The complete component's description can be found here. The component can be used for instant booking of rooms, theatre seats, lecture halls, etc.. Save the costs by allowing self-service and eliminate double-booking: even if the client cancels a booked room, it becomes available again.
You can change the FE labels by creating your custom language file. You can as well configure the component in such a way that only staff members will be able to perform operations with bookings. Guest and/or registered users will be able to browse the bookings but not create them in this case.
Additionally select the date format, whether admin should be notified of new bookings and if bookings can be edited after admin's confirmation. Just login and check more of the front-end and back-end here.