The following checklist can be completed in the final days of the current month, prior to running End of Month in RMS.

Overview

For preparations to be completed throughout the month, please click HERE.

Update Reservations

Complete the following checks on the last day of the current month.

• Ensure all reservations and reservation accounts are up-to-date.
• Review the Overdue Arrivals and Overdue Departures Reports.
• Complete any outstanding Arrivals or Departures.
• Ensure any departures for the current Trust Month to be paid to the Owner in the current month are not left outstanding.

Three-Way Balance Report - Trust Accounting

In the side menu of RMS, go to Reports > Owner Accounting > Three Way Balance Report.

• Generate a Three-Way Balance Report.
• Ensure the Totals displayed a balance.

Contact RMS Support for any discrepancies on the Three-Way Balance Report prior to continuing with End of Month processing.

Bulk Owner Charges

In the side menu of RMS, go to Owner Accounting > Bulk Owner Charges.

• Process any outstanding charges to the Owner Accounts for the current month.
   

Create Expenses

In the side menu of RMS, go to Owner Accounting > End of Month > Create Expenses.

• Process EOM Expenses, including any Housekeeping Task Costs for long-term reservations.

• If no EOM Expenses or Housekeeping Task Costs for long-term reservations exist, there will be no expenses displayed for processing.

   

General Transfers

To be completed on the last day of the current month.

In the side menu of RMS, go to Owner Accounting > General Transfers.

• Ensure no Accommodation Charges are displayed. If present, these must be addressed before continuing.
• Select and pay the charges for the Manager Account from the departed reservations.
• Run a General Transfers Report after paying General Transfers for the date General Transfers was processed.

• Run a Trust Travel Agent Commissions Report for the breakdown of Travel Agent Commissions paid in General Transfers.

  General Transfers are Sundry Charges that have been paid by a Trust Receipt and are owed to the Manager.
   

Third Party Payments

To be completed on the last day of the current month for properties using Third Parties.

In the side menu of RMS, go to Owner Accounting > Third Party Payments.

• Ensure there is sufficient Net Owner Income to pay the selected Third Party.
  
  Where insufficient Net Owner Income is available, a Hold Payment should be setup against the applicable owners to ensure the Third Party can be paid as soon as there is sufficient income.
   

Create EFT File

Complete this step if using bank transfers for payments instead of a cheque.

In the side menu of RMS, go to Owner Accounting > Create EFT File.

Property Bank Details must be setup and include the Bank Code and Direct Entry User ID as provided by the merchant prior to creating an EFT file in RMS.

Trust Reconciliation Report

In the side menu of RMS, go to Reports > Owner Accounting > Trust Reconciliation.

• Ensure the totals match.
• Review for any 'X' indicators or mismatches in balances.

Contact RMS Support for any discrepancies on the Trust Reconciliation Report before continuing with End of Month processing.

Owner Statements

In the side menu of RMS, go to Reports > Owner Accounting > Owner Statement.

• Review the generated Owner Statements to ensure accuracy.

Monies Held in Trust Report

In the side menu of RMS, go to Reports > Owner Accounting > Monies Held in Trust.

• Generate the MHIT Report for the current date.
  • Select the 'Sort By' option as 'Depart Date'.
• Ensure any outstanding Cancelled Reservations with charges on the account or Departed Reservations from previous months are actioned prior to processing EOM.