With the CiiRUS Trust Accounting Module, there are three Accounting Tasks that should be completed daily;
- Trust Account
- Daily Reconciliation
- 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.
The Trust Account window is a system version of the actual trust account bank statement and/or activity. The CiiRUS version of the trust account should be a replica of the credit and debit transactions in the bank.
To access the Trust Account, go to:
- Trust Accounting
- Trust Account
What is the Trust Account?
The trust account screen in CiiRUS should mirror the activity in the actual bank account. For example, open the bank statement or activity for the corresponding trust account within your bank portal and ensure it mirrors the trust account screen in CiiRUS.
Payments exported from the Daily Reconciliation screen will appear in the trust account as one batch line item. Miscellaneous transactions can also be added to the trust account such as bank or transfer fees that are not in CiiRUS.
The trust account is made up of the following:
- Current owner balances
- Profits due to the property manager such as commissions, mark-ups from cleaning or maintenance fees
- Revenue from future reservations (advanced deposits)
Filtering the Table
Just like the owner's account, specify the month and year to show the corresponding trust account activity. See the last closed month and the balance carried forward from the previous month:
The table displays the following information:
- Date: the date that the transaction was exported or added to the trust account
- Issue Date: the actual date that the transaction cleared in the bank account
- Reconciled: If the transaction has cleared in the bank account and reconciled in CiiRUS
- Reconciled Date
- Description of the transaction
- Transaction Type
- Batch ID/Deposit Number
- Check Number
- Credit or debit amount
- Running balance of the Trust Account
- Unidentified? - If the transaction cannot be found in the bank or in CiiRUS, flag as unidentified as a reminder to audit this transaction
View a Transaction
After reconciling transactions from the Daily Reconciliation screen, it can be exported to the trust account. Transactions can be exported individually or batched to save time. For example, all guest payments from the day, can be batch exported over to the trust account.
To view a bill payment or a deposit, click on the "worksheet" icon in the first column:
For batch deposits, the 'Supplemental Deposit Worksheet' window will open. This shows each deposit/payment in the batch. For example, see a breakdown of all the guest or owner payments and the amounts for a specific day:
Reconcile a Transaction
Each day, the property manager should reconcile the trust account against the real bank account activity to ensure that each transaction has cleared and mirrors what is in the CiiRUS trust account.
Once the transaction has cleared in the bank, update the "Issue Date" to mirror the date that it actually cleared:
Additionally, once the transaction has cleared in the bank, be sure to click the "Reconciled" check-box:
It is good practice to reconcile the trust account each day. Doing so 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.
Add a Transaction
Transactions can be manually added to the trust account. Typically this is to apply an adjustment to the trust account for items such as bank charges that do not relate to a specific owner or property.
Please keep in mind, adding a transaction to the trust account will not apply it to the owner statement.
To add a transaction, click the "plus" icon above the table:
Please note, for the Transaction Type, when selecting 'PMC Expense' or 'Management Payout,' the amount will be debited from your End of Month PMC Payout Report as it is an expense to your company to be deducted from your profits.
Trust Account Report
A standard report can be generated to see all reconciled transactions for the specified month. The report can be printed, exported to any common file type, saved, or emailed.
To generate the report, click "View Report" and it will open in a new tab within the browser:
Reconcile Ending Balance
In addition to reconciling each transaction, the full ending balance of the trust account can be reconciled to ensure it mirrors the actual bank.
Below the table, see the ending balance (totals of credits and debits) and the reconciled ending balance.
Click on the "Reconcile" button to enter the target amount to reconcile based on the ending balance in the actual bank.
For example, if the ending balance in your bank account shows '$27846.31,' enter this number as the reconciled target amount. If this number matches the ending balance in the CiiRUS trust account, it will show a $0.00 difference. However, if it does not match, it will show the difference to help identify the discrepancy.
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