Financial Management & Transactions
Track all financial aspects of your art collection. Learn how to record sales, acquisitions, expenses, manage multiple currencies, and generate professional financial reports for your collection.
Log every sale and acquisition to maintain a complete financial record of your collection.
Detailed Steps
- Go to Dashboard → Transactions to access the financial management interface.
- Click 'Add Transaction' and select either 'Sale' or 'Acquisition'.
- Enter artwork details, transaction date, and involved parties.
- Input sale price, acquisition cost, and payment method.
- Attach invoices, receipts, or contracts for documentation.
Monitor all expenses related to your collection, including shipping, insurance, and restoration.
Detailed Steps
- Select 'Expense' as the transaction type when adding a new record.
- Enter expense category (shipping, insurance, restoration, etc.).
- Input amount, date, and vendor details.
- Attach receipts or invoices for each expense.
- Add notes for recurring or anticipated costs.
Handle transactions in different currencies and maintain accurate conversion records.
Detailed Steps
- When adding a transaction, select the appropriate currency.
- Input the exchange rate if not automatically provided.
- Review converted totals in your base currency.
- Track currency fluctuations for international transactions.
- Export currency reports for accounting and compliance.
Create detailed reports for sales, acquisitions, expenses, and overall collection value.
Detailed Steps
- Go to the Reports section and select 'Financial Report'.
- Choose date ranges and transaction types to include.
- Generate summary and detailed breakdowns by artwork, category, or currency.
- Export reports in PDF or spreadsheet format for accounting or tax purposes.
- Schedule regular automated reports for ongoing monitoring.
Follow best practices for financial compliance, data security, and audit readiness.
Detailed Steps
- Enable two-factor authentication for all users handling financial data.
- Regularly review user permissions and access logs.
- Maintain up-to-date records for all transactions and supporting documents.
- Follow local and international regulations for art transactions.
- Consult with legal and financial professionals as needed.
What's Next?
Now that you've mastered financial management, explore these related guides to further enhance your collection management.