Create deposit schedules
Most of you probably require a deposit from your customers to guarantee a booking. For social business like weddings, you might require a series of payments before the arrival date. Using the Create Deposits page, you can easily calculate and build a deposit schedule based on the booking revenue. The deposits are then displayed as individual Charge records in the Billing & Deposits (Transactions) section of the booking, and can be merged into a table in your documents like proposals and contracts.
When you receive a payment, enter a transaction on the Booking page. This makes it easy for you to track deposit charges and payments, and you can merge the complete list into a table on the group resume to communicate with operations.
Here are a few things to keep in mind:
- Other income and event revenue calculates using the most current attendance values provided (agreed, expected, guaranteed, or actual).
- The deposit schedule is a "one and done"—meaning if the revenue figures change on the booking, your deposits don't automatically update to reflect the new numbers. If you need to create a new schedule due to revenue changes, delete the original deposits in the Billing & Deposits (Transactions) section and click Create Deposits again.
To create a deposit schedule
- Open the booking, navigate to the Billing & Deposits (Transactions) section, and then click Create Deposits.
The left side of the page shows your corporate revenue classifications along with the revenue allocated to each based on the forecasted, blended, actual exclusive, or actual inclusive amounts. Revenue from a property revenue classification is rolled up into its corporate parent. By default, only the revenue classifications currently being used on the booking are selected.
- If necessary, you can clear any of those selections (maybe you don't include Audio Visual in your deposit calculations). Your selections are used to display the Total Selected Revenue which may or may not be the same as the Grand Total on the booking.
The right side of the page displays your property's charge types. You can use each charge type only once in the same deposit schedule. If you need additional charge types, your administrator can create them.
- Next to each applicable charge type, enter the percentage of the deposit in the % of Total field. For example, if your property requires a 10% deposit with the signed contract, enter 10. Then the Amount is automatically calculated for you. You can also assign a due date for the deposit in the Transaction Date field using the booking's arrival, decision due, and cutoff dates displayed below the grid as guidelines.
- Finally, select the type of revenue to use in the calculations - forecasted, blended, exclusive, or inclusive. The amounts will adjust if you change your selection.
If you've already created a deposit schedule on the booking, the new deposits you're creating now will not replace the existing schedule. To create a brand new deposit schedule for the booking, delete the existing deposit records in the Billing & Deposits (Transactions) section before clicking Create Deposits.
- Click Save.
| Event Revenue Calculation | Guestroom Revenue Calculation | |
| Forecasted | The average check of each event classification. | Forecasted rooms x exclusive rate |
| Blended | If an event is marked Done, the menus & items. If not marked Done, the average check. | If pickup is marked Complete, then picked up rooms x exclusive picked up rate. If not marked complete, blocked rooms x exclusive rate. |
| Exclusive | Actual revenue - the exclusive price of menus & items on events whether they are marked Done or not. | If pickup is marked Complete, then picked up rooms x exclusive picked up rate. If not marked complete, blocked rooms x exclusive rate. |
| Inclusive (only displays if inclusive pricing is enabled) | Actual revenue - the inclusive price of menus & items on events whether they are marked Done or not. | If pickup is marked Complete, then picked up rooms x inclusive picked up rate. If not marked complete, blocked rooms x inclusive rate. |