How to Create Accounting Categories
Learning Objectives
The difference between accounting categories and revenue categories
How to create accounting categories
Accounting Categories
During the setup of your Thynk org, the project team would have created new accounting categories based on your properties’ needs. These are needed for accurate revenue reporting.
FYI, Revenue Categories are defined at the organization level, while Accounting Categories are defined at the property level. These two categories allow you to support both property level and corporate level revenue reporting. Refer to the links below for further knowledge base articles on this topic.
If your Property has a Mews Integration
If your property has Mews, accounting categories will be ‘fetched’ from Mews, so you don’t have to create any in Thynk. This would have been done for you by the project team during your org setup.
All Others
If you have a different PMS integration than Mews, or no PMS integration your Thynk project manager would have created accounting categories already.
Creating a new Accounting Category
Just in case you need to know how to create a new accounting category, and they have been approved by your Director, here are the instructions:
Go to the App Launcher and search for ‘Accounting Categories’ and click on it
Click on ‘New’ and a window opens up for you to complete the fields based on the property’s requirements.
The ‘Name’ of the accounting category and the ‘Property’ are mandatory fields.
The ‘Revenue Category’ applies only if the property is using it.
All other fields are internal and optional.
Best Practices
Only the Admin should be managing accounting categories.
Accounting and Revenue Categories are important for reporting purposes, so be careful on managing these.
Make sure to get your Director's approval if adding new accounting categories, as they will affect financial reporting!
Usually these are already set up for you during the org setup so if you need any help or need guidance, please feel free to reach out to Thynk Support.
Resources
Admin Sales Tax Configuration Guide - Knowledge base article
How to Create and Manage Revenue Categories - Knowledge base article
Related Articles
How to Create & Manage Revenue Categories
A Revenue Category describes a source of an organization's revenue. Revenue Categories can be defined at the corporate level (org) and at the property level. The revenue management team defines these during onboarding with Thynk and ensures that ...Admin Sales Tax Configuration Guide
In order to support Sales Tax Configuration, there are a number of steps that must be followed by admins to build out revenue categories and corresponding taxes. This article provides detail on each item and an FAQ. In each section, you will find a ...How to Create a Package
Learning Objectives At the end of this article you will know… How to create a new package How to start building a new package by adding package items Creating a New Package For your sales team to be able to add packages to bookings, you, as Admin, ...How to create a New Inquiry
Learning Objectives In this article you will learn... How to create a New Inquiry How to edit a saved Inquiry What you can do after saving an Inquiry Creating & Editing a New Inquiry This will always be the first step when creating a new inquiry. To ...How to Create Sales Goals in Thynk
In Thynk, Sales leaders can determine goals using the "Sales Goal" object in Thynk. Follow the instruction below to learn more: 1. Search for Sales Goals in the App Launcher and click "New" 2. Sales goals must have a start and end date 3. Each sales ...