A Chart of Accounts is a listing of all accounts used to record financial transactions in an organization's general ledger. It is an integral part of every accounting system. ThinkReservations includes an updateable Chart of Accounts so you can categorize transactions recorded in ThinkReservations in the same way you would categorize the transactions in your accounting system.
Your Chart of Accounts in ThinkReservations will not be as extensive as in your accounting system. You will only need the accounts necessary to categorize the revenue, payment, and tax transactions in Thinkreservations. Once set up in the Chart of Accounts, an account can be assigned to a room, an item, a payment type, or a tax type. If set up properly, the Accounting reports will summarize the activity in Thinkreservations into the correct accounts for accounting purposes. We highly recommend that you consult with your accounting professional when setting up your Chart of Accounts for the first time.
Setting up your Accounts in ThinkReservations
Refer to your Chart of Accounts in your accounting system. You can use the same account name in ThinkReservations and your accounting system with some exceptions. The following accounts are pre-set within ThinkReservations and cannot be modified or deleted without adversely impacting your reports:
| Account Name | Type |
| Accounts Receivable | Asset |
| Cash | Asset |
| Check | Asset |
| Credit Card | Asset |
| Deposit Liability | Liability |
| Direct Bill | Asset |
| Gift Certificate | Asset |
| Gift Certificate Liability | Liability |
| Guest Ledger | Asset |
| Third Party Credit Card Processor | Asset |
| Third Party Gift Certificate | Asset |
| Uncategorized Revenue | Revenue |
| Uncategorized Taxes | Liability |
| Uncategorized Payments | Asset |
To set up a new account in the Chart of Accounts:
- Click on Settings > Chart of Accounts,
- Click on the “New” button to open the New Account page,
- Enter the account name,
- Choose the type of account (Revenue, Liability, Asset),
- Revenue accounts - Only for revenue that is captured in ThinkReservations. Typical accounts may be Lodging (Room) Revenue, Gift Shop Sales, Package Sales, Weddings, Meeting Room Rental, and Food & Beverage Revenue.
- Liability accounts - For sales and lodging taxes collected on behalf of state and local jurisdictions.
- Asset accounts - For custom payment types.
- Click on “Save.”
Assign the account to:
- A Room - Click on Settings>Rooms to display your listing of rooms. Click on the room you want to update. Scroll down to the Revenue Accounts section and choose the revenue account you want the room revenue, additional guest fees, and pet fees to be assigned. Revenue for rooms that are not assigned to an account will be reported as “Uncategorized Revenue” in Accounting Reports and Revenue Reports.
- An Item - Click on Settings>Items to display your list of items. Click on the item you want to update. Under Revenue Account, click the drop-down arrow to select the account you want the item revenue to be assigned. Click on “Save.” Activity in items that are not assigned to an account will be reported as “Uncategorized Revenue” in Accounting Reports and Revenue Reports. You do not need to assign an account to Gift Certificate as the accounting for gift certificates is coded within the system.
- A Tax Type - Click on Settings>Taxes to display a list of your taxes. Click on the tax that you want to update. Under Liability Account, click on the drop-down arrow to select the liability account you want activity in this tax to be assigned. Activity in taxes that are not assigned to an account will be reported under “Uncategorized Taxes” in Accounting Reports.
- A Payment Type - Click on Settings>Payment Types to display a list of your custom payment types. Click on the payment type that you want to update. Under Asset Account, click the drop-down arrow and select the account you want activity in this payment type to be assigned. Activity in payments that are not assigned to an account will be reported under "Uncategorized Payments" in Accounting Reports.
Related:
► Reports - Accounting