Key Steps
Step 1: Access Fees and Commissions 0:03
Navigate to the Fees and Commissions section.
Select Add and choose Management Commission.
Step 2: Enter Commission Details 0:10
Input the Commission Name.
Set the Rate for the commission.
Choose the Channels to apply the commission.
Step 3: Configure Advanced Settings 0:21
Open Advanced Settings.
Select the Revenue Recognition Method that matches your reservation settings.
Decide if the commission applies to All Reservations or only Booked Reservations.
Step 4: Include Cancellation Revenue 0:38
If applicable, select All Reservations to include cancellation revenue as commissionable.
Step 5: Set Tax and Revenue Accounts 0:48
Choose the Tax Rate if needed.
Set the Revenue Account to Management Commission Revenue.
Set the Expense Account to Management Commission Expense.
Step 6: Select Commissionable Items 0:56
Review and select the accounts to include in the fee:
Cancellation revenue (if paid to the owner)
Rents
Net accommodation fare
Channel fees
Merchant fees
Include any other commissionable items as necessary.
Step 7: Review PMS Line Types 1:21
Check the PMS line type for each account linked to the commission.
Ensure these assignments are set in Reservation Mappings under Settings.
Step 8: Test Management Commission 1:32
Go to the Preview Window to test the management commission.
Test on different booking channels (e.g., Airbnb) and specific reservations.
Step 9: Confirm Commission Calculations 1:56
Review the line types from the invoice and the commission calculations.
Ensure the total management commission revenue is accurate.
Step 10: Save the Management Commission 2:14
Once confirmed, save the management commission fee.
Step 11: Apply Commission to Listings 2:23
Go to the Listings Tab.
Select the listing and add the new fee created.
Set the Start Fee From Date back to a date a couple of years before your VR Trust go live date.
Step 12: Save and Confirm Fee Application 2:35
Save the applied management fee to the listing.
Step 13: Remove or Edit Fees 2:45
To remove a fee, select the listing, choose Remove, and confirm.
To edit a fee, do so within the first month before issuing an owner statement.
Step 14: Best Practices for Owner Statements 3:11
Ensure the management fee calculates correctly for all booking channels before reviewing or publishing owner statements.
Step 15: Handling Published Statements 3:21
If statements have been published, you cannot edit the fee unless you unpublish all related statements or create a new fee.
Step 16: Create and Assign New Fee 3:33
If a different management fee calculation is needed, create and assign a new fee.
End the old fee date by updating the active commission fee.
Step 17: End Old Fee and Start New Fee 3:45
End the old fee at the month-end of the most recent published statements.
Apply the new fee starting on the first day of the subsequent month.
Cautionary Notes
Ensure all calculations are verified before publishing any owner statements.
Be aware that changes to fees after publishing may require unpublishing statements.
Tips for Efficiency
Regularly review commission settings to ensure they align with current business practices.
Utilize the preview feature frequently to catch any discrepancies early.