Mistakes happen. Invoices are sometimes coded to the wrong account, or summary invoices need to be itemized for more detail. If your hotel accounting software does not have the ability to easily reclassify transactions, then you may have elaborate spreadsheets or superstitious rituals to make sure that your data is entered correctly before it is posted to the general ledger. But spreadsheets and the process of reversing, voiding, and adding new entries costs valuable time.
Hotel-specific, cloud-based Enterprise Resource Planning (ERP) software is designed with a modern framework that allows for flexibility, including reclassifying transactions. In Hotel Investor Apps ERP & Accounting Software (HIA), you can reclassify GL codes, the date of a transaction, the description, or even the property allocated in a one step process.
In HIA, if you discover an error, you have the ability to reach the reclassification feature from whichever screen you are on using the drill down functionality to the GL. From the GL account details, click on the item, select reclassify. A popup window will let you start typing and the system will auto-suggest matching accounts. Select the correct account. Click process. And you’re done. You can immediately see the change when you refresh. This is a great time saver when you are doing end-of-month review.
It is the same process to split a transaction into two accounts. A helpful and time-saving feature is that when you update the amount for 1 transaction, the system will calculate the balance for the other transaction. Plus, the system will automatically create a new journal entry for the new transaction from the split.
Lastly, if an account was incorrectly coded every day for the last month, or all time, you can use the Replace Function to update multiple transactions in one go.
The Reclassify feature is just one way that modern ERP technology will streamline your hotel accounting processes, save time, deliver greater accuracy, and sets the stage for more intelligent analysis.
HIA has many more features like this that will improve your productivity and provide valuable insight. A 15-minute discovery phone call could save you more than that the next time you need to correct an error in your coding. Let’s talk.
Jaime Goss has over a decade of marketing experience in the hospitality industry. At Hotel Investor Apps, Jaime heads up marketing initiatives including brand strategy, website design, content, email marketing, advertising and press relations.