Long Term Logic

How do long term reservations work and how do I set them up? 

How do long term reservations work?

With long term reservations, you can bucket the revenue, taxes and fees to be charged (or paid) in increments throughout the length of stay. An example of this might be if you have a reservation for 6 months but you recognize revenue and pay the owner their commission upon check-out. Most owners don't want to wait 6 months to be paid, so by using Streamline's long term logic with buckets, you can elect to pay them monthly instead. Each bucket has its own charging rules and each bucket independently follows the revenue disbursement logic for your Streamline system. 

1. Enable a unit for long-term options by going to Tools > Vacation Rental and locate the unit you wish to enable

2. On the House Details tab, in the lower right section, you will see a section dedicated to Long Term Rental Settings

      a. Make sure check-box is checked

      b. Define time frame - your options are in the format of number of days or months (this option will or will not be available for you)

      c. Utilize buckets - you can elect for the system to automatically bucket the money based on your settings or select the "Manually create invoice buckets" option to manually bucket the       revenue for each reservation (this option will or will not be available for you)

3. For the long term logic to work, you must enable Use Monthly Pricing under the Short Term Rental Settings section on the House details page

4. While you are still in the edit tab of for that unit, scroll to the top of the page and select the Availability & Pricing tab

5. You will click on the Monthly Pricing Tab. Make sure that all fields associated with each season are populated with the appropriate dollar value

You can also use the Pricing Tool to add the monthly pricing to your units in bulk

6. When creating a long term reservation on the tapechart, based on your system settings, the reservation preview will show you how the reservation will be bucketed for charging the guest and paying the owner. 

7. During the reservation process you can preview charging rules in the expected charges section. If charging rules differ from a standard short term reservation, you may need to enter a ticket requesting it be turned on by your Streamline collaboration team. Make sure you include your preferred charging rules for any reservations that fit your long term settings

8. When adding a payment to a long term reservation, you will select New Payment at the bottom of the page

9. Select the payment type in the drop down

10. Apply payment to desired bucket

When reviewing the folio, you will see how the payment was applied and the remaining balance due.  Notice that each bucket allows you to view and print the folio for each bucket.  And you can use the email option for each bucket that will only include that bucket’s information. 

How do I enable/disable Long-Term Rentals? 

To enable/disable Long-Term Rentals within a unit in Streamline:

Step One:

1. Navigate to Tools

2. Click into Vacation Rentals

3. Select the edit icon on the unit you would like to enable/disable as a Long-Term Rental

4. Remain on the House Details tab

5. Under Long Term Rental Settings select/deselect Long Term Rental enabled

6. Under Short Term Rental Settings select/deselect Use Monthly Pricing 

7. Select Complete House Details Modification

Step Two:

1. Navigate to Tools

2. Click into Vacation Rentals

3. Select Seasons

4. Edit the season (Pencil Icon)

5. Under the General Tab, select/deselect Use Monthly Pricing

6. Click on  Submit  to save the modification.

Why is my long term reservation not bucketing properly? 

If your Long Term reservation is not bucketing, make sure the following are enabled:

1. Open the reservation using the spotlight search

2. Click on the room name

3. Under house details make sure Long term rental is enabled

4. Under short term rental settings make sure you have monthly pricing enabled 

5. Now open the reservation

6. Click on the flags tab

7. Make sure Longterm reservation flag is on

If the Longterm Flag is selected, and the reservation is still not bucketing:

1. Select the Modify Reservation tab

2. Select Lock Rates

3. Click Complete Reservation Modification