Budget/Accounting

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Author:
dshkap
ID:
219101
Filename:
Budget/Accounting
Updated:
2013-05-11 17:01:30
Tags:
Budget Accounting
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Description:
Budget/Accounting
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  1. Cash accounting
    income and expenses as they are received and paid (i.e., your bank account)
  2. Accrual accounting
    • counts income and expenses when they are earned or incurred
    • o   Records event as they relate to net worth when they occur
    • o   More accurate picture of the ebb and flow of finances
  3. Income statements
    statement of revenues and expenses (profit and loss statement) over a period of time
  4. Balance sheets
    statement that indicates overall financial status by subtracting expenses from income.  PROVIDES BOTTOM LINE – total amount of assets, liabilities and net worth at a particular point in time
  5. Cash flow statements
    • does not include amount of future incoming and outgoing cash that has been recorded on credit.  Determined by three components by which cash enters and leaves a company:
    • o   Core operations
    • o   Investing
    • o   Financing
  6. Chart of accounts
    detailed list of individual line items that make up the revenue and expenses categories in a budget
  7. Billing Timetable
    illustrates the budget life cycle of an event from 18 months out to final payment of master account and helps monitor cash flow.
  8. 18 months before
    establish expense projections to determine preliminary cash flow schedule
  9. 1 year out
    send facility billing instruction and requirements.
  10. Six months out
    meet with facility’s accounting representative to review billing instructions, room and master account requirements and room confirmation system.
  11. Three months out
    • o  verify master account requirements with CSM
    • o  setup local bank account close to event site to deposit cash and checks received onsite.
  12. One month out
    review room rates, F&B charges and billing procedures
  13. During event
    conduct review of master account w/ accounting rep or CSM
  14. Before leaving
    review master account billing and originals of charges.  Approve correct charges and identify disputed, delayed or missing charges.
  15. Post event
    audit and notify facility of disputed charges.
  16. Break Even Formula
    • Break even units =
    • fixed costs /  Reg fee – variable costs

    • Reg fee =
    • fixed costs /                                                 Number of attendees + Variable costs

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