Please visit our new help center at help.thinkreservations.comYou can also access this by clicking the ? button inside ThinkReservations.

How to Create a New Rate Type

This article will walk you through the process to create a new Rate Type.

  1. Navigate to Settings > Rate Types
  2.  Click the New button on the top right.
  3. Fill out the details tab on your new rate type: Rate name and short description, Rate qualifiers, Pricing, Deposits, Taxes (if applicable), or Packages and items (if applicable). Decide if pricing will be configured manually, or derived from another rate type.

Create the new rate type by deriving rates

  1. Select the second option under Pricing: "Derive rates and restrictions from another rate type"
  2. If necessary, select to Add or Subtract under PRICING ADJUSTMENT. Fill in the amount of the adjustment. Select whether the adjustment is a percentage or dollar amount. 
  3. Each rate type may have one Yield Management Plan. To create a Yield Management Plan, navigate to Settings ⟶ Yield Management Plans⟶ click the New button. For directions on creating Automatic Yield Management Rules, click here. To apply a Yield Management Plan, select the plan from the Yield Management Plan toggle. 
  4. Click Save on the bottom right of the screen once finished.

Create the new rate type by setting rates manually

  1. TABLE OF CONTENTS
    • No headings available. Use Paragraph Format to add one.
  2. Select the first option under Pricing: "Set rates and restrictions manually." Your Rate Type will not have any pricing or restrictions yet. You might want to import the pricing and restrictions you currently have on another rate type. To import or "copy" from your Best Available Rate, continue below.
  3. Click Rates & Restrictions tab at the top.
  4. Click the Copy from... button on the top right. 
  5. Use the popup to choose what rate type you would like to import or "copy" from, the date range, the date the data paste should begin, and what to copy. 
  6. To import or copy everything, check all the boxes and ensure your date range encompasses what you need to be copied.
  7. Click the Paste button on the bottom of the popup to perform the copy function from the selected rate type into the rate type you have open.
  8. Repeat the Copy... process every time you wish to update this rate with subsequent changes made to your Best Available Rate as they are not linked automatically. To link them automatically, change the Pricing option to "Derive rates and restrictions from another rate type" in the Details tab. 
  9. Each rate type may have one Yield Management Plan. To create a Yield Management Plan, navigate to Settings ⟶ Yield Management Plans⟶ click the New button. For directions on creating Automatic Yield Management Rules, click here. To apply a Yield Management Plan, select the plan from the Yield Management Plan toggle.
  10. Click Save on the bottom right of the screen once finished.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.