Event Finances

If administrative organizer is onboarded to the payment processor (or has a financial responsible organization configured under its profile), Finances´ services can be enabled under the show settings to enable online payments, financial reporting and prize money payouts reporting.

In the event edit form, ensure that the online payments and collection of prize money details are switched on before opening event for online entries:

Calculations of payment obligation for persons responsible for entries are fully automated and connected to the fees´ set up of the competitions or event products. Check the article on entry fees, statuses and payment for more information on how to set up fees for entries and how the returns will be calculated: Entry statuses and payments

There are standard setting for the whole site ensuring that the calculations "behave" in the standard way for all entries in the system:

Cancellations before end of online entries period

If entry is cancelled online before the end on online entries period, the entry fee is always refunded in full. Until refund is paid out, it can be used to pay for entries and products within the same event. The refund will be initiated next day in the early morning.

Late entry fees

Late entry fees are enabled for all types of events and disciplines. Administrative organizer can decide on late entry fees amount freely. Amount can be different for every competition.

No show and late withdrawals

All fees will be applied to entries (starts) with the status No-show. If a rider is on the startlist, but doesn't show up, the organizer is entitled to get the full amount. The same rule applies for late withdrawals, when administrative organizer decides that withdrawal wasn´t justified and/or done based on the rules. When the rider is in starting list and the status is marked as fully paid withdrawal, the fees should be collected in full, including late entry fees.

Withdrawals

For normal withdrawals, when rider notified the organizer in due time and following the correct procedure, the rider is entitled to get the starting fee component returned, if the starting fee is configured under the competition fees settings.

VAT

For administrative organizers and financial organizers acting on behalf of administrative organizers, the system will respect the VAT obligation based on the organization's settings. For VAT obliged organizations, entry fees VAT is set to 0 as default, based on the Belgian legislation on VAT. For products sold under the event, administrative organizer can set up a VAT rate for each product. The list of standard VAT rates are offered. The product fees and entry fees should be entered as full amount, including VAT. The VAT amount will be calculated and shown to payer in the proof of payment after online payment is completed.

Income tax

For events organized under the authority of Paardensport Vlaanderen, the income tax will be calculated for non-Belgian income receivers.

Withdrawal of funds from payment processor to the account of organizer

The global set up is one final payout after all payables have been paid in and all results have been published. The administrative organizer can then press on the button "Close" under the Finances interface to initiate the final settlement.