The financials page also features an Expenses section which consists of three type Expenses, Commission, and Shared Expenses. To add a new expense select New Expense > the desired expense type.
Below is a breakdown of each expense type:
3. A. Expense
This option allows you to choose one of the existing expense types, or you can create a custom expense type. Any expenses added to a work will reflect in the breakdown chart under Expenses Overview.
How to add an expense:
Select New Expense > Expense.
Under Expense Type, select the dropdown, then select the desired expense type.
Enter the Amount, Paid By, Payee, Date, Notes where applicable.
Select Save.
3. B Commission
Commission can be added as an expense if part of the sale of the artwork goes into paying a salesperson.
How to add commission:
Select New Expense > Commision.
Under Commission Type, select the drop-down to choose how to calculate commission. You can enter a fixed amount or calculate it as a percentage of sales.
Enter the Amount, Payee, Attachments and Notes where applicable.
You have the option to check the For Internal Records Only checkbox. Checking this option will not display the commission in the Expense Chart in the Expenses Overview section.
You also have the option to check the Hide Commision From Others checkboxes. Checking this option will hide the expense from others in your organization - only you will be able to see it.
Select Save.
3. C. Shared Expense
You have the option to share expenses with a Gallery, Third-Party, or Consigned In Party . Here are the steps to do so:
Select New Expense > Shared Expense.
Under Expense Type, select the dropdown, then select the desired expense type.
Enter the Amount, Paid By, Payee, Date, Notes where applicable.
Select Next.
5. You will then be directed to a page to split the expense between both Parties. To select the type of each Party, select the drop-downs under Party 1 and Party 2.
6. Enter the Expense Cost as a fixed amount or a Party Percentage to be automatically calculated. The amounts of the other party will be automatically calculated accordingly.
7. Select Save.