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
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