Current Account Management

Current Account Management

Current account management is the module where the hotel's financial relationships with business partners and regular guests are tracked. Receivable and payable movements are systematically monitored through current accounts opened on an agency, corporate and individual guest basis.

Creating a Current Account

When creating a current account, the account type is selected. A guest current account is opened for regular visitors who pay later. An agency current account is used based on contracts with travel agencies. A corporate current account tracks transactions belonging to companies under corporate agreements. For each current account, the company name, tax information, contact details, payment term period and credit limit are defined.

Receivable Transactions

Receivable transactions refer to the debts owed to the hotel by the guest or business partner. Unpaid folio amounts at check-out are recorded as receivables in the relevant current account. When a receivable record is created, the folio number, guest name, accommodation dates and amount details are automatically added. The system continuously calculates the total outstanding receivable amount and maturity status for each current account.

Payable Transactions

Payable transactions cover payments made by the hotel to the current account holder or agency commissions. In agency current accounts, commission amounts are recorded as payables. When a payment is made, the relevant receivable or payable item is closed and recorded in the transaction history.

Statement Generation

Statement generation is the production of a report showing all receivable and payable movements within a specific period. The statement contains the opening balance for the period, movements during the period and the closing balance. Statements can be generated monthly or for any desired date range. They can be downloaded in PDF format and also sent directly to the current account holder by e-mail.

Maturity Tracking

Maturity tracking enables automatic reporting of overdue receivables. The system classifies receivables by the number of days overdue and presents them on the manager screen. Automatic warning e-mails can also be configured to be sent at specific overdue thresholds. This feature is critically important especially for timely collection of agency receivables.

Reconciliation

The reconciliation process involves mutual verification of current account balances. The hotel's records are compared with the business partner's records and any differences are identified and corrected. The reconciliation report is submitted for approval by both parties and the approved report is archived.