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"Locking" financial fields for past reservations so new changes e.g. increased PM commission don't mess with past data

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14 comments

  • Official comment
    Fidel

    Hello,

    We’ve added a new option in the formula settings called "Apply time-based formula versions."

    This feature allows you to set formula versions based on an event (check-in, check-out, or creation) and a specific date. For example, if you need to update a commission, reservations before the selected date will remain unaffected.

    We’re rolling this out gradually, but most participants in this thread have been included in the early access. :

  • Connie

    I would also like to see this. For example if a reservation was paid out to owner on April 27, you could not accidentally put in on May's owner statement. 

    3
  • Tommy

    Agreed, this is crucial! @connie, please upvote Shelley's post so it gets more attention

    0
  • Tom Wye

    Seconded on this feature. Currently very clunky workarounds to edit financial formulas for future updates.

    0
  • Ross

    Completely agree

     

    1
  • Alex

    Hey Shelley,

    Thank you for your suggestion. I'm passing your request along to our Product Team for investigation.

    0
  • Queenstown Holiday

    This is a must fix in my eyes otherwise the owners will not see the correct information if we need to change the commission %

    0
  • Alex

    Thank you everyone for your feedback.

    To update financial fields moving forward while preserving your historical reports, you can create a new field with updated formulas (for example, "newcommission"), and add that to your future reports. This way both old and new fields can co-exist, without revising past data.

    Let me know if this works!

    0
  • Shelley Howell

    @Alex When we get to tax time how would I provide an end of year report that would accurately reflect what the owner has received in income and paid in commissions with that workaround?

    1
  • Ross

    @Alex Thank you for the suggestions. This would only work if everything / all owners were on the same rate and changing at the same time. This unfortunately doesn't address the situation we have which is that our owners will move between different commission levels depending on the service they take. i.e. they may start on an unmanaged agency at X% and then want us to go full management. We also have the same issue with cleaning fees as we have these defined property by property and these typically change every year in line with inflation etc so every property would need to multiple fields created at different times. 

    Finally we process the commission payments on completion of the booking so I do not see a way that the formulas would know to use either the old commission field or the new commission field as there is no way to customise the formulas or formula fields at a booking level, only the listing level.

    1
  • Shelley Howell

    @Alex is this still being considered? The workaround does not the solve the main issue of accurate reporting.

    0
  • Tom

    I've raised a similar ticket/request on this to introduce dates into formulas.  We changed our PM rate on a date, and now if we run a report for a client which spans the change date, they get the wrong amounts.

    Creating a new field is not a solution (as per Alex's official response above) as that too would span both sides of the date of change.  So either we need to be able to lock the values, or make formulas date-aware.

    0
  • Alex

    Thank you everyone for your continued feedback, particularly how the workaround isn't a viable solution. 

    Checking in to let you know that I've shared this with our financial reporting team, and they will be looking into this further! Will keep everyone posted on updates.

    0
  • Serena with Hostvisors

    Owners statements frequently have mismatches, that's why we rely on our own bookkeeping. We push data for each reservation individually into our accounting system,  creating a record in time, at that time.

    Please reach out if you need help before Hostaway gets this implemented.  We are listed in the marketplace under accounting.

    0

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