Tracking material costs helps you accurately price artworks and analyze profit margins.
You can easily track artwork expenses in Artwork Archive by attaching them directly to the artwork record.
How to add an individual expense to a Piece Record:
Navigate to Artwork on the left-hand menu
Click on the Piece Record for which you want to add an expense
Scroll down to New Expense on the bottom right within the Piece Record
Click New Expense
Add the relevant information for your expense and then click Save
When you create a new expense record, it will be linked to the artwork and appear under the Income section of your Artwork Archive account.
Under Income > Revenue/Expenses section, you'll see:
Total Production Costs: The sum of all individual expenses for the artwork, including canvas, framing, fabrication, etc.
Sale Revenue: The amount earned from selling the artwork, minus commissions and discounts.
Revenue - Costs: The final profit from the sale after subtracting commissions, discounts, and material costs.