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Accounts Receivable Flow Accounts Receivable & Accounts Payable Accounts Receivable Flow Accounts Receivable & Accounts When a business makes sales or purchases on credit, a cash based accounting Payable method does not provide a comprehensive reporting system for managing unpaid bills or for tracking multiple customer receivables. In RezExpert, when a business makes sales To Account i.e. on credit — the accrual basis of accounting will not only record the revenue in the proper time period, it will also keep track of accounts receivable amounts due from customers on 2 completed sales and tracking of partial payments is available & necessary. The accrual basis gives a more accurate picture of profit or loss because it includes all revenues, paid or unpaid. Refer to Support website for full documentation on using Accounts Receivable https://support.rezexpert.com/?s=accounts 1 How RezExpert reports Sales “To Account” February 1st – A $110.00 reservation balance is transferred from a “Cabin” booking to an individual or company’s Accounts Receivable. The Daily Trial Balance will report the following: Debit Credit Accounts Receivable $110.00 Tax-GST 10% $ 10.00 Cabin Revenue $100.00 March 15th – The individual or company pays the account $110.00 by VISA. The Daily Trial Balance will report the following: Debit Credit 3 Accounts Receivable $110.00 VISA $110.00 2 Account Review/Aging Panel The Account Review/Aging Panel will display the current AR balance. 3 RezExpert Trial Balance The RezExpert Trial Balance reports all debit & credit movements in & out of the Accounts Receivable ledger. An audit report, Reports > Income> Trial Balance can be run from the first Business day operating with RezExpert to Today, the Trial Balance will display the current AR balance. This display match the current AR balance, displayed in the Account Review/Aging Panel. (2) Accounts Payable Flow Accounts Receivable & Accounts RezExpert processes & reports on reservations where you are required to pay Payable Commissions and/or Share Revenue for that reservation(s). Examples are Agent Commissions and Owner Revenue Sharing . RezExpert uses the accrual accounting method, transactions are dated to the proper time period and recorded in the accounts payable account. The accrual 1 method gives a more accurate picture of profit or loss because it includes all reservation expenses. In the Accounts panel, the Accounts Payable review provides listing & export reports showing amounts owed to suppliers. This makes it easy to organize and prioritize bills and manage your cash flow. 1 Agent Commissions To set or alter the commission percentage or rate for a Travel Agent: Search for the Travel Agent’s Business Record within Client Editor. Select the Agent Commissions box. Refer to Support website for full documentation on Travel Agents. 2 Commissions Within the Agent Commissions screen, enter in the Percentage or Flat Fee commission amounts against Reservation Products and Occupants Products. 2 If you sell other Products through your Travel Agents i.e. Tour Package Products, enter in the commission amount. Press Submit to finalise the input. Press Active to active the Commission Policy. 3 Travel Agent Reservations To make a Travel Agent Reservation, search for the Travel Agent’s name. Select the unit type and dates and press Submit or Rez Quote. Within the Guest Folio, the Travel Agent Summary Level will display the Travel Agent’s details and Booking #1 is selected to enter in the staying client’s details. Enter in the Booking Details for the reservation and press Submit to finalise the res. Reservations made under the Travel Agent’s name will be stored within the Reservation 3 History for the Travel Agent, as well as within each individual client’s name. This will help with locating reservations. Refer to Support website for full documentation on Creating Travel Agent Reservations. Accounts Payable Flow Accounts Receivable & Accounts Accounts Payable contd… Payable 4 Travel Agent Reservations – Charges/Payments tab The Charges/Payments tab for the Travel Agent Summary Level will display the commission amount for the Travel Agent. The Charges/Payments tab for the Booking #1 etc will display the reservation charges. The Travel Agent Commission can be transferred to the AP Account at check out. 5 AP (Accounts Payable) Account Panel The AP tab within the Accounts Review panel will display all commission totals for each Travel Agent with an Active Account. 4.
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