How do I Record Eventbrite Deposited Funds?

MonkeyPod makes it easy to track your event revenue with the Eventbrite Integration, but how should the accounting be handled when the money actually comes in?

Where are funds from Eventbrite recorded in my MonkeyPod?

By default, when you integrate MonkeyPod with Eventbrite, your ticket sales from Eventbrite will be recorded in a single Payouts Receivable account. You can find this account by reviewing your Chart of Accounts.

You can, however, customize where your Eventbrite sales are recorded. For example, you can create a dedicated account for Eventbrite funds, making it easy to see exactly how much revenue is coming in and how much Eventbrite is holding on your behalf. This is especially helpful if you're also using our Stripe integration, as by default, funds from both integrations will be recorded in the same Payouts Receivable account.

To change the default account for Eventbrite, you'll first need to create an "Other Current Asset" account.

Once you've created an account, head to the Eventbrite integration page to adjust your settings. From the Apps & Integrations menu, select Eventbrite.

From the Basic Settings menu, select Change Settings.

Then, select the account from the Account for Pending Payouts dropdown.

Finally, select Save Changes. And you're all set!

When a deposit from Eventbrite comes in what should I do in my MonkeyPod?

When a payout from Eventbrite comes in, all you need to do is record an Account Transfer from your Eventbrite account to your bank account.

To start the transfer, select the Finance menu, then select Account Transfer.

First, enter the date and the amount of the transfer. Under From Account, select your Eventbrite account (e.g., Payouts Receivable). Then, under To Account, select the account the funds were transferred to (e.g., Checking). You can also optionally add a memo or tag the deposit to a specific event.

Then hit save and that's it!

Frequently Asked Questions

1. Can you explain a little more about why this works this way?
   1. Sure! When you sell a ticket through Eventbrite, they hold onto the money until after the event has happened. This is to ensure that if an event is cancelled the buyer can get a refund.
   2. After the event takes place, Eventbrite bundles the sales from that date and transfers them to your bank account in one lump sum. (Sometimes there's a portion that is held back in case of late refund requests, so you won't always be able to perfectly match payouts to sales.)
   3. When the payout goes through, you need to reflect that deposit on your books. You now have the money you earned, so you need to decrease the amount of money you have in your pending payouts account and increase the amount you have in your bank account. That's what the account transfer does.
2. Can I match this deposit through Online Banking?
   1. Sure! When you see the deposit, select "Add a Transaction" then choose Account Transfer and select your Eventbrite pending payouts account from the "Transfer Funds From" dropdown.