Creating a New Rate Code

There are some prerequisites for creating a new rate code. Unless you configure these prerequisites, rate codes cannot be configured. The prerequisites for creating a Rate Code are:
  • Market Codes
  • Source Codes
  • Rate Categories
  • Transaction Codes
  • Room Types
To create a new Rate Code:
  1. From the OPERA Cloud Administration menu, select Financial, select Rate Management, and then select Rate Codes.
  2. On the Rate Codes screen, on the vertical ellipsis click New.
  3. On the Rate Code Definition screen, enter the required information into the fields. The fields with * are required.
  4. After you add a description, click Manage Translations link, Manage Translations window opens.
    1. Select Language for which the translation is required.
    2. Add the text that needs to be translated in the Translation field.
  5. In the Financial Details section, enter the required information into the fields. Select an applicable check box to further classify the Rate Codes.
  6. In the Rate Code Type section, select Rate Code Type that is to be configured.
    Rate Codes Description
    Standard Rate Allows configuration of rate amounts by date range. For example, $120 per night rate for STD room from 01-Mar-2017 to 25-Apr-2018.
    Daily Rates Allows configuration of rate amounts by day. It allows the user to define rates for each day by room types.
    Tiered Rates Allows configuration of rate amounts by Length of Stay. For example, stay for 1 to 3 nights is $150 per night and 4 to 7 days is $120 per night. For more information, see << Tiered Rates >>.
    Base Rate Allows configuration of rate amounts based on another rate code. For example, Properties can consider their RACK Rate as Base Rate and configure base rates based on the Rack Rate amount (such as 10% less on the rack rate). This rate structure provides greater flexibility on the rate details level by allowing you to configure the rate as either a flat amount or a percentage.
    Dynamic Base Rate Dynamic Base Rates functionality automatically calculates and displays dependent rate and their amounts during the availability search.
    Advanced Dynamic Base Rate The Advanced Dynamic Base Rate allows you to create a rate based on another rate (a base rate) or based on both a base rate and a BAR Based rate. This rate structure provides greater flexibility on the rate details level by allowing you to configure the rate as either a flat amount or a percentage. It offers the ability to compare Rate Details with other Base Rate amounts.
    Best Available Rate (BAR) Allows configuration of rate codes that are selected for Best Available Rate comparison. There are 3 types of BAR rates that can be set up in OPERA:
    • Best Available Rates by Day
    • Best Available Rates by LOS
    • Best BAR by Day
  7. In the Rate Code Overview section, you can edit the Rate Code Details, Profile Details. From the View drop-down list, select your view or click Customize View to customize the view.
  8. Click I Want To... to modify or update Manage Sell Messages, Deposit Rule Schedules, Cancel Penalty Schedules, and Publish Rates.
  9. In the Rate Code Definition section, you can view the configured rate code definitions. Click the vertical ellipses to edit the Rate Code Definition.
  10. In the Rate Code Packages section, select and attach the Rate Code Packages. Click the vertical ellipses and then click New to create new Package Codes and Package Groups.
  11. In the Rate Controls and Distribution section, enter the required information in the fields. The fields in this section are not mandatory.
    Select the Upload to Oracle Distribution option to have the rate uploaded to Oracle distribution.
  12. In the Rate Information section displays the Rate Information. Click the vertical ellipses to edit the Rate Information.
  13. In the Pricing Schedules section, search for an existing schedule or click the vertical ellipses to create a new Pricing Schedule.
  14. In the Manage Restrictions section, select the date when the restriction is to be applied.
  15. You can use the Property Calendar to manage events or special periods that can affect rates.
  16. Click Save to save the configuration or click Save and Go to Presentation.

Parent topic: About Rate Codes