Recommended End of Month procedure for Owner Accounting in RMS.

Overview

To ensure accurate and timely processing, End of Month preparations should be completed 1–2 weeks before the end of the current month. This allows sufficient time to review and action any outstanding items before processing.

Checklist for End of Month Preparation

1. Print and Review Owner Statements

• Print all Owner Statements for the current month.

• Compare statements against reservations shown on the Booking Chart.

• Verify that charges and commissions for all reservations to date are accurate and reflect contractual terms.

2. Apply Bulk Owner Charges

• Use this feature to apply ad hoc charges to owners.

• Do not use Bulk Owner Charges for recurring End of Month Expenses.

3. Review the 'Monies Held in Trust' Report

• Sort the report by Departure Date.

• Confirm there are no outstanding reservations from previous months that still have charges on the Reservation Account.

4. Audit Cancelled or No Show Reservations

• Review any reservations with a status of Cancelled or No Show.

• Ensure that Accommodation Charges on these reservations are removed, as they are not included in Pay Owner/Manager calculations.

Additional Information

Bulk Owner Charges

• Designed for one-time or irregular charges to owners.

• Should not be used to apply recurring End of Month Expenses.

Cancelled and No Show Reservations

• Accommodation charges posted to these reservations will not be included in owner payouts.

• Charges must be manually removed from the account to ensure accuracy.

Need Help?

If you need assistance with any step in the End of Month process, please contact RMS Support.