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 OPERA Control is active. If 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 this check box is deselected, the On the Books revenue calculation is based on the expected or guaranteed revenue. If the Use Forecast Revenue OPERA Control is inactive, the check box does not appear, and OPERA Cloud uses the most recent revenue category for revenue calculations.
Exclude from Forecast: Select check box to exclude the event revenue from the forecast (for example events in the public restaurant). When the Exclude Event from Forecast Based on Function Space OPERA Control is active and Exclude from Forecast is selected in Function Space configuration, check box is selected by default when the space is selected. The following reports are affected by this check box:
Revenue Actualization. You can edit this field when the status of the event is set to Actual and the Event Revenue Actualization OPERA Control is set to Resource_Option or Event_Option. If the Event Revenue Actualization OPERA Control 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 Event Forecast Maintenance configuration. 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 charged. Since the billed revenue is editable, the ability to enter actual revenue at the resource level is disabled.
Total Cost. This is updated from the associated cost prices of the attached resources. The value is visible 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 Resource Cost OPERA Control is active.
Margin. This is the percentage of revenue to cost calculated from the last used revenue column. The value is visible when the Resource Cost OPERA Control is active.

Note:
If an event is part of 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 from a package is indicated in the column next to the revenue type code.

Related OPERA Controls

Resource Cost: When active, a Cost field is enabled for catering resources.
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.

Editing Revenue Summary

Note:

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

From the OPERA Cloud menu, select Bookings and the select Manage Events.
Enter search criteria and click Search.
Select the event, click I Want To . . ., and select 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 only modify the revenue from items that were added to package events, but not included in the package price. Otherwise, to edit Packaged Revenue, you must edit from Package Pricing (available by selecting Pricing on the Managing Catering Packages on Blocks.
Click Save.