Setting Up Accounts for Use in Accounting Reports

To get the most benefit from using the Accounting Reports within ThinkReservations, you must 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.  When setting up your ThinkReservations accounts, you can use the same name in both ThinkReservations and your accounting software, with some exceptions.  The following accounts are pre-set within ThinkReservations and cannot be modified or deleted without adversely impacting your reports:                    

Account NameType
Accounts Receivable
Asset
CashAsset
CheckAsset
Credit CardAsset
Deposit Liability
Liability
Direct Bill
Asset
Gift CertificateAsset
Gift Certificate Liability
Liability
Guest Ledger
Asset
Third Party Credit Card ProcessorAsset
Third Party Gift CertificateAsset
Uncategorized RevenueRevenue
Uncategorized TaxesLiability
Uncategorized PaymentsAsset


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 the 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.  Do not map an account for Gift Certificates as the accounting for gift certificates is coded within the system.  Any account assigned will be ignored.
     
  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.


You should now be ready to view your activity by account in the Revenue by Account report and in all of the Accounting reports.  If there is a balance in Uncategorized Revenue, Uncategorized Taxes, or Uncategorized Payments, examine the transactions in the "Uncategorized" account on the Revenue by Account report.  The elements listed will not have an account assigned to them.  To resolve the issue, follow the steps to create a new account, if necessary, and assign it to an account.



Related:
Accounting Reports

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