How to add custom formulas?
What is a formula?
Formulas are mathematical calculations based on reservation fields. For all reservations (except iCal) we have Financial Formulas.
In Hostaway you can create formulas in two different ways:
- Formula Wizard
- Add custom formula
In this article, we will focus on how to create a custom formula. As you can read in the article about Formula Wizard, the system can create some formulas for you, default formulas that in the major part of the cases will work to create reports from different channels. These formulas cannot be deleted once created, but you can always edit or hide them.
All the financial information you can visualize in your Rental Activity tab comes from the formulas you have previously created.
Formulas can be set from the system as a whole, or they can be edited from a specific listing. If you go to Financial Reporting > Financial Settings you will visualize all the existing formulas for the whole system. Please note that you can edit and customize existing formulas as well as create new ones; also, when editing or creating new formulas, you can always use values as well as formulas within formulas.
How to add formulas manually?
To create a new formula, you should follow the next steps:
- Go to your Hostaway Dashboard > Financial Reporting > Financial settings
- Click on "Add custom formula"
- Enter the name you would like to assign to the formula
- Enter the description for the formula
- Enter the value for the formula
- Select if you want this formula to apply only to specific channels
- Select if you want this formula to apply only to specific statuses
- Click on "Add formula"
- The formula will be available on the Rental Activity tab as a new column
The "here" button will take you to an article with very useful information about the fields you can use within your formulas
Formulas within listings can be found by clicking on Listings > Edit > Financial Settings tab and you will be able to visualize all the formulas specific to that listing
- Formulas can be created on an account level (Dashboard > Financial reporting > Financial settings) or listing level and can be modified at any level. Modifications done at the Account level propagate to the Listing but not vice versa
- When a new custom formula is created, it will propagate to all listings as well. But you can modify it on a listing level. It will not update other listings
- When editing a formula on a Settings level, it will edit all unmodified formulas on a listing level. If you have modified it manually, you will need to update it manually
Using formulas within formulas
Hostaway allows the creation of formulas within formulas for up to 7 levels. This means that formula A can contain formula B and formula B can contain formula C and so on until G.
A validation will still appear if the system identifies a loop scenario or an error will be generated if you try to create a formula within a formulator of more than 7 levels.
Set up a formula per channel
In some cases, you may need to have a specific formula for specific channels. For example, if you want to create a formula to reflect the Reservation Total. Every channel is in this case different.
Create your formula and select "Apply only to specific channels". You will be able to select channels to which you want this formula to apply.
What about if you want to combine the results of these formulas?
Once you have created your formula per channel, to reflect Total Reservation, you may want to combine them.
You only need to create one general formula within "Value", with the different formulas per channel you have created before.
Old Hostaway accounts may have what was called "Default formulas". These had some placeholder values, but with the evolution of OTAs and Hostaway, those were not perfectly accurate.
We recommend using the Formulas Wizard to substitute those with new and more accurate compositions. The original Default formulas are totalTax, totalGuestFees, rentalRevenue, subTotalPrice, pmCommission, and ownerPayout.
You can find a list of all Financial Fields.