The Rate Type is the charge description or charge type that identifies a particular set of pricing and includes a number of options on setup.
The Advance Purchase option can be used to setup a lead time of availability for a Rate Type. The lead time set will determine how far in advance from the arrival date the Rate Type must be booked.
Advance Purchase Rates can be used as part of a strategy to attract early bookers with promotional or discounted prices.
Setting an Advance Purchase Rate as available 14+ Nights from Today will allow the Rate Type to only be available for reservations booking at least 14 days ahead of their arrival at the property.
The Best Available Rate is the leading price for the property and will be referenced on the Rate Manager Chart collapsed views.Only one Rate Type can be setup as the Best Available Rate except when using Multi BAR.
Assigning a Booking Source to a Rate Type will automatically apply the selected Booking Source to any reservations where that Rate Type has been selected.
The Booking Source assignment can be used where a Rate Type is only available to be booked from a single source to eliminate the manual selection of the Booking Source by users on each reservation.
Assigning a Cancellation Policy to a Rate Type will allow RMS to determine the cancellation rules to display on the RMS IBE when this Rate Type is selected as well as automatically populate the required policy on a reservation.
Colours assigned to a Rate Type will be used to represent that Rate Type on charts and graphs throughout RMS.
Rate Types assigned as a Contracted Rate will be used to determine the availability of the Rate Type if using Rate Types for Companies and/or Agents.
The selected Discount will be automatically applied to any reservation where that Rate Type is selected.
Assigning a Discount to a Rate Type can be used for promotional rates where there is a requirement to report on the deduction of accommodation revenue against the Discount General Ledger Account Code instead of on the Category.
This option will prevent any user in RMS overriding the Base Rate on a reservation with that Rate Type selected.
Using this option can restrict a user's ability to manually adjust an already discounted rate.
This option will prevent a Rate Type Description being entered as a Promo Code on the RMS IBE to gain access to the Rate Type.
Using this option on any FOC or conditional Rate Types prevents unauthorised access via the Promo Code field on the RMS IBE.
Selecting a General Ledger Account Code on a Rate Type will report revenue against the selected G/L Code instead of the Category G/L Code for any reservations where that Rate Type is selected.
Assigning a Rate Type Grouping can be used to track performance of a Rate Type individually and collectively.
Rate Type Groupings are also used to determine the Complimentary & House Use Rate Types reported on the Night Audit Report.
The Last Minute option can be used to setup a lead time of availability for a Rate Type.
The lead time set will determine how far in advance from the arrival date the Rate Type will become available and can be used to setup promotional offers only available a limited time prior to the arrival date of a reservation.
Setting a Last Minute Rate as available -2 Nights Prior to Arrival makes the rate only available for reservations arriving within 2 days of the booking time.
Assigning a Market Segment to a Rate Type will automatically apply the selected Market Segment and Sub Market Segment to any reservations where that Rate Type has been selected.
The Market Segment assignment can be used where a Rate Type is only available to a single Market Segment to eliminate the manual selection of the Market Segment by users on each reservation.
Assigning a Meal Plan to a Rate Type will automatically apply the selected Meal Plan to any reservations where that Rate Type is selected.
Meal Plans can be used when there are tiers of food and board provided at a property. Examples include student accommodation, mining camps or military base accommodation.
This option will prevent any Discount being selected on the reservation when this Rate Type is selected.
Selectin this option can be used to prevent double discounts on promotional rates, negotiated rates or contracted rates where a lower price has already been provided.
Members only Rate Types are only available on a reservation if valid membership details have been entered.
These can be used for special member rates or discounted rates that require a certain membership to gain access to.
Assigning a Refundable Charge to a Rate Type can be used to automate applying key deposits or refundable bonds that are required on any reservation where that Rate Type is selected.
This option will be used by the RMS IBE to display this Rate Type on the Rate Availability Grid using ticks if it is available for the displayed date instead of displaying the price for that date.
This option can be used for Rate Types across multiple Rate Periods where RMS should refer to the first night on the Rate Table in the new period and not skip to the number of days the reservation stay dates include.
Rate Tables where pricing is determined by the guests length of stay would start at the first night on the Rate Table when the reservation crosses into the new period. In this scenario a reservation on its fourth night would be allocated pricing for first night stay in the new period.
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