Setup Default Advance Deposit Forfeit Amount (Cloud)
This setup instructs Visual Matrix on handling cancellations for reservations with an existing deposit, specifying the amount to forfeit (amount retained) and the amount to refund to the guest. It applies to both local reservation cancellations with a deposit and online cancellations involving a local deposit.
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%.
3. Click the green floppy disk at the top right to save the page modification.
If the full amount has been forfeited and a refund is required afterward, the approach will depend on the reservation's arrival date:
- If the date is in the future, the reservation can be reinstated, an "advance deposit prepaid" for the forfeited amount can be posted, and the correct refund can be issued.
- If the date has passed, a temporary reservation must be created to perform the above process.
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