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Getting Prepared to Use Accounting Reports

In order to get the most benefit from using the accounting reports within ThinkReservations, it is important that you spend the time to set up accounts in the system and map revenue sources, taxes collected and potentially other non-revenue items to those accounts.  We highly recommend that you consult with your accounting professional throughout this process.
 

Setting up your Accounts in ThinkReservations

Refer to your Chart of Accounts set up within your accounting software.  For the applicable accounts, you should use the same name in both ThinkReservations and your accounting software.  The following accounts are pre-set within ThinkReservations and cannot be changed:

 

                   

Account Name Type
Gift Certificate Liability Liability
Deposit Liability Liability
Guest Ledger Asset
Accounts Receivable Asset
Uncategorized Revenue Revenue
Uncategorized Liability Liability
Uncategorized Asset Asset


To set up additional accounts in ThinkReservations click on Settings > Chart of Accounts, click on the “New” button, enter the account name, choose the type of account (Revenue, Liability, Asset), and click on “Save”.  Repeat for each new account. Account names can be changed at any time.
 
  1. Set up revenue accounts - Only for revenue which is captured in ThinkReservations.  Typical accounts may be Lodging (Room) Revenue, Gift Shop Sales, Package Sales, Weddings, Meeting Room Rental, Food and  Beverage Revenue.
     
  2. Set up tax liability accounts  - For sales and lodging taxes collected on behalf of state and local jurisdictions.
     
  3. Set up any other accounts required for your business.
 

Mapping to your Accounts

  1.  Map rooms to the Lodging Revenue account - Map each room by clicking on Settings>Rooms to display your listing of rooms.  Click on the first room to display the room settings. In the Revenue Account box, select Lodging Revenue. Click on “Save”.  Proceed through the list of rooms. Activity in rooms that are not assigned to an account will be reported as “Uncategorized Revenue” in Accounting Reports and Revenue Reports.
     
  2. Map items to the appropriate account - Map each item by clicking on Settings>Items to display your listing of items.  Click on the first item to display the item settings. Note that the default type of account is “Revenue Account”. In the Account Box, select the account to which you want activity of this item assigned. Click on “Save”. Proceed through the list of items. Activity in items that are not assigned to an account will be reported as “Uncategorized Revenue” in Accounting Reports and Revenue Reports.
     
  3. Map taxes to the appropriate tax liability account - Map each type of tax to a tax liability account by clicking on Settings>Taxes to display a list of your taxes.  Note that taxes are mapped to a liability account by default. Click on the first item to display the tax settings. In the Account box, select the tax liability account to which you want activity in this tax assigned.  Proceed through the list of taxes. Activity in taxes that are not assigned to an account will be reported under “Uncategorized Taxes” in Accounting Reports.

Review Payment Status Reports

  1.  Reservations by Payment Status Report - Run this report for all of your history up to and including the current date in ThinkReservations.  Resolve each reservation that has a status of “Overpaid”, “Unpaid” and “Partially Paid”. This may involve processing refunds, payments, properly cancelling reservations, adjusting room rates, or editing/adding/deleting line items.  There may be some instances where the status of the reservation is appropriate and no action is required. For example an overpaid reservation may result from a deposit on a cancelled reservation where you are waiting to see if it will be re-booked before refunding the deposit.
     
  2. Point of Sales by Payment Status - POS means "Point of Sale". POS sales are bills that do not contain a room. Run this report for all of your history up to and including the current date in ThinkReservations. Resolve each POS bill that has a status of “Overpaid”, “Unpaid” and “Partially Paid”.  This may involve processing refunds, payments, or editing/adding/deleting line items. With rare exception, all POS bills should be “Paid in Full”.

Reconcile General Ledger Accounts

Reconcile all Balance Sheet accounts in your General Ledger that are impacted by transactions sourced from ThinkReservations.  Typically, these will include accounts such as Advance Deposit Liability, Gift Certificate Liability, Accounts Receivable, Guest Ledger, and Sales Tax Liability.  You may have more.


Related:
► Accounting Reports

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