Accounting Reports

ThinkReservations has powerful reports to help with your accounting. These reports can be found in ThinkReservations under Reports > Accounting.
 

Summary

The Accounting Summary Report supports a journal entry into your accounting system by presenting a balanced entry of debits and credits for each account for the period specified. The amounts represent the net change for the period to be recorded in your accounting software.

The Accounting Summary introduces an account called Guest Ledger. The Guest Ledger account represents the status of guest reservations that are in house as of a specified date. It is similar to an Accounts Receivable account in that:

  • On the day of check-in, all advance deposits on a reservation are moved from Deposit Liability to credit the Guest Ledger account.
  • Additional payments made on a reservation on and after the check-in date will be credited to the Guest Ledger account.
  • As revenue is earned, the Guest Ledger will be debited for the amount of revenue and the related sales and occupancy taxes.  This will occur on each day of the guest's stay. 
  • After the guest checks out, if the reservation has been fully paid the Guest Ledger balance for that reservation will be zero.  If there is any balance owing by or due to the guest, the balance will remain in the Guest Ledger.
  • Guest Ledger will also include the balance due or owing on any point of sale bill where the sale date has occurred. 


Accounts

The Accounts Report provides the transaction level detail by account, showing all debits and credits supporting the amounts on the Summary Report.  The report displays the date, description of the activity, a link to the Confirmation ID, and the amount.
 

Journal

The Journal Report displays the balanced debits and credits for each transaction within the dates specified.  This report is at the lowest transaction level (room/item/payment) and includes the date, description, a link to the Confirmation ID, account, debit, and credit.  It is useful for researching specific transactions and how they affect the accounts.


Related:
Preparing to Use Accounting Reports

 

S
Sean is the author of this solution article.

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