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Accounting System Changes for Orpheum Theatre
The financial reports of the Orpheum Theatre were a little hard to deal with it, so the theatre's governing body is trying to make them easier.

The Knox County Civic Center Authority Board Wednesday learned that treasurer Jay Bullis has been working with the theatre's auditors to sort-of revamp the theatre's accounting system, so that it truly reflects the type of accounting the theatre's been doing: cash basis accounting.

Bullis says as it stands right now, that involves a lot of tweaking of the theatre's books on a fairly regular basis.

"They take any receivables and any payables," Bullis said. "Our current 'quick-books' shows receivables and payables in there, which throws off the way it looks and the way we record it. We always have to take those out of there to come up with our cash basis."

In cash basis accounting, income is counted only when it's received, and expenses are accounted only when they're actually paid out. The theatre's current systems, Bullis says, accounts for things like tickets reserved not paid for as income, when it's technically not yet.

The CCA board Wednesday learned that a big band show held annually benefiting the National Stearman Fly-In won't be held this year, but the organizers want to do one benefiting the Orpheum around Christmastime.

Board members were mostly in favor of that.
07 19 12 by Newsroom
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