How to match your Reservation Total?
What is the Total Reservation made of?
The "Total Reservation" or "Total Price" is the amount paid by the guest to the channel for the reservation.
Each channel has different ways of calculating the Total Reservation. Depending on your channel configuration, the Total Reservation may also be different. For example, the channel may include discounts, host/guest fees, management fees, etc.
That's why Hostaway has created a tool called Formula Wizard to help you automate the "Total Price" formula creation by asking you some easy-to-answer questions.
You can easily find the "Total Price" of any reservation at the end of the first section:
To know what a reservation includes, the best is to check in the channel the reservation split up and then modify your formula accordingly.
The Formula Wizard will create the "Total price", "Rental revenue", and other formulas for you and will also generate additional “subformulas” that can be used in setting up more complex reporting (e.g. results by channel).
Once generated, you can freely edit your formulas - across all listings, or at individual listing level.
Even if you have different business models in place (depending on the listing/owner) it's easy to adjust those after the wizard has finished with the first formula generation.
You can always create custom formulas.
You will also be able to visualize the formula on a reservation level on the Financial Fields and Formulas section:
Understanding the Total Price formula
Depending on the channel the Total Price formula could change. That is why when using the Formula Wizard or custom formulas you will be asked about which channels the formula will apply.
Ideally, you should have a formula for each channel and a sum of all channels and intermediates. You can later decide which formulas you want to group.
The "Total Price" per channel
Below you will see an example of what makes up the "Total Price" formulas that the Formula Wizard creates for each channel and at the end a formula that could include all or some of the others:
- It is important that you set up New Taxes. If you don't, the calculation will most likely be off
- Several channels use the same formula: BaseRate + CleaningFee + Taxes but some channels might be different. For that scenario, you can create formulas per channel manually