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Set up a new owned area

Overview

An Owner Contract can be set up on an Area that does not yet have an owner assigned. This allows you to define the party entitled to receive Owner Income for that Area.

📅 From Date Requirements

  • The From Date on the Owner Contract must reflect the actual settlement date for the Area.

  • Once the contract is saved, this date cannot be changed.

If a reservation crosses a settlement date, it can be split into two reservations to ensure the new owner only receives income accrued from the settlement date onward.

👥 Multiple Owners

  • You can assign up to 5 owners to a single Owner Contract.

  • The Income Share for the Primary Owner is automatically adjusted based on the percentages assigned to any additional owners.

📝 Legacy Fields & Reporting

For guidance on assigning a new Owner Contract to an existing Owned Area, please refer to the Change of Ownership article.

🔗 Interconnecting Areas

When assigning an Owner Contract to an Interconnecting Area, it should only be added to the Interconnecting Master Area—not the individual Areas within it.
 

✎ Please Note: RMS is highly configurable. Some Terminology, User Access & Permissions, Images, Labels, and Functions used in these articles may differ from your setup. CLICK HERE to find out more.

 

 

 

Configuration

In the side menu of RMS, go to Setup > Category/Area.

  1. Select the Edit icon used to open an existing Category for configuration. Edit icon on an existing Category.
    Category/Area setup screen in RMS listing existing Categories, with one Category’s Edit icon highlighted to open it and configure Areas and Owner Contracts.
  2. Navigate to the Area menu.
  3. Highlight an Area and select Edit.
    Category edit screen in RMS with the Area tab or menu selected, showing a list of Areas under the Category, one Area highlighted and the Edit option selected to open Area details.
  4. Navigate to the Owner Accounting menu.
  5. Proceed to the Owners tab.
  6. Check the Print Statements box.
  7. Select Add.
    Area edit screen in RMS with the Owner Accounting section open on the Owners tab, showing the Print Statements checkbox enabled and an Add button highlighted to create a new Owner Contract for the Area.
  8. Select Ok to proceed.
    Confirmation dialog in RMS asking to proceed with creating an Owner Contract for the selected Area, with an OK button highlighted.
  9. Select a Contract Type.
    1. Enter the Guaranteed Amount or Minimum Amount if not a Standard Contract.
  10. Designate the From Date as the Settlement Date.
  11. Adjust the To Date to reflect 100 years apart from the From Date.
  12. (Optional) Select a Lease Renewal Date.
  13. Select the Primary Owner. (An owner Record must be created prior to assigning.)
  14. (Optional) Select the Owner Banking Details.
  15. Select the Owner Statement Email option.
  16. Save/Exit.
    Owner Contract setup screen in RMS showing fields for Contract Type with optional Guaranteed or Minimum Amount, From Date set to the settlement date, To Date extended far into the future (e.g. 100 years), optional Lease Renewal Date, Primary Owner selection with optional Owner Banking Details, Owner Statement Email settings, and a Save/Exit button to finalise the contract.
★ Tip:

Ensure the Owner Contract is created in RMS on or near the actual settlement date to maintain accuracy.

 

Owner Income

Owner income will now be accrued to the associated owner's account for all reservations in this Area.

Owner Accounting or Owner Statement view in RMS displaying income transactions accrued to the Owner associated with the Area’s Owner Contract for reservations staying in that Area.

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