Dedicated to Trust Accounting Users
Once you activate the Trust Accounting Module, it's crucial to configure your Trust Accounting Settings before using this module. This setup ensures the accuracy of end-of-month statements and financials.
Where To Go
Global Settings
Settings Assistant
Trust & Owner Accounting Setup
Step One - Enable / Disable Trust & Owner Accounting
To enable the Trust Accounting Module, check the 'Would you like to enable and set up trust and owner accounting?" tickbox.
Enabling this setting will give you access to the Trust Accounting Module which contains the following features:
Trust Account Register
Individual Owner Accounting
Owner and Guest Daily Reconciliation
End of Month Process
Owner and Vendor Payouts
Trust Accounting Bookkeeping Reports
Step Two - Owner Transaction Types
The CiiRUS system provides predefined Owner Transaction Types designed for the vacation rental industry, and these cannot be modified or removed. However, you do have the option to generate your own transaction types.
A transaction type acts as a classification or group utilized for reporting and searching purposes. To create a new type:
Click the "plus" icon
Type in the category column
Click the "save" icon
Step Three - Date Mode
During the end-of-month process, instruct the system when to apply rental income to the monthly owner statements in accordance with the agreements you have with your owners. With the Trust Accounting Module, you have two options for how rental income is applied:
Arrival Date
Departure Date
For this step, you will need to jump to: Trust Accounting Settings > Date Mode
Once the Date Mode is set, you can jump back to the Disbursement Rules tab to select when to instruct the system when to apply rental income to the monthly owner statements.
Trust & Owner Accounting Setup > Disbursement Rules
Based on the Date Mode you have selected, the applicable Disbursement Rules will appear.
For example, if you selected Arrival Date, the following rules will appear:
Arrival date has passed and payments received >= Booking Total
Arrival date has passed, regardless of payment amount received
And if you have selected, Departure Date, the following rules will appear:
Departure date has passed and payments received >= Booking Total
Departure date has passed, regardless of payment amount received
To learn more about how Disbursement Rules work,refer to this article: https://ciirusone.screenstepslive.com/s/24800/a/1704552-rental-income-disbursement-rule
Step Four - General Owner Accounting Settings
Regardless of whether you're using the Standard Accounting Module or Trust Accounting Module, configure the general accounting settings.
Owner Payment Link
Statement Header
Statement Footer
Step Five - Trust Accounting Settings
'Would you like to include taxes on 'End of Month PMC Payout' Report?': Enabling this setting includes taxes in the End of Month PMC Payout Report, with taxes transferred from the trust to the operations account for submission to tax authorities. Disabling it means taxes will be paid directly from the trust account.
Trust Account Details:
Opening Balance Date: Choose a date for trust accounting to become active, and we recommend selecting the first day of a month.
Opening Balance Amount: Enter the bank balance that corresponds to the opening balance date.
Bank Name: Enter the name of the Bank Company where the Trust Account is held.
Account Number: Enter the Account Number for the Trust Account.
