Managing Events Revenue Summary

The Event Revenue Summary panel provides the ability to view and manage revenue details for an event. It displays Forecast, Guaranteed, On the Books, and Billed Revenue totals and by revenue type.

Use Forecast Revenue: The Use Forecast Revenue check box is selected by default when the Use Forecast Revenue is set to On in OPERA Controls. As long as the check box is selected, OPERA Cloud uses the forecast revenue for the On the Books revenue calculation even when expected or guaranteed revenue exists for the event. When the check box is deselected, the On the Books revenue calculation is based on the expected or guaranteed revenue. If Use Forecast Revenue is set to Off in OPERA Controls, the check box does not appear, and OPERA Cloud uses the most recent revenue category for revenue calculations.
Exclude from Forecast: Select to exclude the revenue for the event from the forecast (for example events in the public restaurant). The following reports are affected by this check box:
- Daily Catering Forecast (REP_EV_FORECAST)
- Catering Summary Report (REP_CATERING_SUMMARY)
- Monthly Catering Forecast Report (REP_MONTH_FORECAST)
Revenue Actualization: You can edit this field when the status of the event is set to Actual and the Event Revenue Actualization control is set to Resource_Option or Event_Option. If the setting is set to Resource_Option, the billed revenue calculation is calculated and managed at the Resource level. The Event_option defaults to Actualization at the event level and enables you to manually override/update the amount.
Forecast: Forecast amounts are inherited from the Event Forecast Maintenance configuration screen. The revenue can be forecasted by per person or flat amount. Revenue types that are generally entered with flat forecast figures are miscellaneous items such as audio visual equipment or decorations.
Expected: This value is calculated based on the resources attached to the event. Resources have revenue types linked to their rates and depending on their configuration, the revenue types are updated in the table based on changes at the event or resource levels. For menu items that are priced per person, the column is calculated by the number of expected attendees multiplied times the per person price of the menu or menu item.
Guaranteed: For resources priced per person, the column is calculated using the number of guaranteed attendees multiplied times the per person price of the item.
Billed: Billed revenue is visible only when the event is in an Actual status and indicates the final amount the group was charged. If the actualization process is set to the Event level, the revenue is inherited from the Guaranteed Revenue. If the Guaranteed Revenue is not populated, it is inherited from the Expected Revenue. You can manually update the billed amount if there is a change in what the customer was actually charged. Since the billed revenue is editable, the ability to enter actuals at the resource level is disabled.
Total Cost: This is updated from the associated cost prices of the attached resources. (Available when the Resource Cost OPERA Control is active).
Total Margin: Entries in this column are calculated from the last entered revenue column minus the associated cost. The value is visible when the OPERA Controls Resource Cost is Active.
Margin: This is the percentage of revenue to cost calculated from the last used revenue column. The value is visible when the OPERA Controls Resource Cost is Active.

Note:
If an event belongs to a package, revenue types appear twice in the table; once to indicate the regular revenue of the event type that is not included in the package and a second time to indicate the revenue of each type included in the package. Revenue coming from a package is indicated in the column next to the revenue type code.

Related Controls

Resource Cost: When the Resource Cost OPERA Control is active a Cost field is enabled for catering resources. For more information see, Configuring Item Inventory
Event Revenue Actualization: Determines whether catering revenue is tracked at the event or resource level.
Use Forecast Revenue: The On the Books Revenue calculation uses the forecasted revenue until you deselect the Use Forecast Revenue check box.

Note:

You can access Events linked to a Block from the Block Search screen by selecting the Manage Events details link.

Editing Revenue Summary

From the OPERA Cloud menu, select Bookings, select Events, and then select Manage Events.
Enter search criteria and click Search.
From the search results, select the event, click the event’s I Want To . . . action, and click Revenue Summary.
Click Edit to manage the following details:
1. Use Forecast Revenue: Deselect the check box to use Guaranteed or Expected revenue to calculate On the Books Revenue.
2. Exclude from Forecast: Select to exclude the revenue for this event from the forecast.
3. Revenue Actualization: Select the desired option.
Editing Forecast and Billed Revenue:
1. Forecast Per Person: Enter the desired amount. You can edit this for Revenue Types forecasted per person.
2. Forecast Total: You can edit this for Revenue Types forecasted as a flat amount.
3. Billed: Enter the desired amount.
Note:
When Revenue Actualization happens at the event level, you cannot edit the Package Revenue fields when the event turns to Actual (ACT). You can modify only the revenue from items that were added to package events, but not included in the package price. Otherwise, to edit Packaged Revenue in this case, you must edit from the Package Pricing screen (available by selecting Pricing on the Manage Catering Packages screen).
Click Save.