From the moment an event is confirmed, you can start entering in actual revenue and cost figures into Prism to start the settlement process.

Update/Review Actuals

  1. Update the Sold column in the Tickets table on the Revenue tab. If you are using a ticketing integration, your revenue will be calculated automatically based on ticket sales pulled in from your ticketing platform (assuming your integration has been setup).

  2. Update Actual Internal and Reported External costs on the Costs tab. Anything in the Reported External Column will appear on the External Settlement PDF. Anything in the Actual Internal column will appear on the Internal Settlement.

Preview a Settlement

You can preview your artist settlement doc at any time post-confirmation. When a show is Confirmed, you will be able to preview the settlement by going to the three dot menu next to the green "Offer" button, then "Settlement", then select either Preview or Preview Simple. Preview Simple generates a version of the Settlement that does not breakdown expenses or include a Show Summary.

Note that if a deposit exists on the deal, the external Settlement PDF will automatically deduct the deposit from the artist payout regardless of the deposit status.

Move the Event to "In Settlement"

Once you're ready to truly start settling, change the event status to "In Settlement" using the drop down in the top right corner of the event. Doing so will change the green "Offer" button to a "Settlement" preview button and enable you to filter events that are "In Settlement" on your Prism Event List. The original offer can be generated at any time via the three dot menu, if needed.

Finalizing your Numbers and Settlement Terms

Need to increase or decrease the artist's walkout for a buyout, VIP lift, flat bonus, or rental? Use an adjustment to make any necessary bonuses or charges to the artists payout. Learn more about using adjustments here

Prism also now has a Tax Withholdings feature if you ever need to deduct a certain amount from the artist payout. Learn more about Tax Withholdings here.

You also have the ability to add Settlement Terms by selecting the three-dot menu next to the green Offer/Settlement button on the Deals tab, then "Settlement," then "Modify Terms."  These terms can be added as templates in your organization settings to be reused, as needed.

Internal Settlement

The Internal Settlement tab shows the Net Profit of the show based on internal revenue and costs so it may be different than what is present on the external settlement. Toggle between Estimated and Actuals to compare how the show performed against your estimates. Note that this information can be downloaded as a spreadsheet (.csv) by clicking the "Download Spreadsheet" button.

Confirm Settlement

When all updates to the settlement are added to Prism, change the status to "Settled" in the top right dropdown on the Event. This will freeze all show data to prevent users from making changes. An administrator will be able to "Edit Final Settlement" if needed. 

If you have any questions, contact support@prism.fm!

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