Control the payments received from guests and the payouts received from Stripe.
Keeping Track of Your Hotel's Finances: Monitoring Guest Payments and Stripe Transfers
By effectively utilizing the features we've explored – from the dashboard overview to the detailed transaction views and export functionalities – hotels can gain significant control over their financial inflows from guest payments and payouts from platforms like Stripe.
Key Takeaways for Effective Financial Monitoring:
- Log in to your Stripe Express account.
- Regularly review your dashboard: Get a quick snapshot of recent earnings, total balance, upcoming payouts, and recent activity to stay informed about your financial health.
- Utilize the "Payments" section for detailed guest payment tracking: Monitor individual transactions, understand their status, and utilize filters to analyze specific payment trends.
- Leverage the "Balance" section for a comprehensive view of all financial movements: Track how individual transactions, including fees and refunds, impact your overall balance.
- Master the export functionality: Regularly export your payment and transaction data for in-depth analysis, reconciliation with your accounting systems, and secure record-keeping. Customize your exports to include the specific data points and date ranges you need.
- Drill down into individual payment details: Understand the specifics of each transaction, including payment method, fees, and any associated descriptions like reservation numbers, to ensure accuracy and facilitate reconciliation.
- Monitor payout activity: Pay close attention to the "Recent payouts" in the dashboard and the "Payouts" tab in the "Balance" section to track the transfers from your payment processor to your bank account.
By implementing these practices, you can streamline your financial management, ensure accuracy in your records, and gain valuable insights into your hotel's revenue streams and payment processing efficiency. This proactive approach will contribute to better financial planning and overall business success.