Beta: Nightly Revenue Recognition

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Nightly revenue recognition allows you to recognize revenue on a nightly basis, track revenue per night, and ensure that your accounting reports accurately reflect your monthly revenue.

With nightly revenue recognition, a journal entry is created for each night separately, so you can be sure that your reports are up-to-date and accurate. This feature is particularly useful for reservations that span multiple calendar months. When a reservation starts in one month and ends in another, using the nightly revenue recognition option will split the revenue between the different months. This means that you can have more accurate accounting reports, as the revenue is allocated to the correct month based on the user's selection.

To apply nightly revenue recognition, see the instructions below: 

Important:

If you want Nightly Revenue Recognition to be applied to all journal entries from past reservations, you must first update reservations manually in the Guest Folio before changing your recognition settings in the business model.

Setting up nightly revenue recognition for PMC commission 

Step by step:

  1. Sign in to your Guesty account.
  2. In the top menu, click Financials
  3. From the drop-down, click Business Models.
  4. Follow the instructions for creating a business model
  5. Once your business model is created, follow these instructions for assigning a listing to your business model.
  6. In the "PMC commission" section, under "Commission Setup," click the three-dot menu in "Confirmed Reservations."
  7. Press Edit.
  8. Choose nightly as your recognition setting (you also have the option to choose check in and check out).
  9. Click Save.
  10. Select Create business model.  

Setting up nightly revenue recognition for additional fees

Step by step:

  1. Sign in to your Guesty account.
  2. In the top menu, click Financials
  3. From the drop-down, click Business Models.
  4. Follow the instructions for creating a business model
  5. Once your business model is created, follow these instructions for assigning a listing to your business model.
  6. In the "Additional Fees" section, click the pencil icon next to the additional fee you'd like to apply nightly revenue recognition for.
  7. Choose nightly as your recognition setting (you also have the option to choose check in and check out).
  8. Click Save.
  9. Select Create business model.

Setting up nightly revenue recognition for a recurring owner charge/expense

  1. Sign in to your Guesty account.
  2. In the top menu, click Financials
  3. From the drop-down, click Business Models.
  4. Follow the instructions for creating a business model
  5. Once your business model is created, follow these instructions for assigning a listing to your business model.
  6. In "Trust account income", click Add recurring owner charge or in "Trust account expenses" click Add recurring expense.
  7. Choose nightly as your recognition setting (you also have the option to choose check in and check out).

Important:

If you want the nightly recognition to update all journal entries from past reservations, you must first update the reservation manually in the Guest folio before you change your recognition settings in the business model.

 

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