Setup Advance Deposit Forfeit Amount for Online Cancellations (Cloud)
This configuration specifically affects online cancellations. It instructs Visual Matrix on how to handle cancellations for reservations with an already posted deposit, determining the amount to forfeit (amount kept) and the amount to refund to the guest.
Path: Management > Property Settings > Parameters > Section "Financial" (left side)
The setup is in two parts.
1. Choose the Accounting Code that will be used. It is not advised to change this code as it is set up for this purpose.
2. Choose to set up the deposit forfeit amount as a percentage (%) or as a dollar amount ($), and enter the amount or percentage.
- For a $300 deposit, and forfeit set up at 25%, Visual Matrix will forfeit $75 and refund $225.
- For a $300 deposit, and forfeit set up at $25, Visual Matrix will forfeit $25 and refund $275.
To block any automatic refund, the forfeit amount can be set up at 100%.
If a refund is necessary afterward, the situation will depend on the date of arrival of the reservation:
- if the date is still in the future, the reservation can be reinstated, the forfeit transaction voided and the correct refund posted.
- if the date is passed, the forfeit will have to be adjusted.
3. Click the green floppy disk at the top right to save the page modification.
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