itrvl Glossary
Written by itrvl support
Updated at November 7th, 2024
This is a auto-generated Article of all your definitions within the glossary.
Glossary
This is a auto-generated Article of all your definitions within the glossary.
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Activity Option Code
This is an Activity specific code. In the Window it is called the Tourplan Code, in itrvl it is called Option Code. This code is how itrvl and the window are able to identify an activity. The activity window tourplan code and itrvl option code is made up of: Region Code, Supplier Code, Service Code, Option Code, to represent and activity.
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Cost Summary
A summary of the high-level costs for your itinerary, displaying supplier cost, margin, selling price, and invoiced percentage.
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Deposit Margin
The portion of your total margin that you choose to collect as part of the client’s deposit.
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Escrow
The amount each supplier requires for your client to stay at each accommodation for the allotted amount of time.
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Foreign Exchange Fluctuations
Changes in currency values over time that can affect trips where services are priced in a local currency (e.g., ZAR) but client payments are made in a non-local currency (e.g., USD). In some cases, the initial amount collected may no longer fully cover costs if exchange rates fluctuate. This is especially relevant for payments made in currencies other than USD or payments made in USD for services in countries like South Africa and Namibia, where costs are priced in ZAR. However, currency fluctuations can also work to your advantage if costs decrease.
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Invoice Percentage
The proportion of your invoices relative to the itrvl Selling Price. This serves as a guideline for invoicing clients, especially useful when making changes to an itinerary after confirmation. It shows how the total invoiced amount compares to the recommended Selling Price, calculated as: Invoice Percentage = Invoiced Total / Selling Price Total
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Local Currency
The currency in which the supplier charges, and in which Wilderness must pay the suppliers for your trip.
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Margin
The commission earned from a trip, which can be set by you or your agency. You can adjust the margin manually using itrvl’s margin sliders on each itinerary or by changing invoice amounts.
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Margin Formula
Margin % = (Selling Price Selling Price − Supplier Cost ) × 100
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Over-invoiced
When the total invoiced amount is more than the itrvl Selling Price. This often occurs if a service is deleted causing a decrease in the supplier cost. When the supplier cost—and therefore the itrvl Selling Price—increases but the invoices remain unchanged, it results in an over-invoiced status.
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Provisional
A temporary booking status that reserves an itinerary's space for two weeks, allowing travel designers to make necessary adjustments before confirming the booking and collecting payment from the client. This status helps ensure that details are finalized before the booking is confirmed.
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Quote Status
Indicates that no space is currently reserved on the itinerary.
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Rack
The suggested industry price for selling a trip or service, calculated to cover supplier costs, desired margins, and any additional fees, ensuring profitability while staying competitive. Also known as Recommended Selling Price (RSP).
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Recommended Selling Price (RSP)
The suggested industry price for selling a trip or service, calculated to cover supplier costs, desired margins, and any additional fees, ensuring profitability while staying competitive. Also known as rack.
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Request a hold
Clicking the "Request a Hold" button sends a request to the Wilderness Window and your Wilderness Consultant, placing your itinerary in a provisional holding status. This should only be done if your client is seriously interested in the trip. It’s also recommended to email your Wilderness Consultant to confirm they’ve received the request.
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Selling Currency
The currency used by the client to make payments for the trip.
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Selling Price
The suggested price of a trip, calculated by adding the supplier cost, amount of desired margin percentage, and escrow service fees. This is the recommended price to maintain your target margin when selling the trip.
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Supplier Cost
The total amount charged by Wilderness for the trip, encompassing all service lines and costs requested by the suppliers involved in your trip.
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Under-invoiced
When the total invoiced amount is less than the itrvl Selling Price. This often occurs if a service has increased in price or if a new service has been added to the itinerary, raising the supplier cost. When the supplier cost—and therefore the itrvl Selling Price—increases but the invoices remain unchanged, it results in an under-invoiced status.
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Window
The backend system of itrvl, used by Wilderness Consultants to view and update bookings. This system is the primary source of data for itrvl.
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WS Direct Calculation
Nett rates - rack rates