Holiday rental properties are managed differently from Residential Rental properties, there are many ways to do this and below is an outline of what you can do.
This will also depend if you are using booking systems, we are working on getting API feeds to the various booking systems
The main reason to use Palace for Holidays is to manage the money in a Trust Account. Palace does not have a booking calendar.
Note: We do strongly recommend that you run Holidays in a separate Trust Account from your Residential properties.
Things to set up before you start.
System - settings - Period setting to Daily (This allows you to charge a nightly amount)
Fee Ledgers: Booking Fee? Linen hire? Cleaning Charges? Credit Card fee?
Bond Ledgers: Booking Deposit
Examples as below:
Custom Fields: What information do you need to collect against the tenant?
Examples: Linen hire - yes/no Cot Hire: Deposit due, amongst others
Set up the Custom Fields under System - Custom Field - Tenant
Once it is all set up you are ready to go.
- Enter your Owners as normal
Set statement type to Holiday.
- Enter your properties - set as Management Type - Holiday
- Enter your tenant
Enter the start date as the day the Holiday starts
Enter the end date as the day the holiday finishes
Make sure the rent amount is the daily night amount
Fill in the custom fields
Make sure the Bond expected is zero
Save and Close
Now you are ready to receipt the money.
If you are receiving the money directly from the Guest you will do the following
Receipting a Holding Deposit
Some companies hold a deposit that is then used to pay towards the rent, or paid back at the end of the booking. Some just take a deposit and put it directly against rent.
We recommend that the money is receipted into a holding account until the holiday is finished just in case of cancellation.
- Go to Transactions
- Select Receipt Bond Other
- Fill in the details, select the correct bond Ledger
- Enter in the amount
- Then process
This money is then being held in a Holding ledger against this tenant.
Receipting full money once Booking is fully paid for
- First take out the Holding money.
- Go to Financial and Transactions
- Choose Refund - Tenant Bond Other
- Find the tenant - the amount should show
- Double check and then confirm and process
- Then staying in Transactions - Choose - Receipt tenant multiple (or just receipt rent if only doing rent)
- Find the tenant
- Enter in the amount of Rent - you can enter two separate amounts i.e the one from the deposit and the extra amount or you can receipt as well
- Then fill in the other fields as required. i.e Linen See example below
This screen will appear when you click on Options - to receipt to a fee ledger.
- When finished, click on Confirm
- Then click on process