Whether you're an experienced property management professional or a novice venturing into this realm, this guide aims to provide you with comprehensive instructions to master the art of customizing your owner statement template. By following the steps outlined in this article, you will gain the knowledge and skills to ensure your owner statements are precise and tailored to your specific needs. Let's get started!
Before you can start configuring your owner statements, at a minimum, you must first have the Owner Statement Automations turned on and configured.
If you have not completed that step yet, please check out this article to learn how!
In this article:
Statement Template
To access the owner statement template settings:
From the Statements screen, click on the Edit template icon to go to the Statement Template.
Select the Settings page at the top of the menu, select a Balance Start Date and your payout Bill Account ("Trust Liabilities:Owner Payables:Distributions (Payouts)") using the drop downs at the top right. Save your settings.
Go back to the Template page, and you will see two main sections - Net Revenue Section and Account Sections. We'll review these sections below.
Net Revenue Section
You can update the name of this section by just clicking into the title. A cursor will be displayed where you can type whatever section name you'd like to display on owner statements.
Column Name
Column name is the first column displayed in the Net Revenue section. The default column names displayed are Guest Name, Confirmation Code, Reservation Dates and Total.
You can update the column names of these by double-clicking into the field name, updating the text and clicking enter. Then click the blue Save Settings button to confirm the changes.
To add additional columns, click the Add column button and update the name of the column. Continue to the following sections to learn more.
Type
The type column is where you will select the type of data that should be displayed in the row. The box below highlights and defines the available types of fields.
Defining types:
Collections: this type allows you to map your accounts.
Difference of columns: this type allows you to subtract columns
Field: this type is used to display the data specificed in the column name field
Formula: this type allows you to create a custom formula to add, subtract, multiply, divide columns. Most commonly used for calculating statistical data.
Metadata: this type is used to pull in statistical data accounts.
Sum of columns: this type allows you to sum columns, most commonly used for calculating the total revenue.
Value
The Value column will update based on the column type you selected in the previous section. Depending on the type selected, you will be able to select from a drop down, type in text or a formula or select multiple accounts to complete a sum or difference.
For the Collection type, the select column will direct you to the account mapping section where you can map accounts to the specific column you created.
Options
The Options column will allow you to show or hide columns for all users or just for owners.
This icon will hide the column on the owner statement for all users.
This icon will hide the column on the owner statements for owners only. It will display on statments for the property management users.
Remove
You can remove any column except for the Guest Name and Confirmation Code columns. To remove, select the icon below.
Aggregate
If you would like to hide the net revenue detailed information, you can do so by using the dropdown arrow next to the"Net Revenue Section". This will hide all the line item details, only displaying total values for each column.
Be sure to save your work!
Click on the Save settings button in the top right to ensure all updates are saved.
Account Sections
The Account Sections table allows you to create a view to display other data on your owner statements outside of the information that makes up Net Revenue. This is most often used to display any other expenses incurred throughout the month.
This table functions very similarly to the Net Revenue section, but each line will be displayed in a separate section on the owner statement.
To add a section, click the Add section button.
Update the name by double-clicking into the section name field and typing the name you would like displayed.
In the Accounts mapped column, click the text 0 accounts mapped. This will redirect you to the account mappings page where you can select the account(s) that should be displayed in the section.
Options allows you to choose how to display data in the section.
Options Selections:
Aggregate section removes the line details and only display totals.
Hide type column hides the accounts associated with the expenses.
By default, $0 lines are hidden. Toggling on the Show $0 Amounts displays these lines.
Collapse Table on PM Dashboard will hide this section on the Dashboard screen.
Remove Section will delete the section from the owner statement template.
After you've completed setting up your account sections, click Save settings in the top right.
Account Mapping
All accounts from your accounting system will be listed in the Accounts table. The objective on this screen is to to ensure all accounts have been mapped to a Collection.
While still in the Statement Settings screen, click on the Account Mapping tab.
Go through the account list and assign each line to a collection. Double-click the fields in the collections column to select a collection from the list. Any account that you do not want to be included in your statements should be marked as Excluded
Note that only the Other Current Liability accounts beginning with "Trust Liabilities:Owner Payables" should be assigned to a collection in your template.
Once you've mapped all accounts to a collection, click the Save settings button in the upper right corner.
If you do not see the Collection you want to map the account to, you can create it on the Statement Template screen.
To watch our Guideflow on how to setup your owner statements click here.
Post-Configuration
Once you have finished configuring your statement template and mapping the accounts, you are now ready to run your owner statements. Congratulations!