Money in Transit
I am in the resort scuba diving business. So for one i work with online hotel agents like Agoda.com, Booking.com and Expedia.com. I also work with my own online travel agency for my own bookings.
I had an idea of using Assets (Money in Transit) for these things. This because i get paid on a monthly basis from the hotel agents. And also a lot of my own bookings do not pay me right away. Or they pay a deposit only for their booking.
Now i see when using this that is not that easy. So i have a few questions below here!
- Assets (Money in Transit) When i get a booking for any hotel agent. Can i put this in Assets (Money in Transit) until i get paid in the end of each month? If this would work how should i make this in a correct way? I have setup three accounts under Assets (Money in Transit), Agoda.com, Booking.com and Expedia.com already. Is this the correct way of doing this? Or should there be only one account for this?
When i read about this it seems this is more for Payments in Wave. Is this only for use when using payments in wave or can i use this manually as well?
- Assets (Expected Payments from Customers) This is the same things but instead of the hotel agents i would use this more for my own bookings from my online travel agency. People book with us and they pay a deposit only for their booking. The rest is paid when they arrive later. People owe us money for their bookings. Is this the correct way of doing this?
So i need help too understand how to use these accounts. And if this is possible first of all. And of course how should i work this system so everything is done correctly.