Rates in RMS determine the price that will be charged on a reservation.
To calculate this RMS will reference a Rate Lookup that combines the three elements of rate setup in RMS.
The Rate Lookup is the linking component that RMS uses to know which combination of Rate Type and Rate Table to use during any specified Rate Period.
Without a Rate Lookup each Rate Type, Rate Period and Rate Table will be disconnected and not available for use on reservations.
Only Rate Types and Rate Tables with the same Rate Structure can be linked together.
The Rate Type is the charge description or charge type that identifies a particular set of pricing.
The Rate Period sets the date range of availability for a particular set of pricing.
The Rate Table determines the pricing structure including any fees for additional guests.
Rate Labelling Conventions
Using a consistent formula for labelling Rate Tables and Rate Periods can make rate setup and maintenance simpler for users in RMS.
Below are some examples of formats that can be used to create consistency and simplicity in rate setup.
|YYYY - Period - Rate Type - Category
|2020 - PEAK - BAR - Acacia Cabin
|YYYY - Property - Period - Rate Type - Category
|2020 - The Lake House - OFF PEAK - S4P3 - Lake Cabin
|YYYY - Rate Type - Category
|2020 - Rental - Long Term