Deposits are revenue items that can be posted to a customer’s bill to ensure that tax is accounted for at the time of payment (if your legal environment requires it). Not sure if deposits are right for you? Learn more about deposits.
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.
Before you can create deposits, you need to set up your accounting categories for deposits.
If you're legally required to account for tax at the time of payment, we recommend turning on automatic deposit settlement.
- Go to Main menu > Settings > Services.
- Click on your stay service.
- Click Rate groups.
- Click on an existing rate group to turn on automatic deposit settlement for that rate group, or create a new rate group.
- Under Options, select Automatic deposit settlement.
- Repeat steps 1-6 for all rate groups that you want to have automatic deposit settlement.
If you don’t have automatic deposit settlement turned on for all of your rate groups, you can manually create deposits.
- Open the Reservation Module.
- Go to the Items tab.
- Under Additional expenses, click
- Enter the price of the reservation.
- Select the tax rate you want applied to the revenue.