Dedicated to Trust Accounting Users
Daily Reconciliation will display all payments from Guests and Owners to reconcile.
Reconciling is the financial process where you verify and align the financial records and transactions within your CiiRUS system with those in your trust account. This practice is typically performed on a daily basis to ensure that all transactions, such as guest and owner payments are accurately and consistently recorded in your Trust Account Register and reflect the actual financial activity in your bank account.
Daily reconciliation is critical to maintaining the integrity of your financial records, detecting errors, discrepancies, and ensuring that your financial reports are accurate. It also helps prevent financial mismanagement and safeguards funds held in trust for property owners and guests.
Where To Go
Trust Accounting
Daily Reconciliation
How to Reconcile
For efficient payment reconciliation, open your bank activity or statement in one browser tab and the CiiRUS Daily Reconciliation screen in another tab.
Step One: Specify Date Range & Deposit Type
Enter the date range and choose to display either all unreconciled and reconciled payments or filter to view only unreconciled or only reconciled transactions.
Step Two: Input Target Amount to Reconcile
When you review your bank statement or online portal, you'll come across a deposit, and sometimes, this deposit includes multiple payments related to reservations. This type of deposit is commonly referred to as a "batched deposit." To simplify, a batched deposit is essentially a single deposit transaction that combines several individual payments. This bundling of payments happens during the processing phase, whether it's by your credit card processor, Airbnb, or a similar entity.
Surprisingly, this streamlines the reconciliation process because you can reconcile one batched payment instead of multiple individual payments.
Referencing your bank activity, input the target amount to balance.
Step Three: Reconcile and Balance Deposits
In the grid, click on the Reconciled tick box for each payment included in the batched deposit. Refer to Step 2; the system will automatically calculate any discrepancies. If the Difference field reads 0.00, your reconciliation is complete and balanced.
Step Four: Export Deposits to the Trust Account
Once balanced, select the reservations to export to the Trust Account Register
Click Export to to deposit into the Trust Account Register
Input the date that the deposit should reflect on the Trust Account Register
Display of Deposits in the Trust Account Register
Once these steps are finished, the deposit will be visible in the Trust Account Register.
Go to, Trust Accounting > Trust Account Register > Select the relevant period
Click on the 'View Deposit' icon
The Deposit Breakdown will appear itemizing every guest payment included in the chosen deposit
For more details about the Trust Account Register, refer to this article: https://ciirusone.screenstepslive.com/s/24800/a/1370723-the-trust-account-register