Accounting Overview

To access the Accounting Module, open 'Accounting' on the main menu:

The Accounting menu is made up of four sub-sections:

1. Day to Day Bookkeeping
2. End of Month Process
3. Quickbooks
4. Finance Reports

The menu is structured in a logical order making it easier than ever to complete owner statements.

Within 'Day to Day Bookkeeping,'find and access screens that are used on a day-to-day basis:

1. Owner Account: View and edit the monthly statement for each owner, as well as add, edit or delete transactions prior to finalizing the month. Statements can be emailed to all of the owners from this screen, and monthly/annual reports can be generated.
2. Bill Payments & Assets: Enter, save, and pay bills such as Internet, Cable, Electricity, etc. Group multiple invoices from the same utility company/vendor and pay them at once using the standard 3-part printable check. Print checks to the owner or produce an ACH file.
3. Owner Charges: Configure any charges that are made to the owner on a booking that are deducted from the base rental amount due to the owner. They do not affect the amount that a guest pays and are invisible to both the owner and guest.  
4. Owner Collections: Collect payment from owners in one batch (if a valid credit card is on file for the owner).

Follow the end of month process to complete owner statements. This includes:

1. Credit Rental Income: Batch process the rental income due to the owners from one window. This method saves time and frustration instead of having to manually disburse the income from each booking individually.
2. Process Taxes: If applicable, process the tax to debit the owner's account. This only applies if the property manager is paying and remitting the tax, but wants to show an itemized breakdown to the owner.
3. Recurring Transactions: Configure charges to the owner that remain constant every month/quarter/year such as pool cleaning, lawn fees, pest control, HOA, etc. These charges can be processed manually or set up to auto-process on the selected frequency.
4. Process Cleans: If the owner has stayed in their property or it is an owner booking, process the cleaning fee to charge the owner. Note, the cleans will only appear here once they are complete and the clean date has passed.
5. Process Work Orders: If maintenance has been completed for an owner, process the amount to charge to the owner from this screen. This will create a debit on the owner's account.
6. Process Owner Booking Fees: If the owner is charged a booking fee when they stay in the property or have an owner booking, quickly process all booking fees to the owners.
7. Finalize Payouts: After creating bill payments for utilities or vendors, ensure that they have been paid and charged to the owner.
8. Update Owner Account Template: Make any changes or create a new cover-letter to send a long with the owner's statement. This screen is a replica of the 'Template Builder' screen, making it quicker to make any updates from the Accounting menu.
9. Finalize Owner Statements: Once all transactions have been processed to the owner's statement, the month can be finalized to send out to the owner. Please note, once the month is finalized, it cannot be undone and no transactions can be deleted, added, or modified.
10. Process Owner Payouts: After finalizing and emailing the statements to the owner, process any funds due to the owner either by printing a check or producing an ACH file.
11. Produce ACH File: Generate the ACH file for the owner's in one batch.

The accounting module is integrated with QuickBooks Online through a real time connection. This is designed to eliminate double entry, as double entry increases the chances of human error. This will ultimately save time and will allow the Property Manager to become more efficient with reconciling financial data.

The CiiRUS integration to QuickBooks Online or QuickBooks for Windows, will export:

• Guest Payments
• Owner Payments
• Bill Payments to Vendors and/or Utility Providers

To integrate to Quickbooks, please follow the steps in the QuickBooks User Guide.

End of month bookkeeping and finance reports are just a click away on the accounting menu. These are standard reports generated from the system and cannot be customized. However, each report can be exported to Excel for further manipulation. The suggested end of month reports are:

1. Tax Reports: Track taxed income and produce tax reports to the state or county.
2. 1099s and 1042s: For users in the USA, forms 1099 and 1042 can automatically be generated for homeowners.
3. All Owner Accounts by Category: View a detailed or summary breakdown of all transactions posted to the owner's account for the specified date-range.
4. Reservation Extras Margin Report: Calculate the profit due to the PMC on reservation extras.
5. Housekeeping Margin Report: Calculate the profit due to the PMC on housekeeping for the month.
6. Owner Account Balances: See a breakdown of the owner's minimum reserve balance, payments due to or from the owner, and the owner's current ending balance.