Setup Advance Deposit Forfeit Amount for Online Cancellations (Desktop)
This setting will only apply to online cancellations. It is meant to let Visual Matrix know what to do when it receives a cancellation for a reservation that has a deposit already posted; how much to forfeit (amount kept) and how much to refund to the guest.
Path: Management > Setup > Property > 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.