How to Configure Your Owner Statements?

Introduction

In this guide I will be going through the steps you need to take and or consider, to set up and configure the system so you can use the Owner Statements in the Property Manager Module.

Configuration and Setup

There are 3 steps that require setting up before using the Owner Statements

Step 1: Company Settings

1.  Click on Company settings
   
   
   
   
2. Select the Brand you are setting up for Statements
   
   
3. Click on the Financial Statement Configuration tab and answer/populate all the fields
   
   
   
   
4. Do you pay your Owners a booking deposit?
   Note - We do advise this is not the case so you have the guest's best interests at heart.
   
   
5. When do you account for the remaining commission?
   
   
6. When do you pay the balance due to the Owner?
   Note - Even if you do pay the Owner when the guest checks out for example, this only sets the due date for that payment schedule. Most likely you will be running your statements first of every month for the previous month. Otherwise if you would be running the statements 365 times a year which is just not viable.
   
   
7. Is this the default company for tasks?
   
   
8. Is this the default company for bills?
   
   
9. Is this the default company for invoices?
   
   
10. Is this the default company for Statements?
    
    
11. Show Future bookings?
    
    
12. Process statements with deferred payments?
    Note - A deferred payment is a payment the guest has made but has not yet come into your account.
    
    
13. Create blank Monthly Owner Statements? If yes even if an Owner is not due any money, they will still get a blank statement.
    
    
14. Choose Statement design layout? Section layout is the default layout and Inline layout is the new layout. The new layout is simpler to read, with all the details of the rental for a booking on a single line. This includes the total paid by the guest, your commission and the amount the owner will receive
    
    Inline Layout example:
    
    Section Layout example:
    
    
    
    
15. Do you wish to cc statements to accounts?
    Note - If an address is entered it will be BCC'd on all statement emails. Multiple comma separated addresses can be entered if needed
    
    
16. Display net prices only?
    Note - This only works with Inline Layout, not Section Layout. This will hide the guest price, extras, commission & extras commission from the statement that the Owner see/Statement they are sent. So they only see what is due to them. It will still display in the UI.
    Off:
    
    On:
    
17. Display Negative Prices in Red?
    Note - On means they will display in Red, off they will display as black in brackets.

Step 2: User Permissions

1.  Click on Users top right of your screen:
   
   
   
2. Click on User Profiles. Here you can add new, edit or delete user profiles:
   
3. What you may want to do here is make sure you reservation team cannot edit financial information on a booking. Only the users with the profiles set that allow them to run the Owner Statements should have access to be able to do this. This prevents users that do not understand or know how the Statements work, making any user errors on the booking which could cause negative impact on the Owner Statements. Possibly resulting in an Owner being under or over paid.
   Below is an example upon clicking edit on the reservation team's user permissions:
   
   Note - This is not mandatory but something we recommend. Only users that run the Owner Statements should have access to that part of the Property Manager. Only User that have that access should be able to edit financial information on a booking. 

Step 3: Owner Contact Records

This step needs to be taken into consideration for all active Owner contact records. 

When in an Owner Contact record you need to configure the following

1. Bank Details - If these are not set then you wont be able to pay the Owner via the Export Bank file option when running the Statements.
2. VAT Registered
3. Non-resident / Tax Exempt
   Note -This is asking if you will be deducting any tax from them for your commission.
   Yes = The tax is not deducted.
   No = The tax is deducted.