Understanding the Trust Reconciliation Report
Trust Reconciliation Report Overview - Watch Video
1. Accessing the Trust Reconciliation Report 0:03
Navigate to the reports section.
Select the Trust Reconciliation Report from the available options.
2. Selecting the Date for the Report 0:17
Choose the date you want to view the report for.
Example: Select July 31st to see the month-end balance.
3. Reviewing Trust Account Balances 0:25
Observe the total balance in the trust account (e.g., approximately $2.5 million).
Check the breakdown of net guest balances:
Departed guest receivables and deposits.
Balances for guests currently staying.
Advanced deposits for upcoming stays.
4. Analyzing Payables and Liabilities 0:40
Review lodging taxes payable and any accounts payable (unpaid expenses).
Examine all payables or owner balances:
This shows net income or ending owner's statement balances as of the selected date.
5. Collapsing Sections for Clarity 0:51
Option to collapse sections of the report for easier viewing.
6. Reviewing Manager Fees 1:08
Check amounts payable to the management, listed by fees earned over time.
7. Summary of the Report's Purpose 1:08
The report provides a comprehensive view of the balance sheet.
It helps ensure that the trust bank balance aligns with all liabilities and balances owed to:
Owners
Accounts payable
Lodging taxes
Advanced deposits
Accounts receivable.