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Financial Accounting

The travel industry has specific requirements for managing financial data and different countries require specific rules for governance and compliance. The Clicct Solution incorporates these requirements in the functionality of the Financial Accounting and Management solution. This covers best practices through Accounts Receivable, General Ledger and Accounts Payable. The Clicct Accounts Receivable solution manages the financial transactions related to bookings and reservations by controlling the processes that involve customer invoicing and payment receipts (prepayment, deposit and/or prior to departure full outstanding payment). The Clicct Accounts Payable solution manages financial transactions for payments to suppliers (EFT, Credit Card, Cheques, etc.) that are both trade and non-trade. The system enables you to set up separate accounts for trade and non-trade supplier accounting. The Accounts Payable transactions are integrated with the General Ledger and the Clicct Chart of Accounts can be set up to match your specific business management and reporting requirements.

One of the specific industry best practices and potentially required in some jurisdictions (parts of Canada, UK, and some European countries) is Trust Accounting. The Clicct General Ledger is set up with a specific Trust account or accounts. This Clicct solutions feature recognizes that for the purposes and consideration of consumer protection all customer monies received for travel services are deemed to be held in trust and can be used only for the purchase of the travel services contracted for by the customer when the booking is accepted and the payment received. Any monies in a trust account are considered to not belong to the wholesaler until the client has departed or completed the travel. The Clicct Solution helps you to manage this requirement, if necessary, and provides the information required to manage finances when the trust accounting dates allow for revenue recognition.