This educational guide offers a detailed explanation of the reservation's accounting settings. These settings are initially set up based on the product configuration and play a crucial role in determining how the reservation will be invoiced. It is possible to adjust these settings during the creation process if they differ from the default settings of the product.
Accounting
To begin navigate to the Accounting section in the reservation form.
Select the
Down Arrows up display the Accounting setting.
Invoice Settings
This section outlines the invoice settings that this reservation will adhere to.
Field | Function |
Invoice Generation | Automatic - The system will automatically generate the invoice when either the user initiates the generate invoice job or a batch job. Manual - The system will not generate any invoices automatically. The user will need to manually create the invoice(s). |
Invoice Frequency | Frequency invoices are generated at different intervals:
|
Payment Term | Payment term when product is used. If blank it will default to global setting. More info here: Payment Terms |
Auto Pay | Enable if the customer has enrolled in autopay. |
First Invoice | Determining how the initial invoice will be generated is a common practice in property management. In most cases, properties opt to prorate the first invoice when a customer arrives after the beginning of the billing cycle. Fixed - First invoice will be set to a fixed amount. No charge - There is no charge on the first invoice. |
Next Invoice | The options here change based on the First invoice selection. If pro-rating the invoice, this option will get the next invoice ‘back on track’ for regular billing cycle. If fixed is select the next invoice will be set to Next Month. No Charge and Pro rated first invoice will give the following as options. |
Prorated Frequency | Options is only available if prorating. Can set to daily for monthly or quarterly invoices. Monthly for annual invoices. |
Co-Term Date | When prorating, if Next Invoice does not give an option the user needs, they can manually set the co-term date to get billing ‘back on track’. |
Prev Invoice Date | System driven date of when the system last ran invoices for the selected reservation. |
Next Invoice Date | System driven date of when the system will ran invoices for the selected reservation. |
Enable Deferred Income toggle | If the invoice frequency is Monthly, there is no reason to defer. Enables the deferred income scheduling when invoice is generated. Please contact your system Admin before enabling deferred income. |
Deferred Frequency | If the invoice frequency is Monthly, there is no reason to defer. Annual and upfront invoice frequency should have a Monthly deferred frequency. |
Sales Income Account | If deferred is turned on this will be your income account. This SHOULD NOT be the same as the account found in the General Information section. |
Deferred Income
This section outlines the deferred income settings that this reservation will adhere to.
Field | Function |
Enable Deferred Income toggle | If the invoice frequency is Monthly, there is no reason to defer. Enables the deferred income scheduling when invoice is generated. Please contact your system Admin before enabling deferred income. |
Deferred Frequency | If the invoice frequency is Monthly, there is no reason to defer. Annual and upfront invoice frequency should have a Monthly deferred frequency. |
Sales Income Account | If deferred is turned on this will be your income account. This SHOULD NOT be the same as the account found in the General Information section. |
If all the necessary setup is in order, proceed to Save the reservation.