Reviewing guest balances for reservations

Each month, initiate the month-end close process by reviewing guest balances.

This review is reflected in the VR Trust system under the guest deposits, Net of AR liability account.

Ensure the ending balance in the guest deposits account is reconciled.

Confirm that this balance represents advanced deposits collected for future reservations where revenue has not yet been recognized.

Navigate to the reports page in the VR Trust system.

Filter the trial balance report for the month under review to see how transactions affect the account balance.

Note that the account balance increases with reservation deposits recorded as credits when guests make payments.

Understand that the balance decreases when reservation revenue is recognized at check-in or check-out, based on your revenue recognition settings.

Review the total ending balance to ensure it represents valid advanced guest deposits (a liability).

Confirm that any reservations for guests who have fully checked out show a zero accounts receivable balance.

Ensure all transactions are accurately recorded before reconciling the account.

Double-check the revenue recognition settings to avoid discrepancies in the account balance.

Schedule the review process at the same time each month to maintain consistency.

Use filters in the reports page to quickly access the relevant data for the month under review.