video1.0<iframe src="https://www.loom.com/embed/4d8b97d26e3042c7b34503749bfce20b" frameborder="0" width="1920" height="1440" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>14401920Loomhttps://www.loom.com14401920https://cdn.loom.com/sessions/thumbnails/4d8b97d26e3042c7b34503749bfce20b-b9c32e61f78f7e02.gif86.8In this video, I explain how to properly record cancellation fee revenue when guests cancel their reservations. For example, if we receive a payment and refund a portion, we retain $250 as cancellation fee revenue, which I demonstrate how to adjust in our system. It's important to note that this revenue is included in the Management Commission formula, affecting the fees and commissions owed to the property manager. I encourage you to follow this process for each cancellation to ensure accurate financial reporting. Please refer to our article for further guidance on handling cancellation revenue.