Setting up Transaction Codes

The following article reviews how to set up transaction codes in Owner's Accounting.

Transaction Codes

Transaction Codes represent all the different postings you will need to do in Owner Accounting. These include Room Charges, Other Revenue, Expenses and Payments. Examples of Transaction Codes that may be needed in OA are:

  • Room Charge
  • Management Fee
  • Maintenance Fee
  • Travel Agent Commission
  • Credit Card Commission
  • Snow Removal
  • Satellite TV
  • etc...

Adding a Transaction Code

Under Configuration Settings, select the Transaction Codes submenu.

Adding a Transaction Code

Next, select New to open the Transaction Codes screen.

The first section of the screen is called New Transaction Code.

Enter the following information:

  • Code - enter a code for the transaction code. This code can be up to 7 characters long, have no spaces & be all CAPS. (ie: Housekeeping Fees code may be HSKP)
  • Description - enter the transaction code description. This description will appear on the Owner Statement if the option Show Expense Detail is chosen in the Owner Statement Configuration Settings. (ie: Housekeeping Fees)
  • Type – select the type of transaction code:

    Expense - a transaction code that will be used to charge the owner. It will be a negative amount that is subtracted from the revenue on the owner unit for the month. This can be posted manually or setup as a recurring or occupancy expense.

    Room Revenue - OA requires at least 1 room revenue code. This will be the transaction code associated with the room revenue imported from the PMS, if the import functionality is used. If the import functionality is not being used then the code will be associated with the room revenue that is manually posted on a unit. This is a positive amount on the owner statement.

    Other Revenue - If owners share in any other revenues this type of Transaction Code will be used to post the revenue to the owners unit. The Other Revenue will appear on the owner statement on a separate line then the room revenue. This type of posting is done manually within the Expenses & Payments section of OA. When posted it will be for a positive amount and will show in the same section as the Room Revenue appears on the owner statement.

    Payment - Any payment codes that are needed to show payments made by an owner for amounts owing to the property management company.

    Credit Card Commission - If owners incur some or all the cost of Credit Card Commissions then a transaction code will need to be created. Credit Card Payment information is imported monthly when room revenue is imported from the PMS.
  • Show in RoomKey – selecting Yes will allow the transaction code to appear in the Room Maintenance Module in the PMS. This permits a charge to be posted in the Room Maintenance Module in the PMS, which will then flow directly into OA.
  • Default Amount – if this transaction code is the same amount every month for every unit then a default amount may be entered here. Otherwise, leave the default amount at 0.00.

NOTE: In the below example, a Guest Housekeeping Fee is being created.

If it is necessary to track Housekeeping Fees separately for Owners, Owner Guests, and Guest stays, then consider creating 3 different Transaction Codes (GHSKP – Guest Housekeeping Fees, OGHSKP – Owner Guest Housekeeping Fees, OHSKP – Owner Housekeeping Fees).  Otherwise, it may be that only one Transaction Code for all will suffice (HSKP – Housekeeping Fees)

Select Save to save information.

After Save is selected the first time, select the tax(es) that apply to this Transaction Code in the Tax Code Selection area below.

Click on the tax(es) to be added to the transaction code and use the Add button to move it over to the Selected Taxes.

Click Save again to create the Transaction Code.

Modifying a Transaction Code

When modifying a Transaction Code only slight changes should be made. Never replace the name of one Transaction Code with another (ie: change Maintenance Fees to Housekeeping Fees). Any changes made to a Transaction Code name/description after it has been used will be reflected in past statements.

Under the Configuration Settings Menu, select the Transaction Codes submenu.

Modifying a Transaction Code

Next, select the Edit button next to the Transaction Code to be modified.

Make the desired change and then select Save to save the changes.

Deleting/Deactivating a Transaction Code

You cannot delete a Transaction Code once it has been used in OA as there is history tied to the Transaction Code. Once history is tied to a Transaction Code it can only be Deactivated and not deleted.

Deleting

If a Transaction Code has never been used, go to Configuration Settings > Transaction Codes and select the Delete button next to the Transaction Code to be deleted. This will permanently remove the Transaction Code from OA.

Deleting

Deactivating

Once a Transaction Code has been used, the Delete option will disappear, and the only option will be to Deactivate a Transaction Code.

Click on Deactivate to remove the Transaction Code from the list of active Transaction Codes.

Deactivating

NOTE: If the Transaction Code is currently attached to any Units as a Management, Occupancy or Reoccurring Fee, it cannot be deactivated until it is removed.

Viewing Inactive Codes

Once a Transaction Code has been deactivated it can be found by clicking on the Show Inactive TCodes link to the right of the screen.

Viewing Inactive Codes

Reactivating Codes

To make a Transaction Code active once again, select the Activate link to the right hand side of the desired Transaction Code.

Reactivating Codes