Folio Types

Modified on: Wed, 26 Jul, 2023 at 10:40 AM


Folio Types

Standard Folios

Standard folios serve as a record of the services charged to a customer. They may be applicable to bookings, corporate entities, or external customers. Not only do these folios document the services used, but they also track payments made by the customer. To prevent further charges, these folios must be closed - an action that may involve issuing a formal document. Please note that only one document can be issued per folio. The types of documents to be used are predetermined and configured in advance.

Advance payment Folios

Specifically designed to keep track of advance payments from customers, advance payment folios can be associated with bookings and companies. They allow the issue of an Advance payment invoice specific for the pre-paid amount with a charge 'Advance payment'. The charge ca be automatically consumed in the main folio to ensure correct balance.

Deposit Folios

Designed to record collected 'security' deposits - for potential damages, usage of services, and others. In these types of folios, only a payment must be recorded which, if needed, can then be consumed towards the main folio with services. Alternatively, these Deposit folios can be turned into an Advance payment folio.

Correction Folios

As the name suggests, correction folios serve to document adjustments made to standard folios. These adjustments can either be debit (increasing the charge) or credit (reducing the charge) corrections. Correction folios can be used for both comprehensive and partial adjustments, for example, partial or full credit notes. They can only contain charge corrections, which are then reflected in the related primary folio.

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