Trust Accounting Overview

Before completing the day to day duties and end of month statements, it's important that the general Trust Accounting settings have been fully configured. These settings can be found in the Settings Assistant. In addition to the general settings, it's also important to enter the bank details for the vendors and owners to pay via ACH.

With the CiiRUS Trust Accounting Module, there are three accounting tasks that should be completed daily:

1. Trust Account
2. Daily Reconciliation
3. Bill Payments

Completing these tasks ensures that the systems finances are always up to date, corresponds to the real-life bank activity and there is less prone to error when balancing. Also, it helps to detect any errors, discrepancies, or fraud.

At the end of every month, property managers produce a monthly statement to provide to the owners. The monthly statement will display financial activity for the owner’s vacation rental which can include rental revenue, booking commissions, property expenses, taxes, ending totals and payments due to or due from the owner.

The CiiRUS Trust Accounting Module displays a series of steps to complete the End of Month Procedure to produce individual owner statements. Included in the End of Month Procedure, there are a variety of bookkeeping reports to save and keep a record of.

1. Credit Rental Income
2. Process Taxes to Owners
3. Process Recurring Transactions
4. Process Cleans to Owners
5. Process Maintenance to Owners
6. Process Owner Booking Fees
7. Review Pending Transactions
8. Create/Edit Owner Statement Cover Letter

Once these steps have been completed, the property manager can finalize and close the month.