How to Create Profit Sharing Service Contract on Softinn PMS

Hello Softinn PMS user. Are you a Property Management Company that is managing multiple properties for the owner?

If yes, you’ll need to do a different service contract agreement with each of the individual property owners.  The purpose is to customize the Revenue and Expenses ratio between you and the property owner. 🙂

There are a few types of service contract agreements and one of them is Service Charge Type Service Contract. It also called as Profit-Sharing Service Contract.

Profit-sharing service contract is an agreement whereby You and Property Owner will be sharing the revenue and expenses in a specific ratio.

Imagine you are a Property Management Company (Property Operator) managing property in Ecovest Tower. Property Hotel Inn AR engage your service to manage his homestay. Hotel Inn AR Owner asks for a sharing of the Revenue and Expenses with You with the ratio of 70:30 (70% for Property Owner and 30% for You).

Hence, you proposed to proceed with a profit-sharing service contract. On Softinn PMS, you as a Property Operator can create a profit-sharing service contract with Hotel Inn AR.

Check out the video & guidelines below to know how to Create Profit-Sharing Service Contract on Softinn PMS:

Steps to Create Profit-Sharing Service Contract on Softinn PMS:


Follow the guidelines below:

Step 1 : Go to Softinn PMS

Step 2 : Select the correct property

Step 3 : Click “Property Group

Step 4 : Click “Service Contract

Step 5 : Click “Add Service Contract

Step 6 : Insert the name of your service contract

Step 7 : Select the properties. In this case, it is Hotel Inn AR. Click “Next

Step 8 : Click ‘Service Charges’ tab

Step 9 : Insert 70% on the Share Configuration for Owner Share

Step 10 : Insert Administrative Fee charge. Click “Next

Step 11 : Customise your Revenue Configuration. Click “Next

  • Exclamation mark symbol in yellow color icon shows the Revenue type has not mapped properly from Service Contract to PMS

Step 12 : Customise your Expenses Configuration. Click “Next

Step 13 : Payout Configuration by Checked-out Reservation

Step 14 : Insert your financial period Start Date

Step 15 : Click “Add New Contract

You can view, edit, and delete the service contract that you have created accordingly as well.

You would like to insert additional products and services which are Telephone and Parking to be included in the Service Contract. There will be 2 options for you to insert additional products & services in Softinn PMS.

Steps to Insert Additional Product & Services on Softinn PMS (Option 1):


Follow the guidelines below:

Step 1 : Click ‘Edit‘ button on the Service Contract page

Step 2 : Go to Revenue configuration and click “Add Revenue Type

Step 3 : Insert the Revenue Type Name & Revenue Reference code. Click “Add Revenue Type

Step 4 : Click “Save Changes

Steps to Insert Additional Product & Services on Softinn PMS (Option 2):


Follow the guidelines below:

Step 1: Go to “Setup“, Click “General” and click “Product & Services

Step 2 : Click”Add Product/ Service category

Step 3 : Insert the Product/ Service Category Name and Product Reference code

Step 4 : Click “Save Changes

You would like to insert additional expenses which is Housekeeping to be included in the Service Contract.

Steps to Insert Additional  Expenses on Softinn PMS:


Follow the guidelines below:

Step 1 : Click ‘Edit‘ button on the Service Contract page

Step 2 : Go to Expenses configuration and click “Add Expense Type

Step 3 : Insert the Expenses Type Name & Reference code. Click “Add Expense Type

Step 4 : Click “Save Changes

After you have done insert the additional product/services and expenses, you’re required to do the revenue & expenses mapping. You’ll need to do the Revenue & Expenses mapping :

  1. From Service Contract to PMS
  2. From PMS to Service Contract

Steps to do the Revenue and Expenses Mapping on Softinn PMS:


Follow the guidelines below:

Step 1 : Click “Property Group

Step 2 : Click “Revenue & Expenses Mapping

Step 3 : Select the correct Service Contract

Step 4 : You will need to do the Revenue Mapping from PMS to Service Contract

  • Click “Parking (Hotel Inn AR)
  • Choose the Share Type as Shared
  • Click “Add Revenue Type

Step 5 : You will need to do the Revenue & Expenses Mapping from Service Contract to PMS

  • Tick on the small box
  • Click “Add Selected Revenue / Expenses to Properties
  • Click “Save Changes

Revenue and Expenses Mapping is successfully been mapped!

Hope this helps you to create a profit-sharing service contract on Softinn PMS! 🙂

 

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