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What Accounting Functions are Automated? Which are still required?
What Accounting Functions are Automated? Which are still required?

This article provides the details of VRPlatform's Accounting Automations and explains what accounting processes are still required.

Updated over a week ago

When using VRPlatform's Accounting Automations, the following tasks will happen automatically once your setup is complete:

  • Customers, Reservations, Payments, and Deposits are automated by VRP

  • Management Commissions Stripe Fees, Channel Fees, or any fee (fixed or % based) can be automatically recorded by VRP

  • Owner Statements will automatically pull in revenue and expenses for the month (as long as the accounting steps below are completed timely and accurately)

  • When Owner Statements are completed, a bill will be created in QBO to easily convert to that statement to an owner payout.

NOTE - you will be required to review your configurations on a regular basis (weekly is recommended)

The following accounting tasks are strongly encouraged to be performed weekly or monthly when utilizing VRPlatform to ensure accuracy in your owner statements and financial reports:

To ensure accurate reporting and uphold best practices of trust accounting, it's essential to thoroughly understand and execute the following accounting processes:

Understanding the automated and manual accounting processes enlisting VRPlatform's method of trust accounting is crucial for property managers to guarantee efficient, timely, and accurate financial reporting. By comprehensively grasping these aspects, property managers can streamline their accounting practices and leverage the capabilities of VRPlatform effectively.

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