First things first
Start with checking whether your PMS/POS contains ALL the necessary categories you want and need! Are the categories linked or mapped to the correct ledgers from your accounting setup?
Fallback ledgers for Revenue
Sometimes financial entries may appear within your PMS/POS, which you have not accounted for or simply forgot to map. For this we, at Omniboost, recommend creating (what we like to call) fallback revenue ledgers. By making use of these kind of ledgers, you're always assured of proper financial statements containing the proper VAT amounts going into your accounting software.
Fallback ledgers for Payments
Payments as well need to have a fallback ledger available. With a fallback payment ledger present, you are assured of a correct entry going into your accounting platform.
Setting up correct journals and a corresponding workflow
On which general journal would you like to see data coming in? To which sales journal should invoices and debtor information be posted? Receiving cash payments? Did you think about setting up a proper cash journal as well? If possible, we advise you to make additional journals for the data coming through from the PMS/POS.
Make sure the VAT codes are properly setup and mapped. What to do with commission costs on your creditcard payments? Would you like to split commission costs and net values on payments received and/or posted? What about calculation of commission costs for OTA's and other travel agents?
Did you take into account the proper and desired flow on guest- and deposit ledger movements? Are the ledgers properly setup in both the PMS/POS and your accounting platform?
We are here to help
With more than 300 integrations in over 25 countries we know our hospitality accounting! Having questions and / or doubts regarding your current/future setup? Our support team is happy to assist!