In this article, we'll be recapping the Office Hours webinar held in September 2023. Led by our expert team, this engaging session was dedicated to showcasing the latest features in VRPlatform, as well as sharing invaluable best practices for our users. This webinar covered how to complete month end close via the locations approach.
We are delighted to present the full recording of the session, allowing you to review and revisit the content at their convenience. Additionally, the webinar included time for Q&A, where attendees had the opportunity to interact with our experts and gain personalized solutions. Join us as we dive into the key takeaways from the "Office Hours" webinar, empowering you to maximize your experience and success with VRPlatform.
The video above is conveniently broken up into chapters, allowing you to easily navigate and skip to specific sections as needed.
00:00 - Intro
01:47 - QBO banking set up
02:13 - Record expenses out of the Trust Account using Locations
06:38 - Record month end journal entries for the Operation Account (part 1)
10:48 - Record month end journal entries for the Trust Account (part 2)
13:15 - Review the balance sheet report to ensure journal entries are entered correctly
13:49 - Record transfers
16:04 - Record bank deposits
17:29 - Review the balance sheet report
19:29 - Review the P&L report to view break out by location
20:20 - Summary of balance sheet location method
22:22 - How updates affect owner statements in VRPlatform Open Forum for Q & A 27:40 - Q/A #1 - How do I update mappings to show as an expense for the owner? 36:15 - Q/A #2 - How do I get rid of a negative balance on an owner statement? 42:41 - Q/A #3 - What do I map Airbnb pass through total to?
43:31 - Q/A #4 - What steps are needed to take care of cancellations?
50:00 - Conclusion