In our accounting integrations, we make use of either a Closed or Consumed accounting flow.
Revenues are extracted when they are consumed. For example, when a guest has a hotel reservation of several days, each of these days accommodation revenues are registered in your PMS system. Any other revenues consumed by the guest over these days are also registered in the accounting report of your PMS system. VAT will also be posted according to the consumed revenue amounts. Similar to revenues, payments will be extracted when they are registered in your PMS system. All this information can be posted in a general/manual journal on a daily basis.
As a practical example, let's say a guest stays for five (5) days in your hotel. The total accommodation revenues are EUR 500, or EUR 100 per day. In the case of the consumed accounting flow, EUR 100 will be posted to your accommodation revenue ledger account on all these days. The total (payment) amount of EUR 500 will be posted to your accounting platform corresponding to the day that the guest pays.
Closed (bills) flow:
Revenues are extract once bills/folios are closed. For example, when a guest has a hotel reservation of several days, revenues are posted 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 your PMS system, there is a 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.