CiiRUS is excited to announce the launch of the brand new Trust Accounting module in CiiRUS One and CiiRUS Windows.
Trust Accounting has become critically important for vacation rental managers, as it helps the property manager adhere to financial best-practices and make well-informed financial decisions.
Typically, two bank accounts are needed to appropriately administer trust accounting. One of the most basic requirements of trust accounting as required by law, is that there be no commingling of company funds and property owner funds. While trust accounting is not required in every state for short-term rental property managers, trust accounting and separate bank accounts is the best way to track owners’ and property manager's funds. The first account is typically an operating account, which holds funds that belong to the PMC. The second account is an escrow account that holds rental & security deposits and rental revenues owed to the owners not yet paid out.
With the new CiiRUS Trust Accounting Module, property manager's will be able to run daily reconciliation for transactions against the bank account.
Some of the new Trust Accounting features include:
- End-of-Month Assistant
- Daily Reconciliation & Trust Account
- New Revenue Reports
- Upgraded Bill Payments Module
- Ability to pay vendors and cleaners via ACH
- Prevent further spending from owner accounts with zero of negative balances
While the new tools are recommended for use by ALL CiiRUS customers, they have been field-tested by users in key vacation rental markets where rigorous Trust Accounting guidelines are enforced.
The new Trust Accounting Module fits like a glove right on top of the existing tools already used to create owner statements, process taxes, pay bills, and so on. This means that getting started requires no migration process or disruption to the current end-of-month process.
Interested in Trust Accounting? We recommend having the following prerequisite's set up before getting started.
- A dedicated bank account for owner and guest funds (trust or escrow account)
- A starting bank balance (trust or escrow account)
- A required minimum owner account balance to cover any expenses on behalf of the owner
- Account balances for each owner