How Are My Booking Financials Calculated?Understanding the Financial Walkdown
One of the best features of Gather is that the software automatically calculates your financials. But have you ever wondered exactly how Gather arrives at these numbers? Below is an explanation of each piece of the Financial Walkdown for your bookings!
Charge Category Totals:
These totals are calculated by adding together any menus or charges sharing the same Charge Category on the Event Summary page.
For example, all menus tagged with a Charge Category of Food & Beverage are highlighted below. Since both of these share the same charge category, their totals are added together! The $1,100.00 for the Prix Fixe menu is added to the $200.00 for the Dessert menu, equalling a total of $1,300.00 for Food & Beverage.
To determine the Remaining Minimum, the applicable Charge Category Totals are subtracted from the Minimum Spend.
This Minimum Spend is created for individual bookings by editing the Financials on the lefthand side of the Financials page for your booking:
An important note: By default, the Charge Categories of Food & Beverage and Liquor will apply towards Minimum Spend and the Charge Categories of Other Charges and Other Liquor will not. This setting cannot be adjusted for these 4 Charge Categories. However, you can adjust application to Minimum Spend for any other default Charge Categories as well as custom-created ones. For more information on Charge Category settings, please reference the following article: What Are Charge Categories?
In this example, only the Charge Categories of Food & Beverage and Liquor apply towards Minimum Spend so $1,300.00 and $1,050.00 will be deducted from the Minimum Spend of $5,000.00, leaving a Remaining Minimum of $2,650.00.
This number is similar to a traditional Subtotal and it is calculated as follows: Total Charges = Charge Category Totals - Discounts Pre-Tax + Remaining Minimum.
These fees are calculated by taking a percentage of the total of all Charge Categories to which these fees apply.
Percentage-Based Fees are determined within your Location Financial Settings. Here you can adjust the percentage as well as to which Charge Categories these fees should apply. For more information on adjusting these settings, please take a look at this article: How Do I Edit Default Taxes & Percentage Based Fees?
Looking at the Service Fee in this booking example, all of the applicable charges total to $4,875.00. Multiply this by 12% and you get $585.00!
This number is calculated by adding together the Charge Category totals for any and all categories set to receive a tax or taxes within your Location Financial Settings.
Important note: The Total Taxable will calculate using all Charge Categories associated with a tax in your Settings. If you zero out one of these taxes, the applicable Charge Categories will still be factored into the Total Taxable as they are available to be taxed but are not within this specific booking.
The Total Taxable will calculate based on all Charge Categories currently set to receive a tax within your default Financial Settings. If a Charge Category is set to receive multiple taxes, the total for that Charge Category will be factored into the Total Taxable that same number of times. For example, if your Liquor Charge Category is turned on for both Sales Tax and Liquor Tax, the total for Liquor in your Event Summary will be added in twice to the Total Taxable calculation.
These calculate the same way as Percentage-Based Fees: by taking a percentage of the total of all Charge Categories to which these taxes apply. Again, this is based on your Location Financial Settings.
This number is calculated as follows: Subtotal = Total Charges + Percentage-Based Fees + Fees Pre-Tax +Percentage-Based Taxes.
This number is Subtotal + Fees Post-Tax, subtracted by Discounts Post-Tax.
Adds together the values of all payments that have been marked as paid, either via POS/Check, or paid directly using one of Gather's payment integrations.
This number is calculated by subtracting the Total Paid from the Grand Total.
If any of these numbers don't seem quite right in your bookings, this could be because that specific booking was created before updates were made to your Location Financial Settings. In these cases, please use our Update Financial Settings button so that your booking financials will update to your current defaults.