CiiRUS provides predefined Owner Transaction Types designed for the vacation rental industry, and these can't be modified or removed. However, you have the option to generate your own transaction types.
A transaction type is a specific category or classification used to differentiate and label different kinds of financial activities or events. The use of transaction types helps organize and track financial data and is crucial for financial reporting.
Some examples of transaction types include:
Rental income
PMC commission
Payments to owner
Payments from owner
Pest control fee
HOA fees
Accounting expert tip: Before creating an Owner Transaction Type, it's essential to review the existing transaction types to avoid duplicates. If duplicate transaction types are created, it can lead to skewed reports and financial figures. Stay vigilant to maintain accurate and organized accounting records.
How to create a Owner Transaction Type
To create or review the transaction types, go to:
1. Global Settings
2. Settings Assistant
3. Owner Accounting Setup
4. Owner Transaction Types
5. Click the "Add+" icon
