ensure your system is set-up to produce accurate monthly statements, and your month-end processes are correctly configured.
You'll learn the following:
- Owner Accounting Settings
- Defining your End of Month Process
- End of Month Process
- Finalizing Owner Statements
- Processing End of Month Owner Payouts
- Recommended End of Month Reports
Here's your Accounting End-of-Month Process guide:
1. Owner Account Settings (A one-time configuration) - Go to Account Settings > UserAccount > Settings Assistant > Owner Account Settings
Account Settings > UserAccount > Settings Assistant > Booking Categories
2. Enter Starting Balance (A one-time entry) - Go to Accounting Functions> Owner Accounts > Select Property > +Add - View user guide
3. End of Month Process:
- Recurring Charges - Go to Accounting Functions > Recurring Charges - View user guide
- Process Cleans - Owner Stays or Owner Booking ONLY - Go to Accounting Functions > Process Cleans - View user guide
- Process Work Orders - (Repeat steps for each Work Order) - Go to Management Company > Work Orders > Select Work Order> Apply to Owner Account - View user guide
- Disburse Owner Amounts - (Repeat steps for each applicable Booking)
- Itemize Commission (if applicable) - Go to Accounting Functions > Disburse Owner Amounts > Select Arrival Date or Departure Date(Depending on Disbursement Rule) as Statement Date > Ensure to Check ‘Include then Deduct MC Commissions > Process Selected - View user guide
- Itemize Taxes (if applicable) - Go to Accounting Functions > Tax Reports /Processing > General Tab > Select Filter Options > Owner AccountProcessing Tab > Select Booking > Add Selected to Account - View user guide
- Create Owner Statement Cover Letter - Go to Management Company > CRM > Newsletters & Templates >Select Monthly Owner Statement > Edit Template
- Finalize End-of-Month and Email Owners - After reviewing each Owner Account and you are ready to permanently finalize the month and corresponding transactions, proceed to finalize by going to Accounting Functions > Finalize Month > Select Period > All Properties
- Payments Due To Owners (Bill Payments > Pay Owners) - Go to Accounting Functions > BillPayments > Pay Owner Check > Select Owner to Process a Monthly Payout> Process
4. End-of-Month Reports:
- All Owner Accounts by Category (Detailed and/or Summary) - Go to Management Company > Reports > Category: Bookkeeping & Accounting
- Owner Account Balance - Go to Management Company > Reports > Category: Bookkeeping & Accounting
- MC Commission / Booking Fees - Go to Reservations & Quoting > Reservations > Booking List > Enter Date Range > Include Financials > MC Commissions / Booking Fees > Export to Excel
- Work Order Margin Report - Go to Management Company > Work Orders > Enter Date Range > Reports > Cost Summary Report
- Cart Extra Margin - Go to Reservations & Quoting > Quoting > Cart Settings > Margin Report > Enter Date Range > Refresh
- All Transactions Charged to Owners Statements - Go to Management Company > Reports > Category: Bookkeeping & Accounting > All Owner Accounts by Category > Summary > View
- Housekeeping Margin Report - Go to Management Company > Reports > Category: Bookkeeping & Accounting > Housekeeping Margin
- Revenue (Export) Report - Go to Management Company > Reports > Category: Bookkeeping & Accounting > Revenue (Export) > Enter Date Range Based on Arrival Date or Departure Date > Export Report > Export to Excel
- Tax Reports - Go to Accounting Functions > Tax Reports / Processing
