Fundamentals of Music Business - 4.2 Invoicing
What should the total invoice billing amount be if the client is charged using the day rate (Per Day) before sales tax?
$1,855
What should the total invoice billing amount be if the client is charged using the lockout rate before sales tax?
$1,955
What should the total invoice billing amount be if the client is charged using the hourly rate (Per Hour) before sales tax?
$2,455
What is the correct amount this client should be billed for the mixing after the discount is calculated?
$360
The sales tax charged is incorrect. What is the correct sales tax percentage for the State of Florida? (JUST the state!)
6%
Which of the following best explains the concept of 'lockout' pricing?
Bulk buying of time that is less expensive than being charged the day rate.
The importance of the invoice is ....
For record-keeping purposes. To remind the client they owe you money. To support your income tax filing. ALL OF THE ABOVE
Which of the following is not one of the required invoicing elements discussed in your course content?
ISRC Number
Why is Citrix Sharefile an example of a great resource for music industry professionals to use for their billing?
It secures uploaded audio files from hackers.
The bill is way over the client's budget! Which pricing option would have best served this client based on what was booked?
Lock-out Rate
When dealing with a larger client (i.e. a corporation) that has a Billing Department, you will likely be provided which of the items below so their records can show what they paid you for?
Purchase Order Number
The following questions will be based on the scenario found in these two PDF files.
Scenario https://fso-lms4-immortal-assets.s3.amazonaws.com/241/201810/e4ab752d-77d4-412a-ab61-07a27691cdb6-e5b87ed8-a2f4-4497-8193-f9b4838dc1fb/STUDIOSCENARIO.pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20210108T234221Z&X-Amz-SignedHeaders=host&X-Amz-Expires=600&X-Amz-Credential=AKIAI4QJ7YJDQ7JYMBXQ%2F20210108%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Signature=88091506788ac93e857a7e4941c768132aa981fd230bf45270cdfd5c37ccab2b Studio Rate Sheet https://fso-lms4-immortal-assets.s3.amazonaws.com/241/201810/d51d22de-bcfa-42c7-9832-3b70c3c6ee3f-6498ec75-6784-41f9-a657-c3642b718ce0/STUDIORATESHEET.pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20210108T234222Z&X-Amz-SignedHeaders=host&X-Amz-Expires=600&X-Amz-Credential=AKIAI4QJ7YJDQ7JYMBXQ%2F20210108%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Signature=cec1f1163205864a3081b74707a24cb3b406a001404ec4ab420849fb105d86d2
What is the error in the total number of hours billed?
The client should have been billed for 7 hours on the first day and not 6 hours.
What pertinent billing information is missing from the invoice?
The client's billing address is missing. The contact person for the client is not provided. The due date of the invoice is not provided. ALL OF THE ABOVE
What is the error regarding the days the band had booked for the studio?
The dates provided are not days the band was booked. The studio was booked for five days but the invoice only charges the client for four days. The band paid for the days it took to mix the project. ALL OF THE ABOVE
The invoice sent to the client should be a direct reflection of what two things?
The services provided and the agreement, written or oral, made between the client and the Enginneer or Studio.