In Mews, a distinction can be made between a consumed accounting flow and a closed accounting flow:
We extract the revenue when it's consumed. For example, when you have a hotel reservation of 5 days, each of those days provide accommodation revenue. Also when a guest consumes dinner, that dinner will end up in your P&L on the day it is consumed and not on the day the bill is closed. VAT will also be posted according to the consumed revenue. Payments will be posted on the day they are registered in MEWS. All this information can be posted in a general/manual journal on a daily basis.
Closed bills flow:
We extract the revenue from the bills/folios that are closed. For example, when you have a hotel reservation for 5 days, we post revenues to your accounting platform at the end of the stay when the bill/folio is closed. VAT is accounted for when the bills are closed. The payments of those closed bills can be posted to the accounting platform as well. All this information can be posted to your accounting platform on a daily basis. There are 2 options for doing this:
- General journal entries are created for the bills and invoices (revenue) that have been closed for that day together with the payments of those closed bills.
- All bills and invoices are posted as sales entries / invoices (debtors and revenue). Payments are usually posted to a general journal. When you also have outlets in MEWS there is also need for an additional journal entry in the general journal with the outlet revenue and payments.
Please note that the way of dealing with the accounting flow can be different with other PMS systems or specific accounting platforms. When you have questions regarding the accounting flow, please let us know via email@example.com.