Reports - Accounting

ThinkReservations has powerful reports to help with your accounting. These reports can be found in ThinkReservations by clicking on Reports > Accounting.
 

Summary

The Accounting Summary Report supports a journal entry into your accounting system by presenting a balanced entry of debits and credits for each account for the period specified. The amounts represent the net change for the period to be recorded in your accounting software.

Best Uses:

  • To review daily, weekly, or monthly business.
  • To create a journal entry in your accounting records to record the results of your business activity.


Accounts

The Accounts Report provides the transaction level detail by account, showing all debits and credits supporting the amounts on the Summary Report.  The report displays the date, description of the activity, a link to the Confirmation ID, and the amount.

Best Use:

  • To research the activity in an account as reported in the Summary report.

 

Journal

The Journal Report displays the journal entry (debits and credits) for each transaction within the dates specified.  A journal entry is the lowest level of detail of how an individual transaction (sale, payment, etc.) affects the account activity reported in the Accounts report.  The report includes the date, description, a link to the Confirmation ID, account, debit, and credit. 

Best Use:

  • To view the accounting entry for a single transaction to understand the impact on the accounts as reported in the Accounts and Summary reports.


Night Audit (Requires the Night Audit feature to be enabled)

This report walks you through a structured audit process to ensure that your past activity recorded in ThinkReservations is accurate.  Once completed, Night Audit will lock the dates that you audited in ThinkReservations, which will prevent changing or deleting a transaction that was audited or adding a transaction to an audited date.  When the night audit has locked dates, they cannot be unlocked.

Best Uses:

  • Increase the integrity of your financial reports when you run Night Audit in conjunction with preparing accounting entries in your accounting system.  ThinkReservations will support in detail the balances and activity reported in your accounting system. 
  • Increase control over your records and your security.  Prevent unauthorized predated transactions which may be used to cover nefarious behavior.


Guest Ledger (Requires the Night Audit feature to be enabled)

The Guest Ledger report presents the balances of guest reservations/folios that are in the Guest Ledger account as of a specified date.  The Guest Ledger account represents the status of guest reservations/folios for in-house guests.  It also includes balances outstanding on reservations/folios for guests who have departed.  The date selected must have been subjected to the Night Audit. The report displays Guest Name, Confirmation ID, Folio Number, and Guest Ledger Amount.

Best Use:

  • To reconcile the Guest Ledger detail in ThinkReservations to the Guest Ledger account balance in your accounting system.


Ledger Comparison (Requires the Night Audit feature to be enabled)

The Ledger Comparison report shows the balances in all four ledgers in ThinkReservations for the specified date compared to the immediately preceding date and the difference.  The four ledgers are Advance Deposit Ledger, Gift Certificate Ledger, Guest Ledger, and Accounts Receivable Ledger.  The date selected must have been subjected to the Night Audit.  Note:  The Accounts Receivable Ledger will display zero balances unless the Accounts feature is enabled.

Best Use:

  • To understand the impact of the day's business on these four important ledgers at a high level.

A/R Aging Summary (Requires the Night Audit and Accounts features to be enabled)

The A/R Aging Summary report and the Accounts feature are designed specifically for properties that have set up customers on payment terms and that are billed for guest reservations sometime after the guest stays (for example, at the end of the month).  Typically the customer may be a corporation or educational institution that frequently books rooms at the property.  The feature provides the ability to assign specific reservations/bills to the customer's account, apply payments to the account, and report outstanding balances on the accounts.  The A/R Aging Summary report displays the outstanding balance of each Account set up in the Accounts feature, broken down into increments of 0-29 days, 30-59 days, 60-89 days, 90-119 days, and 120+ days.

Best Use:

  • To monitor the aging of customer Accounts Receivable.
  • To reconcile Accounts Receivable detail in ThinkReservations to the balance of the Accounts Receivable account in your accounting system.




Related:
Preparing to Use Accounting Reports

Guest Ledger - What is it?



 

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