The Financial Settings page in Boom allows you to customize how the system calculates your revenue, management fees, taxes, and other financial-related figures. By adjusting these settings, you ensure accurate financial tracking and reporting that aligns with your business operations.
Here, you can input the specific values and formulas that reflect your pricing structure, commission rates, and tax obligations, enabling Boom to automate these calculations and streamline your financial management.
Where to Locate Financial Settings
Company's financial settings (Global):
Company's financial settings (Global):
In Boom click on the Main Menu in the top left-hand corner, then click Configuration, then Settings. Once in Settings click on the Financial tab
Financial settings through each listing (Property level):
Financial settings through each listing (Property level):
In Boom click on the Main Menu in the top left-hand corner, then click Owners, then Listings. Once in Listings, open a listing by clicking on Manage
Once in the Listing, on the menu on the left-hand side, click Configuration and then click Commissions.
Setting Your Financial Data
Set the calculation formulas
Management Commission - Set the management commission percentage that the PMC receives from the total revenue. For example, if the commission is 20%, you would enter
0.2.
Owner Cleaning - Toggle the
if the cleaning fees are given to the owner or if they are considered operational income for the PMC. This will affect the final PNL and distribution of funds.
Net Income Formula - define how net income is calculated. You can choose whether the formula includes additional fees (like cleaning or service fees), excludes certain fees, or only considers the accommodation fare. This flexibility enables you to align the calculation with your company’s financial structure.
Management Commission Formula - here, you can incorporate the Net Income Formula into the management commission calculation. This formula determines the PMC’s final commission based on how net income is defined.
Owner Revenue Formula - This is the calculation of the owner’s portion. It defines what percentage or amount of revenue the owner is entitled to receive.
Owner Income Formula - This formula calculates the owner's income, which is displayed at the top of the PNL report. It is driven by the Owner Revenue Formula and represents the total income the owner earns from the property.
Cut-off Date - This is a crucial setting if there is a change in ownership or if you’re transitioning between calculation methods. You can set specific dates that determine which reservations are included in the financial reporting for this listing. Only reservations within the specified date range will be visible.
Channel Setting
In this section, you can configure overrides for channels by toggling the
button (e.g., Airbnb, Booking.com). To set this up:
Set or specify the channel's commission, and choose where it will be taken from.
Set a processing fee.
Specify whether the channel acts as the Merchant of Record (meaning the channel collects payments on behalf of the property).
Determine if the channel collects sales tax and tourist tax on bookings.
💡When you navigate to the PNL report, you’ll see a breakdown of how the various fees and formulas are applied. An information icon ("?") next to the management fees provides the calculation based on the settings you configured.
