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Defining Function Space Pricing Rules

Function space pricing rules must be defined for each function space for quote prices to be generated. The pricing rules provide both the benchmark and threshold pricing for each day part and each day of the week. The benchmark rental price for a function space is the normal price at which the function space is rented out to a customer.

Some hospitality companies only accept function space business when an event on their properties meets a required amount of profit. This profit threshold is used to qualify an event opportunity based on the event's profit potential. Thresholds indicate how much profit needs to be made to complete the booking. The quote's aggregate function profit must be compared with the threshold defined for the function space for the indicated time period. If the quote falls below the minimum threshold, the sales representative cannot change the quote status to anything higher than prospect. Any inventory being held is released after a predefined time interval if the function status is still at Prospect.

When setting up prices for function spaces, the administrator first sets up the default rates and then creates exception pricing.

This task is a step in Function Space Pricing Administration.

Creating the Default Function Space Pricing Rules

The following procedure details how to create the default function space pricing rules.

To define the default function space pricing rules

  1. Navigate to the Property Pricing Admin screen > Properties list.
  2. In the Properties list, select the required property and click the link in the Property Name field.
  3. Click the Function Space view tab.
  4. In the Function Space list create a new record, complete the fields, and save the record.

    The following table describes some of the fields.


    Function Space

    Select a function space to which this rule will apply.

    Start Date

    The date from which this rule will apply.

    Start Day

    This field is automatically populated when the Start Date field is completed.

    End Date

    The date on which this rule will no longer apply. There is some validation on the Start and End Dates as follows:

    End Date >= Start Date + 365

    This means that a function space pricing rule can only run for one year at the most.

    End Day

    This field is automatically populated when the End Date field is completed.

    Day Part

    The day part for which this rule is applicable. You must create an individual rule for each day part.


    The type of pricing rule—that is, whether the rule is a benchmark rental rule or is a threshold rule. You must create a set of Rental rules (that is, a rental rule for each day part) and a set of Threshold rules.


    Click this check box if you want this rule to be applied to all components (or specific spaces) of category or suite functions spaces. Clicking this check box means that you will not need to create a separate rules list for each specific space associated with the category or suite.

    NOTE:  This check box is only activated for Categories and Suites. It is read-only for specific spaces.

    Monday - Sunday

    These fields represent:

    • The benchmark rental price of the function space for each day of the week or
    • The profit threshold for each day of the week

    If the pricing rule runs for less than one week, then it will only be possible to edit the fields for the relevant days.


    Comments on the rule.

  5. After you have created a pricing rule, click Apply. The Function Space Pricing Controls list is populated with the rules that you have created. Multiple rules may be applied at once by multi-selecting them and clicking Apply.

    If you wish, you can make direct changes to the prices in the Pricing Controls list. These prices will take precedence over the originally created rules.

NOTE:  If you make changes to the function space pricing rules in the Function Spaces list, you must click Apply after making the changes to make sure that the changes are reflected in the Pricing Controls list.

Creating Exceptions to Default Function Space Pricing Rules

Administrators may sometimes wish to define exceptions to the pricing of a function space. For example, during certain busy periods, the administrator may wish to increase the price of the function space but may want the price to go back to the benchmark rental rate after the busy period is over. An administrator can define an exception by creating a new rule that has effective start and end dates. The newly created rule will take precedence over the existing rule when the quote price is calculated.

To define exceptions to the default function space pricing rules

  1. In the Function Space list, create a new record with similar values to the rule for which you wish to create an exception.
  2. Set the Start Date and End Date fields, and the rental price from Monday to Sunday as appropriate.
  3. Click apply. The new rule appears in the Function Space Pricing Controls list.
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