The ReRum Course - The Finance Admin Section

Financial Products map directly to Nominal Codes but allow you to distinguish the particular product that is being posted to each Nominal. So for example you may have accommodation, extras and commission all being posted to your Revenue nominal but you would still want to understand and see what products made up that posted revenue. Products allow you to do that.

ReRum comes pre-loaded with a number of products; Accommodation, Additional Clean, Administration Fee and Booking Commission.

A number of these products are required by the system and can be mapped to different Nominal Codes and have the description changed but they cannot be deleted or have their product code changed. These are; Accommodation (Product Code - ACCOMMOD) & Commission (Product Code - ACCOMCOM). All product codes must be unique.

The chart of accounts is a complete list of financial account codes (or nominal codes) into which financial transactions are posted and from which financial reports are produced. If you are using an accounting software package already (Sage, Xero, Freshbooks etc) then you will already have a chart of account created with Nominal Codes.

ReRum comes with a number of Nominal Codes named & numbered already in the system so in most cases you will just need to change the number of the pre-defined nominal codes to match those used by your accounting software. This shows the default Nominal Codes that are pre-defined in your copy of ReRum.

A tax code is a rate of tax applied to a payment on the ReRum system. They are used with VAT profiles, so will need to be set up before you add VAT profiles.

The following Tax Codes come pre-loaded into the ReRum system:

Sales Exempt from VAT, Sales from EU, Sales Hotel Long Term VAT 4%, Sales Lower Rate - Recharge 5%, Sales Outside the Scope of VAT, Sales Pass Thru VAT 20%, Sales Zero Rated, Purchases Exempt from VAT, Purchases from the EU, Purchases Hotel Long Term 4%, Purchases Lower Rate 5%, Purchases Outside of Scope, Purchase Pass Thru VAT 20%, Purchase Pass Thru 4%, Purchases Standard 20%, Purchases Zero Rated, Purchases Pass Thru 5% Fuel.

VAT Profiles are used in various places across the system for invoices, rate plans etc.

The system comes pre-loaded with a UK Standard VAT profile but you will probably need to add additional profiles for use.

The typical profile to add for UK customers is the one for VAT Notice 709/3 which allows the VAT on Accommodation to drop to 0% for days beyond 28 days. Because Serviced Apartments are not only accommodation as they include other services such as cleaning then the typical rule is that you charge 20% of the VAT i.e. 20% of 20% = 4%.

You can set up VAT profiles so that the tax rate will drop after a certain period of time, as demonstrated below.

Most likely, all of your transactions on the ReRum system will be made in British Pounds Sterling (US Dollars and Euros also come pre-loaded into the system). However, if you need to enter a different type of currency into the system, you can learn how to do it by watching the video on the right.

Chargeable extras are products or services you add to a booking room stay. For example a guest may want a high chair for the duration of their stay so you add a chargeable extra to the room stay on that booking. You could also use a chargeable extra to pay for any damages that a guest causes to the unit they're staying in. Chargeable extras need to be pre-configured before they are added to a room stay. Chargeable extras are configured in Admin > Finance > Chargeable Extras.

Once a chargeable extra has been added to the system, it can then be added to a room stay. When a chargeable extra is added to a booking, an invoice is automatically created, allowing for easy billing of items and services not associated with the accommodation costs of a booking.