Add a cost to an event
Once an event reaches the Contracted status you will have access to the Costs tab. The Costs tab provides an overview of all of the expected expenses for the event. This can include things such as catering costs, venue hire, cleaning costs, and entertainment costs.
For each cost that is added the Totals and Per Guest Totals are automatically updated, giving you live figures of the total costs added, total price that will be charged, the markup, as well as the profit margin percentage.
Filters along the top of the tab also allow you to view particular costs that match the criteria you set.
Below is a step by step guide on how to navigate to the Costs tab, and how to add/edit/delete costs.
Select Events from the navigation bar on the left, then search for and select the event you'd like to add costs to.
From the Events dashboard, check the Status bar under the Event info panel on the right hand side. The status must be Contracted (or similar if you have customised your statuses ) in order for costs to be added. Once the status is set to contracted you will see a Costs tab appear next to the Quotes tab. Select Costs.
On the Costs tab, select Add > Add Cost.
The Add Cost template will then appear. There is a detailed breakdown of each of the fields at the bottom of this article. Once you have entered the information select Save.
You can now see your entry on the Costs table. You are able to perform multiple actions for each individual cost by selecting the dropdown arrow on the far right of each cost entry. Here you can edit, duplicate, reconcile, or delete the entries.
There is a few ways to edit a cost. From the Costs tab you can see all of your costs that have been added to the event. From here you are able to click on each field to amend them individually. Simply click on the field/figure you'd like to amend and then press Save.
Alternatively you can view the entire cost template by selecting the arrow at the end of each row. Select Edit from the dropdown list that appears. Once the information has been amended, select Save.
If you would like to delete a cost, simply locate the cost and select the downward facing arrow at the end of the cost's row. Select Delete from the dropdown and confirm the deletion. The totals figures will automatically update.
Type : Select which heading this cost falls under. Click here to see how to edit this list.
Status : Select the payment status of the cost. This can be amended at any time.
Supplier : Enter the account which is the designated supplier.
Description : Enter a description of the cost here.
Quantity : This field is split into three parameters. The first field is where you enter the quantity, the second field is a free text box which acts as a label, and the third field is the "Per Head" tick box. For example if you were going to order 100 tables for an event you would enter 100 for the first field, "tables" for the second field, and leave the per head tick box unticked. If you were to order 1 meal for every guest you would enter 1 for the first field, "burger" in the second field, and then tick the per head box. This will add the quantity you entered multiplied by the estimated number of guests for the event and calculate the total cost for you.
Duration : When ticked you are able to designate a duration for the cost. As above the first field is for a numerical quantity and the second field is a free text box which acts a label. For example, if you wanted to add the cost as 4 hour segments you would enter "4" into the first field and "Hours" into the second field.
Alternatively, if you select Enter start and finish times you can manually enter the times for this specific cost.
Unit Cost : This is a numerical field for you to enter the actual cost of this product/service. You can change the currency with the dropdown at the end of each field.
Unit Price : This is the price that will be charged for the product/service. This field and the Unit Cost field are what's used to calculate the Markup and Margin fields on the Costs overview page.
Discount : You can enter any discount that is applicable to this cost, either as a percentage or a fixed amount.
Commission : This is where you can enter the amount of commission that is charged. This can either be a percentage or a fixed amount. The radio buttons below dictate whether the commission is Receivable or Payable.
Resources : Selecting the + will allow you to assign resources packages to this cost. To find out how to create a resource package click here.
Billable : Tick this to show that this cost is billable.
VATable : Tick this to dictate whether VAT is added to this cost or not.
Notes : Enter any useful information relating to this cost. you can use the toolbar to format the information, add files, images, videos, or tables, and create links to other relevant sites.
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For each cost that is added the Totals and Per Guest Totals are automatically updated, giving you live figures of the total costs added, total price that will be charged, the markup, as well as the profit margin percentage.
Filters along the top of the tab also allow you to view particular costs that match the criteria you set.
Below is a step by step guide on how to navigate to the Costs tab, and how to add/edit/delete costs.
To add a cost
Select Events from the navigation bar on the left, then search for and select the event you'd like to add costs to.
From the Events dashboard, check the Status bar under the Event info panel on the right hand side. The status must be Contracted (or similar if you have customised your statuses ) in order for costs to be added. Once the status is set to contracted you will see a Costs tab appear next to the Quotes tab. Select Costs.
On the Costs tab, select Add > Add Cost.
The Add Cost template will then appear. There is a detailed breakdown of each of the fields at the bottom of this article. Once you have entered the information select Save.
You can now see your entry on the Costs table. You are able to perform multiple actions for each individual cost by selecting the dropdown arrow on the far right of each cost entry. Here you can edit, duplicate, reconcile, or delete the entries.
Editing a cost
There is a few ways to edit a cost. From the Costs tab you can see all of your costs that have been added to the event. From here you are able to click on each field to amend them individually. Simply click on the field/figure you'd like to amend and then press Save.
Alternatively you can view the entire cost template by selecting the arrow at the end of each row. Select Edit from the dropdown list that appears. Once the information has been amended, select Save.
Deleting a cost
If you would like to delete a cost, simply locate the cost and select the downward facing arrow at the end of the cost's row. Select Delete from the dropdown and confirm the deletion. The totals figures will automatically update.
Add Cost template
Type : Select which heading this cost falls under. Click here to see how to edit this list.
Status : Select the payment status of the cost. This can be amended at any time.
Supplier : Enter the account which is the designated supplier.
Description : Enter a description of the cost here.
Quantity : This field is split into three parameters. The first field is where you enter the quantity, the second field is a free text box which acts as a label, and the third field is the "Per Head" tick box. For example if you were going to order 100 tables for an event you would enter 100 for the first field, "tables" for the second field, and leave the per head tick box unticked. If you were to order 1 meal for every guest you would enter 1 for the first field, "burger" in the second field, and then tick the per head box. This will add the quantity you entered multiplied by the estimated number of guests for the event and calculate the total cost for you.
Duration : When ticked you are able to designate a duration for the cost. As above the first field is for a numerical quantity and the second field is a free text box which acts a label. For example, if you wanted to add the cost as 4 hour segments you would enter "4" into the first field and "Hours" into the second field.
Alternatively, if you select Enter start and finish times you can manually enter the times for this specific cost.
Unit Cost : This is a numerical field for you to enter the actual cost of this product/service. You can change the currency with the dropdown at the end of each field.
Unit Price : This is the price that will be charged for the product/service. This field and the Unit Cost field are what's used to calculate the Markup and Margin fields on the Costs overview page.
Discount : You can enter any discount that is applicable to this cost, either as a percentage or a fixed amount.
Commission : This is where you can enter the amount of commission that is charged. This can either be a percentage or a fixed amount. The radio buttons below dictate whether the commission is Receivable or Payable.
Resources : Selecting the + will allow you to assign resources packages to this cost. To find out how to create a resource package click here.
Billable : Tick this to show that this cost is billable.
VATable : Tick this to dictate whether VAT is added to this cost or not.
Notes : Enter any useful information relating to this cost. you can use the toolbar to format the information, add files, images, videos, or tables, and create links to other relevant sites.
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Updated on: 07/09/2020
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