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:
Owner and operating expense capture in QBO bank feed (NOTE - if done correctly, the owner expenses will automatically carry to the owner statements based on how they are captured in QBO)
Matching automated journal entries to deposits in QBO bank feed
Perform month-end accounting tasks (can be done on a weekly basis)
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.