Interfacing to your G/L (QuickBooks, MYOB AccountEdge, Sage, Peachtree, etc)
First our disclaimer:
The nature of hospitality financial tracking is mixed between accrual and cash accounting methodologies. For those users who want to use MyPMS to download all transactions into their G/L (such as QuickBooks) we offer the following information to assist in choosing the right report for distribution to the correct accounts in your G/L.
MyPMS' use of the Transaction and Transaction Summary as a 'source' is cash-based and will always show transaction events, irregardless of check in date or status of the Booking/Group Booking. Thus, the system cannot directly manage your Accounts Receivables nor Advanced Deposits through the Transaction and Transaction Summary reports. For a detailed list of your Accounts Receivables, Advanced Deposits, or Advanced Room Charges you will need to use the reports (titled, "Accounts Receivables" and "Advanced Deposits") to get a running tally or manually adjust the amounts in your G/L.
BookingCenter support staff is not qualified to assist with your G/L setup nor for recommending approaches to making it 'work' for your purpose. We are qualified to explain how the reports work so that your financial managers can make best use of the reports for distribution to the correct accounts in your G/L.
If you are not familiar with accounting terms and strategies, we recommend contacting a qualified accountant in your region or visiting http://www.intuit.com a QuickBooks consultant to come help you.
You setup your own ID codes for all charge, tax, and revenue items in the MyPMS Setup area, and these 'category' labels can then be mapped to your G/L account codes during an import.
There are two general approaches you can follow when doing a G/L integration, such as to G/L:
1) Use our Transaction report and import into your G/L the entirety of each transaction - this provides all the detail of all transactions to QuickBooks - unnecessary, in our opinion, as the Property Management System tracks the details sufficiently.
2) Run the Transaction or Transaction Summary report and only import the sum totals of each transaction category between a date range. In our opinion, this is best, as the G/L then has only the summation details it needs (debits and credits for each category) and the Property Management System maintains the details.
For keeping track of the Advanced Deposits, we recommend keeping that a'dynamic' figure in your G/L and enter directly the amount from the Advanced Deposits report.
For keeping track of your Accounts Receivables, we also recommend we recommend keeping that a'dynamic' figure in your G/L - usually a total by Company - and enter directly the amount from the Accounts Receivables sum for each Company.