In this article, we will explain how to prepare and understand the Financial Reporting feature.
This option can be found in Settings > Financials & Coupons. It will only modify the currency symbol used in financial reporting without converting any values.
Setup your taxes
Channels send taxes in different ways which make it hard to compile these values for accurate Financial Reporting.
That is why taxes should be set up in Hostaway > Settings > Financial and coupons > Taxes.
You can then click on Add Tax > Select a Type, an amount and if it is a % of a flat fee.
This will set up a tax on all your listings. If you need to change a specific listing, you can go to Listing > Edit > Financial Settings > Tax
Note: When editing an existing tax in Settings, it will update all unchanged tax on the Listing level.
If you have manually changed the tax for a listing, it can only be edited on a Listing Level. Editing on a Settings level will not update this listing.
Find more information on How to set up taxes here.
Note 2: Taxes will only be calculated for newly received reservations.
IMPORTANT These New Taxes will be used to calculate the tax amount for external channels, for the Financial Reporting. We will not take the tax info that external channels send to us since they are too different depending on the channel.
Also, these taxes are used to calculate the total price for Hostaway channels (direct reservations, Booking Engine and WordPress plugin). They are also used in financial reporting to calculate tax amounts for external channels.
For Booking.com and Vrbo we export the Property rent tax % under Listing > Financial fields as well. These taxes apply to all listings unless a different tax is set on the listing page.
For Airbnb and Expedia, taxes have to be managed in the channel directly.
Created/edited your Financial formulas
Formulas are mathematical calculations based on reservation fields. For all reservations (except iCal) we have fin
We have created some default ones for you that you can't delete but you can edit them.
To create a new formula, you can go to Dashboard > Financial reporting > Financial settings > Add Formula according to the business requirements
Same as for taxes, you can manually edit on a Listing level. Once done, if you decide to edit on a Settings level, it will only edit all unedited formulas on a listing level.
Read your different reports
We have built many graphs for you to have an idea of how you are doing. You can use filters to have more accurate information.
We also built a report for which you can select a formula you have previously created.
All reservation information is aggregated in this report. You can filter and also download 3 different report types.
This is another report based on your occupancy.
Hostaway Reservations Breakdown and Optional Fees
By activating Financial Reporting, we also activate 2 new features: Hostaway reservation breakdown and Optional/discount fees.