlement workflow for your venue, contact us.
In this article:
Display and View the Tab
To display the tab, the event must have an event type which is marked as Live Entertainment. See Manage Event Types for details.
To view the tab, a user must have these venue-specific permissions:
- Finances: This permission displays the Finances tab for the user.
- Live Entertainment (View or Edit): This permission allows access to the Settlement tab. If the user has this permission but does not have Finances, they will not be able to get to the Settlement tab.
- Rental Rates (View or Edit) and Detailing (View or Edit): These permissions allow the charges to display in the Settlement tab.
They also must have this account-wide permission:
- Payments & Credits (View or Edit): This permissions allows revenue (payments, credits, and refunds) to display in the Settlement tab.
Be sure to review User Role Permissions to understand other access that is granted via these permissions.
Revenue
The Revenue section lists all payments received, credits granted, or refunds given (as entered on Financials > Payments).
- Add any monies received from the promoter or organization you are working with as payments.
- Add ticket receipts as credits.
- One method to handle this is to log the total net amount of ticket revenue the box office collected via a Revenue Type in Live Entertainment. If this is tied to a revenue stream, it will show as an event revenue and any deal splits can then be handled using credits. Thus for an 80/20 split, the total net revenue would be added as a Revenue in Live Entertainment, and a credit would be created for 80% of the total to represent the venue’s cut. The remaining 20% would remain as true event revenue for the venue.
- Refunds can be used as “below the line” adjustments such as promoter incentives for a certain number of concerts in a year, or the promoter paying venue. These cannot be applied to the invoice/settlement statement unless the invoice has a negative balance, though.
Venue Charges
The Venue Charges section lists all rental rates (entered on Booking > Rental Rates) as well as inventory items/charges added to the event on the event's Detailing tab.
- Facility rental should be added as rental rates.
- All other event expenses or fees should be added to your inventory and then applied to the event.
Financial Summary
Now that all revenue and expenses have been added to Elite, click the arrow at the upper-right of the tab to open the Financial Summary. The summary lists a total of all revenue items, a total of all venue charges, and then sums them to display the settlement balance. To create a settlement statement, create an invoice that includes all payments, credits, refunds, rental rates, and inventory items.