Manual Entry of Advanced Deposits for Reservations
Key Steps
1. Accessing the Deposit Section 0:03
Navigate to the deposits section.
Select 'Add Deposit'.
2. Setting Deposit Details 0:23
Set the date to the first day of the VR Trust Go live month.
Select the bank account as the trust account.
Set the deposit amount to zero.
3. Entering Advanced Deposits Description 0:23
In the description text box, enter 'Opening Advanced Deposits'.
4. Adding Reservation Lines 0:42
Select the reservation that requires a manually entered advanced deposit.
Enter the gross payment amount received for the reservation (e.g., 346.94).
5. Adding Non-Reservation Line 1:11
Go to the non-reservation tab.
Enter the contact (use the property management name).
In the description, enter 'Opening Advanced Deposits' and indicate the listing.
Select the account as 'Opening Trust Accounts Surplus Deficit'.
Enter a negative amount (e.g., -346.94).
6. Ensuring Total Deposit Amount is Zero 1:22
Confirm that the total deposit amount equals zero.
7. Saving the Entry 1:43
Save the entry.
8. Reviewing Advanced Deposits 1:54
Go to the statements page.
View the PM statements and drill down into the first month's PM statement.
9. Checking Opening Trust Account Surplus Deficit 2:07
Drill down into the opening trust account surplus deficit account to see all opening advanced deposits.
10. Confirming Trust Account Status 2:32
Subtract all amounts included in the opening bank balance to confirm if the trust bank account is fully funded.
11. Finalizing Opening Balance Entries 2:41
Ensure all opening advanced deposits, owner balances, and tax liabilities are recorded.
12. Assessing Trust Account Balance 2:52
If the opening trust balance account is positive, it indicates a trust surplus.
If negative, it indicates a deficit.
Cautionary Notes
Ensure all entries are accurate to avoid discrepancies in the trust account.
Double-check the amounts entered for reservations and non-reservations to maintain balance.
Tips for Efficiency
Regularly review the trust account to catch any errors early.