Event registration revenue should be able to be designated to specific purposes.

Currently, event revenue is not designated to any purpose other than its own project code. Usually events are fundraisers held to raise funds for several purposes and therefore, when registration payments are made, a percentage of each donation needs to be able to be designated to 1: Unrestricted to pay for the event; 2: one or more purposes that the funds are being raised. Example: We have an event. The registration payments are coming in, but so are the sponsorship payments. The sponsorship payments are used 100% to pay for the event and a percentage of the registration payment pays for the event expense and the remaining percentage is the tax deduction/beneift which goes toward the purpose--the scholarship fund. We need a way to split event revenue and assign it to at least two purposes: unrestricted and the scholarship fund. So currently, in order to accomplish the above, two events are created: Event-registrations and Event-sponsorships. For the Event-registrations, whatever percentage is going to the scholarship fund will be the tax deductible amount or the benefit and the remaining will be used to help pay the event's expenses. Then the Enterprise user can create a query, pull all registrants and get the total registration paid, plus ask for the receiptable amount/benefit. S/he will tell their account that when they import the revenue to Financial Edge to create a journal entry to move the receiptable amount/benefit into the special project-scholarship fund. The remaining funds that were imported will be used to assist in paying the event's expenses. The funds in the Event-sponsorship will be imported into FE and used to pay event expenses also. The accountant will need to know that two project numbers exist to pay that event's expenses. It gets quite cumbersome and could be simpler if designations/purposes could be set up in the event so when the registration revenue is entered, the commitment could be directed into several purposes/designations. When you enter a pure donation not tied to an event you can split the revenue into many designations/purposes. Also please note, it is not good to have many 'journal entries' on the books when you complete an annual audit. Auditors may question why this is occurring.
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  • Jun 29 2015
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