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Hello.
In the Booking Calendar Free version you can use [moderatelink] shortcode in the email template at the Booking > Settings > Emails page. With this shortcode you will be redirected to the booking admin panel to manage specific booking. But you will be need to make login to your website, if you was not logged in before.
In the paid versions of Booking Calendar possible to use also these shortcodes:[click2approve], [click2decline] and [click2trash] .
Such short-codes require only only click to make specific action and do not require to login into admin panel of your website, because all of them used specific secured hash for identification of the bookings. Please check more here
Kind Regards.