Rent Reconciliation Report Variances
Possible explanations for why there is a period difference:
· A negative amount in the period difference column, rent posted to G/L is same negative number and the calculated rent is zero is the result of credit that was issued in the current period to an invoice from a previous period.
· A negative amount in the period difference column, the rent posted to the G/L equals zero and the calculated rent contains a positive amount; this means that there is a reservation for the period that has not been invoiced.
· A positive period difference, when the rent posted to the G/L is more than the calculated rent and the invoice dates match the reservation billing dates typically will mean that the rent rate and or rent rate type was changed AFTER the invoice was created.
· A positive period difference, and the rent posted to the G/L is equal to the period difference and the calculated rent equals zero; this happens when rent lines from a previous period are invoiced in the reporting period and there are no billing dates for the current reporting period.
· A positive period difference, and the rent posted to the G/L is NOT equal to the period difference and the calculated rent doesn’t match either number; this happens when rent lines from a previous period are invoiced in the reporting period and there are pending rent lines for the current reporting period that have not yet been invoiced.
· A positive period difference, where the rent posted to the G/L is more than the calculated rent typically means that the reservation was invoiced for more days than what is presented on the report. Typically this happens when a reservation is invoiced, and then the guest shortens their stay. The report will display an asterisk at the Bill to date if the reservation departure/check out date was shortened. A credit might be in order, or not, depending on company policy. Either way, this is a flag to the auditor.
· A positive difference may represent that the reservation was invoiced for more days than what is presented on the report. Typically this happens when a reservation is invoiced, and then the guest shortens their stay. If there is no asterisk on the Bill to date (it matches the check out date) check the dates on the invoice dates for the current reservation record.) Most likely you will see that the Bill to date is greater than the actual departure date on the invoice record. This happened when the reservation record was updated for an early departure and the Oscar user manually changed the Bill to dates to match the departure date. This is technically incorrect. The Bill to date should remain as invoiced and either a credit would be in order or not depending on company policy. Either way, this is a flag to the auditor.
· A positive difference when the calculated rent equals zero means that the reservation was invoiced in the period and cancelled. Check the Cancellations Report. When a credit in the same period is issued to the selected invoice for the entire amount “as invoiced” this reservation line will not report.
· Note: Crediting an invoice to a specific account, will cause a variance to be reported.