Sometimes you need a way of transferring funds from one reservation to another. Perhaps they have an existing credit on one reservation that needs to be transferred to another. In the below example, we have $100 that we would like to transfer. We do this with the "Transfer" Payment type.
One-time Setup: Creating the Transfer Payment Type
Follow this step if you don't already have a "Transfer" payment type.
First, navigate to Settings > Payment Types.
Next, create a new payment type called "Transfer." The name is arbitrary. After you create this payment type, you will need to refresh your open reservation to see this new method.
Once you have the Transfer payment type, you can use it to transfer or move funds as outlined below.
Moving the Funds
This process will only take a minute or two, but we have outlined the steps in detail below.
Open the bill or reservation that has the funds that need to be transferred out. We will call this reservation the "first reservation."
Open the reservation into which that needs the funds transferred in. We will call that one the "second reservation." Ideally, you would have both reservations open simultaneously.
The first reservation likely will have a Remaining Balance in the negative. Typically, this would mean that the guest has overpaid or that you owe the customer. This is likely the amount you need to transfer out. In our example, the Remaining Balance equals "-$100."
Under the Payments section, click the green payment button, select "Transfer" as the payment type, and enter an amount in the negative. We need to transfer out $100 so enter: -100
Make sure to include the dash before your number to indicate a negative amount.
In the Ref number box, enter a note for your records. We recommend something like "TO: XXXXXXXX" where the Xs represent the Confirmation ID of the reservation these funds are being moved to (the second reservation). At this time, the payment date can be edited, but transfer payments both should match.
Click Take Payment. In our example, this leaves the bill with a $0.00 remaining balance.
View or pull up the second reservation. Under the Payments section, click the payment button, select "Transfer" as the payment type again, and enter the amount (in the positive this time). Since we want to transfer in $100, enter: 100
In the Ref number box, enter a note for your records. We recommend something like "FROM XXXXXXXX" where the Xs represent the Confirmation ID of the reservation these funds were transferred from (the first reservation). At this time, the payment date can be edited to match the other payment.
Click Take Payment. The credit has been applied to the new bill!
You have now effectively applied the previous charge (or a portion of that original charge) to the new reservation.
Tip: If you need to move funds that have been charged outside ThinkReservations, such as in a credit card terminal, and those funds are shown as a "Third Party Credit Card Processor," follow the same steps as above. Instead of the "Transfer" payment method, you can use Third Party Credit Card Processor as the payment type.
This essentially balances your books in ThinkReservations, so even though the customer paid on a different bill, the reservation shows that they have paid. Your reports will accurately reflect when and how much they have paid.
The reports in ThinkReservations show the two payments, but because they are on the same date, and for the equal but opposite amounts, they perfectly cancel each other out. Because we added a helpful note in the Ref number box, we can more easily identify where the funds are going, and where they came from.