Using Resmark Systems tour reservation software you can see what your expected cash flow is to help you make financial decisions.
If you don’t collect payment in full at the time a reservation is made, the AR Balance report is an effective way to determine your expected cash flow in the coming months. It will also show you reservations that have a past due balance. Balances are grouped by month to give you an idea of upcoming cash flow.
To run the AR Balances report, open Resmark and login.
- Click Reports > Accounting > AR Balances.
- Select the Division you want to filter the report on.
- The As of Date will filter the report to only show reservations taken on or before the specified date. Reservations taken after this date will not be included on the report.
- The Tolerance Level allows you to ignore AR Balances less than the amount specified. For example, if $3.00 is owed on a reservation you can enter 3.00 in the Tolerance Level to filter out reservations who owe less than $3.00.
What do the numbers mean?
- Month – A month will display for every month containing any reservation has a balance due. All balances due during the month are grouped and totaled by month. This provides a guage as to how much cash flow to expect each month.
- Paid – If a reservation has any payments applied, it will appear in the paid column in the month that the reservation balance is due, not the month the payment was taken. This provides some idea as to how much has been paid (if any) for reservations having a balance due. Reservations paid in full will not show on the report.
- AR Balance – The AR Balance column will show the reservation balance due in the month the balance is due. This allows you to compare the Paid column verses the AR Balance column to help you assess your chances of receiving the remaining due. Generally, reservations containing some payment amount would be deemed as having a greater chance of being collected vs. reservations with no previous payments.
- Running AR Total – The Running AR Total column is a running total of the AR Balance column. This provides an indication as to how much cash flow you will have received by a certain date (assuming all balances are collected).
Need more information?
If you need more information about what reservations are making up these numbers, click on the dollar amount in the AR Balance column. This will provide a detailed list of all reservations, including customer contact information. From there, you can click on a reservation number to open the reservation for further analysis.
Having tour reservation software that will help you make financial decisions is an important part of running a successful business. Learn more about Resmark Systems Tour Reservation Software to find out how Resmark can help your tour company.