This article will explain the steps required to tier one rate plan from another, using the Rate Wizard.
Getting Started
Open the Rate Wizard by going to System Configuration -> Rate Wizard.
Ensure the rate you are working on is highlighted in blue up top and then select the “Next” button in the bottom right hand corner of the screen.
Setting up Rate Tiering
Skip the General Tab and proceed directly to the “Rate Tiering” tab and fill in the following information:
• Enable Rate Tiering – check this box to allow tiering to be possible. Then you must select at least one of the following 3 options:
1. Rate – check this box if you wish for the Rate to update through tiering
2. Closed/Closed to Arrival – check this box if you wish for Closed/Closed to Arrival to update through tiering
3. LOS Restrictions – check this box if you wish for Min & Max Length of Stay Restrictions to update through tiering
• Rate Tiered Off – Select the Rate that this rate will be tiered off of.
• Calculation Formula – enter the amount/percentage of the difference into the blank box and then select the dial next to $ (Amount) if the is an amount or the dial next to % (Percentage) if it reflects a percentage. Next, use the "<" arrow to tell RoomKey if the formula should calculate as Less Than (<) or Greater Than (>) the Rate it is tiered off of.
• Rounding Type – if your Calculation Formula is based on a percentage, you can choose to round your rate to the nearest penny (0.01), dollar (1.00) or five dollars (5.00)
In the following example, we are setting our Friends & Family Rate to be tiered at 50% Less than our *Best Available Rate. This means that whatever rate we set our Best Available Rate to, our Friends & Family Rate will change along with it, but will always stay at 50% Less. This allows us to manage only one rate, but affect many tiered rates at the same time, simplifying our Rate Management in the PMS.
Save Your Changes
Once you have the settings for your Tiering properly configured, you will need to save your changes in order to publish your new Tiered Rate. Click the “Apply Changes Now” checkbox, and then proceed to select “Save” to setup this rate as a tiered rate.
Check your work...
The final step to establishing and publishing your Tiered Rate is to check your work, and make sure that your rates are correct. Proceed back to the General Tab. Using the "Room Type" and "Rate Type" drop-down menus, make the desired selections to check your rates.
