This page gives an overview of the RoomBoss trust accounting module basic operations.

Setup

Trust setup is completed in conjunction with RoomBoss. We will setup the chart of accounts, model the contracts you have with your owners within the system and setup housekeeping charges (if required).

Completing Accounting for a Trust Period (Calendar Month)

A trust period is a monthly accounting period, these are opened, account entries are created for this period then the period is closed and can not be reopened.

Account Entries for a period are created by:

  1.  Transferring payments made by Guests or Agents with a payment date in the period into trust .
  2.  Transferring bookings where the final accommodation element checks out in the period into trust.
  3.  Adding account entries such as bills or owner withdrawals / deposits to the trust period.

The steps for completing accounting for a period are:

1 – Open Trust Period For The Month

Via >> Trust >> Setup >> Periods

2 – Transfer Payments

This is done via >> https://app.roomboss.com/ui/trust/transferpayment.jsf

All finalised and unfinalised payments for the period should be transferred into trust, this will move all money received for bookings into the trust system.

Transferring Payments to Trust ensures that you have received the money that will be credited to the owners when you transfer bookings to trust, for this reason it is not possible to transfer a booking into trust unless all the payments on the package have been transferred to trust.

3 – Finalise Packages

This is done via >> https://app.roomboss.com/ui/trust/finalise.jsf >> Choose period of interest

All packages must be finalised before they are posted into trust, this locks the packages and ensures that the bookings and the trust accounting cannot deviate after the accounting has been done.

In order to finalise a package it must have checked out, must be fully paid and all payments on the package must be posted to trust. Accommodation bookings in the package must also be allocated to a room.

4 – Housekeeping

If you are generating housekeeping charges for owners based on the RoomBoss housekeeping module Housekeeping tasks must be generated prior to posting bookings to trust. See more on the RoomBoss housekeeping module here – http://help.roomboss.com/?p=1967

When transferring bookings to trust, You should choose the correct action and, if more than one contract exists for the ownership, you can choose the contract to use. Accommodation bookings can be transferred to trust with recognition date Today (day of transfer), Day of Check-out or the Last Day of the Check-out Month.

The recognition date is the day that the account entries will be dated (the day the accommodation revenue becomes the owner’s).

6 – Once Steps 2-5 Are Completed There Should Be Nothing Present For This Period On:

Only bookings you wish to carry over to a future month should be present on this page:
If items are present on this page that you wish to process in the current month, repeat steps 2 and/or 5.

7 – Once Steps 2-5 Are Completed the Only Items Present for This Period On The Below Page Should Be Any Bookings That Check Out During this Period but Will Not Be Processed Until a Future Period :

8 – Add Account Entries for the Period –  Owner Withdrawals/Deposits and Electricity, Gas, etc Bills

For Owner Withdrawals/Deposits, via >> https://app.roomboss.com/ui/trust/payments.jsf

Owner withdrawals need to be entered and cleared; owner deposits just need to be entered.

For Bills, via >> https://app.roomboss.com/ui/trust/bills.jsf

Bills need to be entered, allocated (to 1 or more properties) and cleared.

It is also possible to make entries directly to the accounting ledgers manually or in bulk with an Excel upload via >> https://app.roomboss.com/ui/trust/manual.jsf

You can see more on the Excel upload here

Note as this is a dual entry system so all entries have to be from 1 (or more) account/ledger to another and balance to zero.

9 – Journal Entries, bills and Payments can be Voided if trust period is still open

Via >> https://app.roomboss.com/ui/trust/void.jsf

10 – Close Period

Via >> https://app.roomboss.com/ui/trust/setup.jsf >> Periods

Once this is done Owner reports links for owners with single properties will show on https://app.roomboss.com/ui/trust/ownerStatements.jsf

For owners with multiple properties there is a link to a report for all properties on https://app.roomboss.com/ui/trust/setup.jsf >> Owners

Owner reports can be customised with your branding please ask us about this.