Adjusting Deposits on Pre-Go-Live Reservations
Handling Pre-Go-Live Reservations and Adjusting Deposits 💼 - Watch Video
Objective
This SOP outlines the steps to adjust deposits received for reservations that were pre-go-live, ensuring accurate accounting and reporting.
Key Steps
1. Identify the Reservation and Payments 0:00
Confirm the reservation details, including check-in date and go-live date.
Note the total payments received post-go-live for the pre-go-live reservation.
2. Mark the Reservation in VR Trust 0:43
Ensure the reservation is marked as zero dollars in VR Trust since it is pre-go-live.
3. Create a New $0 Deposit 1:28
Navigate to the deposits section and select 'Add New Deposit'.
Enter the deposit date (use the first day of Go-live).
Select the bank account where the money was received.
4. Adjust the Deposit Details 2:07
Input a description indicating the adjustment for the pre-go-live reservation.
Enter the total of the negative payments as a negative amount (e.g., -$10,989).
5. Record the Adjustment 2:31
Adjust the deposit to reflect the opening trust account surplus or deficit.
Ensure that the accounts receivable (AR) is accurate and reflects the adjustments made.
6. Verify the Adjustments 3:14
Check that there are no negative payments showing on the reservation that is marked as zero.
Cautionary Notes
Ensure that all adjustments are accurately recorded to avoid discrepancies in financial reporting.
Double-check the bank account selected for the deposit to ensure it matches the account where the payments were received.
Tips for Efficiency
Use consistent naming conventions for descriptions to make tracking easier.
Regularly review pre-go-live reservations to ensure timely adjustments are made.