About deposits

By default, Mews accounts for revenue and tax at time of consumption (i.e., when your goods or services are consumed). To account for tax on a prepayment at the time it's received, you can use deposits—a feature that allows you to settle a prepayment and recognize tax before your guest ever arrives for their stay.

Mews clues

When you use deposits to account for tax on a prepayment, the system records that prepayment as revenue. If you don't want to recognize revenue at time of payment, you should not count deposits when calculating revenue.

How deposits work

When you receive a prepayment, you can create a new deposit (for the same amount as the prepayment) and attach the tax rate of your stay service. Every deposit is made up of two revenue items—one with a positive value and one with a negative value.

The positive deposit is posted to an open bill with the prepayment; it mimics the stay item, allowing you to settle the prepayment and ensure that tax is accounted for as soon as the bill is closed.

The negative deposit is listed under the customer's unpaid items with the stay item; it mimics the payment, allowing you to settle the item without accounting for revenue and tax twice.

About deposits

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