Every work in Inventory has a Financials tab. It shows what the work cost you, what you keep when it sells, and every expense you've recorded for it.
Open the Financials tab
Go to Inventory and open a work.
Click the Financials tab.
Tell ARTERNAL how you got the work
The first time you open Financials for a work, you'll see How was this artwork obtained? Your answer decides how ARTERNAL splits the sale.
Retail Acquisition: you bought the work outright. Click Retail Acquisition, then Confirm. In the New Retail Acquisition window, enter the Date and the Acquisition Value (what you paid). You can also add the Payee and a note. Click Save.
Consignment: you're selling the work for someone else. Click Consignment, then Confirm. The New Consignment Term window opens, where you set what the consignor is paid. See What are Consignment Terms?.
To look at the tab without choosing, click View Financials.
You can change your answer at any time. Click the button at the top right of the Expenses Overview. It shows Retail Artwork or Consigned Artwork.
Read the Expenses Overview
The Expenses Overview adds up the numbers for the work:
Artwork Default Price: the work's price.
Artwork Sale Price: what the work sold for, after any discount. It shows a dash until the work is sold. Click the pencil to enter a discount.
Total Expenses: all expenses recorded for the work, including the share other parties pay.
Profit (or Loss): what your gallery keeps after its own expenses and any consignor's share.
Gallery Expenses: expenses your gallery pays. If you entered an acquisition value, it's shown here too.
Net Sale Amount: the sale price minus total expenses.
Other Party Expenses: expenses paid by a third party.
Add an expense
Click + New Expense in the Expenses section, then choose Expense, Commission or Shared Expense.
Expense
Use this for one cost, such as framing or shipping.
Click + New Expense, then Expense.
Choose an Expense Type. To add your own types, see How to Add and Manage Custom Expense Types.
Enter the Date and the Amount (Price).
Under Paid By, choose who paid: Gallery, Third Party (then type their name), or the consignor if the work is on consignment.
Add the Payee, a note or attachments if you like.
Click Save.
Commission
Use this for what a salesperson or advisor earns from the sale.
Click + New Expense, then Commission.
Enter the Date.
Under Commission Pay, choose a fixed amount or a percentage of the sale price, retail price or gallery profit. Enter the amount or percentage. ARTERNAL works out the amount for you.
Choose the Payee.
To keep the commission private, check Hide Commission From Others. Only you will see the details. Your team will see a row marked Hidden Expense.
Click Save.
Shared expense
Use this when two parties split one cost.
Click + New Expense, then Shared Expense.
Choose an Expense Type, then enter the Date, Amount (Price) and Payee.
Click Next.
Under Which parties are sharing this expense?, choose Party 1 and Party 2. You can pick Gallery, Third Party (then type their name), or the consignor if the work is on consignment.
Enter one party's Expense Cost or Percentage %. ARTERNAL fills in the other party's share.
Click Save.
Keep an expense out of the totals
Check Only For Internal Records on an expense, commission or shared expense. It stays in the Expenses list, marked Internal record, but it doesn't count in the Expenses Overview.
Good to know
Hover over an expense to see its buttons. Click the pencil to edit it, the plus sign to Create Payable, or the trash can to delete it.
FAQ
Q: Can I change a work from Retail Acquisition to Consignment later?
A: Yes. Click Retail Artwork or Consigned Artwork at the top right of the Expenses Overview and choose again.
Q: Why don't I see Profit?
A: Some accounts are set up to hide Profit and other amounts from some users. Contact your account admin for more information.