How to process your statements accurately every time!

• Introduction
• Overview: Processing Owner Statements
  • Course: Managing Charges & Costs for Housekeeping & Maintenance
  • 1. Add Expenses / Housekeeping
    • Step By Step Guides
  • 2. Reconcile Statements
    • Step By Step Guides
  • 3. Generate Invoices
    • Step By Step Guides
      
  • 4. Process Statements
    • Step By Step Guides
  • 5. Troubleshooting
    • Step By Step Guides

Introduction

Owner statements group income and expenses by property owner, providing a report to ensure that both you and the owner are compensated correctly. With variable booking prices, OTA fees, extras, discounts, cleaning, maintenance, repairs, and refunds, mistakes CAN happen. These often lead to either the owner or the agent earning less than they should. Owner statements provide a window into all transactions related to an owner for a given period, flagging potential errors and allowing you to drill down into the details to correct any mistakes.

This workflow MUST be followed every time you process your owner statements.

Overview: Processing Owner Statements

Processing owner statements is a crucial task in short-term rental management to ensure transparency and accuracy in financial reporting. Below is a straightforward overview of the steps you must take to successfully process owner statements:

Course: Managing Charges & Costs for Housekeeping & Maintenance

1. Add Expenses / Housekeeping

A breakdown of all your property management costs, this can be regular 'tasks' such as cleaning, linen, gardening etc...

Or it can be one of charges to cover compensation, replacement items or repairs.

• Record all expenses incurred and housekeeping tasks performed for each property.
• Credit payments due to guest damages
• Ensure that all expenses are accurately categorised and documented for transparency.

Step By Step Guides

1. How to create a task one off tasks
2. How to create automated tasks i.e per booking (Cleaning, Linen, etc..)
3. How to create recurring tasks i.e Gardening, Waste Collection
4. How to create bills i.e. Household Bills, One off Charges

2. Reconcile Statements

Accurate owner statements rely on precise booking data and invoices. Since the booking process can vary for each guest and modifications are common, it is VITAL to reconcile your statements to avoid costly mistakes

• Review and reconcile booking data to ensure accuracy and completeness.
• Verify all financial transactions, including rental income, expenses, and commissions.

Step By Step Guides

1. How to reconcile your statements

3. Generate Invoices

Each bill and task is imported into an invoice, providing a complete breakdown of all credits and debits for the date of the statement.

• Generate invoices for guest stays, including any additional charges or refunds.
• Double-check the invoices to ensure accuracy in billing and pricing.

Step By Step Guides

1. How to generate invoices

4. Process Statements

Once you have completed the reconciliation process, you can proceed to process your statements. By processing the statements, you will automatically email your owners a PDF version of their statement. Bookings will be updated to indicate that the owner has been paid, and the PDF will be available for download in their owner portal.

• Process owner statements, ensuring that all calculations are correct.
• Email all owners and stakeholders instantly

Step By Step Guides

1. How to process owner statements

5. Troubleshooting

Due to the nature of the industry, guests often modify bookings by changing dates, extending stays, or adding extras. This can result in fluid data. If bookings become out of sync due to human error, follow our troubleshooting guide to ensure data accuracy before processing.

• In case of discrepancies or errors, troubleshoot by reconciling and validating booking data.
• Investigate any "No Match" warnings or discrepancies in financial records promptly.
• Address any outstanding issues or discrepancies before finalising the statements.

Step By Step Guides

1. How to troubleshoot any problems

By following these steps diligently, you can ensure that owner statements are processed accurately and efficiently, fostering trust and transparency with property owners. Remember to maintain clear communication and documentation throughout the process to address any questions or concerns that may arise.