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Creating Custom Cost Centres for your Venue


Cost Centres are an integral part of the reports in iVvy and they will help you track and segment your revenue as it is allocated to different items in the system.

Think of a cost center in iVvy as a GL code in accounting. All of the cost centres that are created can be accessed through our API: https://developer.ivvy.com/

There are two ways to set up custom cost centres;

  • For a Single Venue Account, all cost centres can be allocated in the global settings area.

  • For a Multi-Property Account, or if you require sub cost centres or individual cost centres per property (not for all properties within the account), these can be added from within a Venue itself.

iVvy has 6 system default cost codes, they are as follows;

  • Food

  • Beverage

  • Audio Visual

  • Room Hire

  • Accommodation

  • Service Fees
     

To Custom your Global Account Cost Centres.

Navigate to Global Section - Settings > General > Cost Centres.

You are able to add additional custom cost centres here as required for your business by clicking on "Add Cost Centre".

Next complete the following;

  • Code

  • Name 
    For example: Staff / Security / Theming / Other / Miscellaneous. 

  • Description; optional if you would like to add more about the cost centre for internal purposes.

  • Applies To: Venue must be ticked, if you have an Events setup in your account you can also select this here 

 

To Add a Sub Cost Centre to an Individual Property. 

Here you will find the ability to add a cost centre that is only visible to that individual property.

Navigate to Suppliers >  Venue > Setup > Payments / Billing & Taxes > Cost Centres.

Next complete the following;

  • Assigned To; Select from the global cost centres which one it will be assigned to

  • Code

  • Name For example: Staff / Security / Theming / Other / Miscellaneous. 

  • Description; optional if you would like to add more about the cost centre for internal purposes.

  • Groups

     

Note that you will need to assign a venue level or sub cost centre to one of the Global Cost Centres found in the global settings above.

When setting up your venue or adding new menus, beverage packages and resources, you will be able to allocate which of the above cost centres you wish to allocate this revenue to. This will ensure that when staff are adding in revenue to a booking, the system will automatically add it to the correct cost centre for you to ensure accurate revenue reporting.


Example Scenario:
Only one of your properties provides food and beverage in conference rooms, but also from the main restaurant. You wish to be able to report on the restaurant revenue separately from your overall food revenue.

You would view this venue and add in a cost centre called Restaurant. You would then go to the menu section of your venue, and allocate the cost centre “Restaurant” to all menus that are served only in the restaurant.

When viewing your reports that show cost centre breakdowns, you will be able to view the revenue that has been assigned just to the Restaurant, as well as see the overall food revenue for that booking.
 

Cost Centres can also be grouped together for a individual /property or a account global level (for all Venues within an account).
Find out more about Creating Cost Centre Groups for your Venues.
 

Please see a guide below on each of the buttons

Edit - Allow you to edit the existing custom cost centre.

Delete - Allow you to delete an existing  custom cost centre.

Save Sort Order - located on the left hand side of each custom cost centre group this will enable you to click and drag to sort to an order of your choice. The save sort order button must be clicked for the order to be remembered. 

 

 

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