Pre-End of Month Processing
Pre-End of Month processes for Owner Accounting properties in RMS.
The following checklist can be completed in the final days of the current month, prior to running End of Month in RMS.
For preparations to be completed throughout the month, please click here.
Update Reservations
Complete the following checks on the last day of the current month.
- Ensure all reservations and reservation accounts are up-to-date.
- Review the Overdue Arrivals & Overdue Departures Reports.
- Complete any outstanding Arrivals or Departures.
- Ensure any departures for the current Trust Month to be paid to the Owner in the current month are not left outstanding.
Three Way Balance Report - Trust Accounting
Reports > Owner Accounting > Three Way Balance Report
- Generate a Three Way Balance Report.
- Ensure the Totals displayed balance.
Bulk Owner Charges
Owner Accounting > Bulk Owner Charges
- Process any outstanding charges to the Owner Accounts for the current month.
Create Expenses
Owner Accounting > End of Month > Create Expenses
- Process EOM Expenses including any Housekeeping Task Costs for long term reservations.
- If no EOM Expenses or Housekeeping Task Costs for long term reservations exist there will be no expenses displayed for processing.
General Transfers
To be completed on the last day of the current month.
Owner Accounting > General Transfers
- Ensure no Accommodation Charges are displayed. If present these must be addressed before continuing.
- Select and pay the charges for the Manager Account from the departed reservations.
- Run a General Transfers Report after paying General Transfers for the date General Transfers was processed.
- Run a Trust Travel Agent Commissions Report for the breakdown of Travel Agent Commissions paid in General Transfers.
Third Party Payments
To be completed on the last day of the current month for properties using Third Parties.
Owner Accounting > Third Party Payments
- Ensure there is sufficient Nett Owner Income to pay the selected Third Party.
Create EFT File
Complete this step if using bank transfers for payments instead of cheque.
Owner Accounting > Create EFT File
Trust Reconciliation Report
Reports > Owner Accounting > Trust Reconciliation
- Ensure the totals match.
- Review for any 'X' indicators or mismatch in balances.
Owner Statements
Reports > Owner Accounting > Owner Statement
- Review the generated Owner Statements to ensure accurate.
Monies Held in Trust Report
Reports > Owner Accounting > Monies Held in Trust
- Generate the MHIT Report for the current date.
- Select the 'Sort By' option as 'Depart Date'.
- Ensure any outstanding Cancelled Reservations with charges on the account or Departed Reservations from previous months are actioned prior to processing EOM.