You can apply rental income either before or during the End of Month Process. When reservations meet the Disbursement Rule criteria, the rental income due for each reservation will automatically be displayed on this screen.
All you need to do is review each reservation and then apply them in batches to all Owner Accounts simultaneously.
To process rental income successfully, it's essential to set up your Disbursement Rules. You can configure these rules in your Software Settings Assistant. For guidance on setting up or reviewing your configured rules, refer to this article: https://ciirusone.screenstepslive.com/s/24800/a/1704552-rental-income-disbursement-rule
If a reservation doesn't credit the owner's account, it means it hasn't met the rule criteria.
Where To Go
Accounting
End of Month Process
Credit Rental Income
Step One: Reviewing the Disbursement Options
Apply the Rule / Statement Date:
For example, if your disbursement rule is set to 'Departure Date has passed and full payment is received,' specify 'Departure Date'. Once all reservations have met this rule, the system will refresh the with updated reservations that have departed or met your disbursement rule criteria.
For the Statement Date, when processing rental income, the rental income transactions will appear on the Owners Account based on the date set here. For example, if the reservation is from March 30th to April 5th and the rule/statement date is set to 'Departure', then the rental income for the selected reservations will reflect on the April monthly statement. If set to arrival, it will appear on the March statement.
Specify whether or not to itemize your PMC commission on the monthly statement. Doing so will include the commission within the rental income line item and then deduct the commission as a debit on a separate line item.
If the owner retains the pool heating fee, specify whether or not to itemize it as a credit in the owner account.
If the owner retains the cleaning fee, specify whether or not to itemize it as a credit in the owner account.
Step Two: Audit Reservations
The first grid will display reservations that are ready to be processed to the owner accounts / met your disbursement rule criteria.
After auditing each reservation that is ready to be credited to the owners, click "Process Selected".
Only reservations that have met the exact disbursement rule criteria will appear on this grid. If not, either the reservation has not been paid in full or the arrival / departure date has not passed.
Once processed, reservations will be taken off the grid and credited to the owner's account for rental income.
If the commission was broken down, the first line item will indicate the rental income with the commission included, while the second line item will display the commission as a debit for the owner to see the deduction.
The ending balance showcases the revised amount owed to the owner.
A Reservation is Not Appearing to Credit to Owners Account
The second grid displays reservations that do not meet the parameters of the disbursement rule and must be audited before the rental income can be sent to the owner. In most cases, either the reservation has an outstanding balance or the departure or arrival date has yet to pass.
To make updates to the reservation, click on the gear icon which will open the Reservation Folio to update the payment and/or review the reservation dates.
How to Treat Canceled Reservations
A checkbox will appear in the "Canceled' column to indicate that it is a canceled reservation.
You can also process rental income for canceled reservations if the owner is still owed proceeds based on the values in the Reservation Folio.
Open the Reservation Folio to update the reservation finances bases on your cancellation policies. This can include the reservation total, PMC commissions, etc.
For example, if you are retaining 100% of the reservation total for the canceled booking, open the folio and set the commission percentage to 100% to PMC.