Daily Reconciliation is the process of cross-referencing system financial records against monthly statements from external sources—such as a bank, credit card processors, or other financial institution statements. Completing this process ensures that the system activity corresponds to the Trust Account activity and both systems financially align, therefore, reconciling.
All activity in CiiRUS such as guest and owner payments reflects in the Daily Reconciliation screen. This feature is designed to easily cross reference the transactions in CiiRUS against what has been received in the actual bank account before exporting to the Trust Account. From the Daily Reconciliation screen, deposits can be exported to the Trust in one batch and marked as reconciled for reference. It is recommended to export deposits on at least a weekly basis to keep clean and organized.
To access Daily Reconciliation, go to:
- Trust Accounting
- Daily Reconciliation
First apply the applicable filters to load the deposits/payments into the grid:
- Specify the date range
- Choose to load all, unreconciled or reconciled transactions
Click "Refresh" to load the grid
The grid is split into two tabs. The active tab has a blue background:
1. Deposits (Guest and owner payments)
2. Payments (Payments to owners or refunds to guests)
The deposits grid displays if the transaction is reconciled, payment date and amount, the guest name and other reservation and payment details for the specified date range. For example, if you have processed three payments from the guest this week, they will display in the grid for you to reconcile.
Refunds that have been processed to the guest are also included in the grid to be exported to the Trust Account.
How to Reconcile
To efficiently reconcile payments, please open your bank activity/statement within your bank portal in one tab and the CiiRUS Daily Reconciliation screen in another.
Looking at your bank statement, let's say on July 6th, a payment of $8445.56 cleared. Depending on your merchant account, this amount may be deposited as one batch but made up of one of more deposits in CiiRUS.
Enter the target amount of $8445.56 in the 'Reconcile Target Amount' field and find the corresponding transactions in the grid that equal this amount. Click on the checkbox within the 'Reconciled' column to reconcile the transaction. Keep going until the reconcile targed amount equals the reconciled amount and there should be no difference of zero, therefore the daily reconciliation is balanced
In the example above, notice that the three payments on July 7th equal the target amount of $8445.56 and therefore there is 0.00 difference.
If there is a difference, open the reservation folio that corresponds to the selected deposit to verify the financials and payments. The goal is to balance the payment from your bank versus what's in CiiRUS and get the difference to 0.00 before exporting to the trust.
To reconcile all deposits in the grid, click the 'Reconcile All' button:
After reconciling, the system will save the reconciled payments and you can use the filter at the top to show only reconciled or unreconciled payments:
Batching Deposits to Trust Account
Now that the target amount is reconciled with the corresponding transactions, these same transactions must be batched or exported to the CiiRUS Trust Account.
Deposits can be batched and exported to the trust account as one deposit entry. Once the batch is exported, the trust will show an itemized breakdown of the deposits that were included in the entry.
To export a deposit(s), select the checkbox in the first column. Notice that the total number of deposits and the total amount is calculated. Click "Export."
Click "Yes" to confirm and specify the trust account transaction date:
The Trust Account
Once the above steps are completed, the batched deposit will reflect on the CiiRUS Trust Account window:
Trust Accouting> Trust Account
Therefore, the batched deposit into the CiiRUS Trust Account corresponds to the credit transaction on the Trust Account bank statement.
After exporting the deposits from the Daily Reconciliation screen, they will appear in the Trust account as shown in the screenshot below:
Be sure that the applicable month and year is selected based on the deposits that have been exported.
To see the deposits that are included within this batch deposit, click on the 'worksheet' icon:
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 that are part of the batch:
Please click here to view the full user guide on the Trust Account.