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How to Transfer Funds from One Reservation to Another

Sometimes in ThinkReservations, you need a way of transferring funds from one reservation to another. Perhaps they have an existing credit on one reservation that needs to be transferred to another. In the below example, we have $100 that we would like to transfer. We do this with the "Transfer" Payment type.
 

Setup / Creating the Transfer Payment Type

Create a new payment type if you don't already have a "Transfer" type.

  1. Navigate to Settings ⟶  Payment Types.
     
  2. Create a new payment type called "Transfer." After you create this payment type, you will need to refresh your open bills to see this new method.

Once you have the Transfer payment type, you can use it to move funds: 

Moving the Funds

  1. Open both the bill that has the funds that need to be transferred out. We will call this bill the "first bill."
    Open the bill into which that needs the funds transferred. We will call that one the "second bill." Ideally, you would have both bills open simultaneously.

    The first bill likely will have a Remaining Balance in the negative. Typically this would mean that the guest has overpaid or that you owe the customer. This is likely the amount you need to transfer out. In our example, the Remaining Balance equals "-$100."
     
  2. Under the Payments section, click ADD PAYMENT, select "Transfer" as the payment type, and enter an amount in the negative. We need to transfer out $100 so enter: -100
    Make sure to include the dash before your number to indicate a negative amount.
     
  3. In the Ref # box, enter a note for your records. We recommend something like "TO: XXXXXXXX" where the Xs represent the Confirmation ID of the bill these funds are being moved to (the second bill). At this time, the payment date can be edited, but transfer payments both should match.
     
  4. Click Take PaymentIn our example, this leaves the bill with a $0.00 remaining balance.
     
  5. View the second bill. Under the Payments section, click ADD PAYMENT, select "Transfer" as the payment type again, and enter the amount (in the positive). Since we want to transfer in $100, enter: 100
     
  6. In the Ref # box, enter a note for your records. We recommend something like "From XXXXXXXX" where the Xs represent the Confirmation ID of the bill these funds were transferred from (the first bill). At this time, the payment date can be edited to match the other payment.
     
  7. Click Take Payment. The credit has been applied to the new bill!

You have now effectively applied the previous charge (or a portion of that original charge) to the new bill.

If you need to move funds that have been charged outside ThinkReservations, such as in a credit card terminal, and those funds are shown as a "Third Party Credit Card Processor," follow the same steps as above. Instead of the "Transfer" payment method, you can use Third Party Credit Card Processor as the payment type.

This essentially balances your books in ThinkReservations, so even though the customer paid on a different bill, the reservation shows that they have paid. Your reports will accurately reflect when and how much they have paid.

The reports in ThinkReservations show the two payments, but because they are on the same date, and for the equal but opposite amounts, they perfectly cancel each other out. Because we added a helpful note in the Ref # box, we can more easily identify where the funds are going, and where they came from.


 

S
Sean is the author of this solution article.

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