Setup Weekly and Monthly Rates (Cloud) 🎥
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Path: Management > Rates > Room Rates
1. Select the Season.
2. Select the Room Type.
3. Select Daily Rates (weekdays) or Weekend Rates.
4. Enter the Weekly Rates and their frequency of posting (daily or weekly)*.
5. Enter the Monthly Rates and their frequency of posting (daily or monthly)*.
6. Click Save.
The frequency of posting is how the rate will be posted. Will the rate be divided by 7 for a week and posted every day, or posted in one lump once every 7 days or for the week?
This choice will have some consequences in the reports.
For the Monthly rate, the lenght of a month is to be setup in the Season's section:
Path: Management > Rates > Seasons
1. Choose the number of days that will be applied to the Monthly rates:
- Calendar: if the monthly rate is posted every day, then the daily rate posted will change every month based on the number of days of the months.
- 28/30/31 days: the monthly rate will be divided by 28/30/31 if posted daily.
2. Click Save.
If it is set up for 30 days or 28 days, what happens during the months of 31 days? It is posting a 31st time at the 30 days rate or it is starting the new month early?
And what about if they start the month set up at 30 days and after a couple of days are changing to 31 days, will the system adjust, or will VM wait until the end of the started month to start on the new setup?
If itβs 30 days, it will post for exactly 30 days from the day the customer checks in. The reservation would go by the number of days that are in that field when they check-in.
If it is changed after they have stayed a few days it will not change any reservation already checked in.
Post weekly or monthly?
We do not recommend the use of the the weekly or monthly post setting and highly advise instead daily posting. It will then post the rate daily to the folio and never post a lump sum.
Once any folio has a zero balance it can be checked out, having a weekly and monthly rate on the reservation does not change anything, they can be checked out at any time.
However, if the room charge is posted monthly in one lump sum on the folio, it does not report as one lump sum to the revenue reports, it will report as a daily amount.
For example, if I have a $1500 monthly rate, my monthly settings are set to $30 days. When posting monthly the folio will show $1500 on the first day. In the background, only $50 is posted a day (1500/30).
If $1500 showed up all at once in the reports this would inflate the ADR on the first day then deflate the ADR on the remaining days.
Even if you check this guest out after 10 days for the next 20 days $50 a night will be posted to equal 1500 displayed on the folio. It has to do this to stay in balance.
This can be confusing but it is necessary to keep the reports balanced.
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