Unit Owner Items

Setting up Unit Owner Accounts
Before creating and setting up Unit Owner Accounts, there are certain items that need to be in place for this to happen. We will go through each process as necessary to complete a successful setup.
Setting up the Statement Format
Based on the parameters selected, the Unit Owner Statements will print based on Consumption or by Departure Date. Based on Consumption – the system will only tabulate parts of the reservation that has already been consumed. Based on departure Date – the system will tabulate the transactions only when checkout is initiated and will record the items on the checkout date.

  • Setup
  • Properties
  • Click on Property Name
  • Click on Options
  • Generate Unit Owner Statement by: (Check the appropriate box)

    • Departure Date
    • Consumption Date
  • Publish

Setting up the Ledger Accounts
The Unit Owner Ledger Accounts are created to properly record all the revenue and expense activities generated from operating the Unit/Room. These items will appear on the Unit Owner Statement as line item revenues or expenses. Additionally, any expenses incurred by the Unit Owner should be created in this section.

  • Setup
  • Ledger Accounts
  • Click on New Account (New fields will open at the bottom of the page)
  • Name – enter Item name example; Unit Revenues, Management Fees, Credit Card Commission Fees, Maintenance Fees, Cleaning Fees, etc.
  • Enter description (same as the item name)
  • Type – Select Unit Revenues for revenue based items and Unit Expense for expense items
  • Save

Setting up Unit Owner Revenue Items
The Unit Owner Items module gives you the ability to create Unit Owner Revenue and Expense calculation rules. After the completion of this setup, the system will automatically calculate the values as stated and print these on the Unit Owner Statements. To create an account, you would click on;

  • Accounts
  • Unit Owner Items
  • Click on New Item
  • Enter Item Name , example; Unit Owner Revenue @ 100%
  • Display Name (can be the same as the Item Name)
  • Description (can be the same as the Item Name)
  • Value (enter 100)
  • Check the Percent box
  • Check Owner Revenue radio button
  • Category (select “Unit Owner Revenue” from the drop-down screen)
  • Net of Expense (Optional) If you would like the revenue to be net of all expenses.
  • Rank (enter the number you would like to rank each item on the Owner Statement)
  • Group Individual Items (Optional) if you would like to group items according to categories
  • Include other Net Expenses (Optional) if you would like to add other relevant net expenses
  • Click on the Associate tab – Ledger Account Picker window will open
  • Select the relevant Ledger Account – in this case it would be “Room Charges”
  • Done (window will be closed)
  • Save or Done (at bottom of screen)

Setting up Unit Owner Expense Items
The Unit Owner Items module gives you the ability to create Unit Owner Revenue and Expense calculation rules. After the completion of this setup, the system will automatically calculate the values as stated and print these on the Unit Owner Statements. To create an account, you would click on;

  • Accounts
  • Unit Owner Items
  • Click on New Item
  • Enter Item Name , example; Management Fees @ 25%
  • Display Name (can be the same as the Item Name)
  • Description (can be the same as the Item Name)
  • Value (enter 25)
  • Check the Percent box
  • Check Owner Expense radio button
  • Category (select “Unit Owner Expense” from the drop-down screen)
  • Net of Expense (Optional) if you would like the revenue to be net of all expenses.
  • Rank (enter the number you would like to rank each item on the Owner Statement)
  • Group Individual Items (Optional) if you would like to group items according to categories
  • Include other Net Expenses (Optional) if you would like to add other relevant net expenses
  • Click on the Associate tab – Ledger Account Picker window will open
  • Select the relevant Ledger Account – in this case it would be “Management Fees”
  • Done (window will be closed)
  • Save or Done (at bottom of screen)

Setting up Unit Owner Accounts: (Owner Profile)
The Unit Owner Accounts feature gives you the ability to manage and maintain Unit Owner accounts and to record all revenues and expenses associated with each owner. Units/rooms are also assigned to the respective owners so that their transactional activities can be tracked. Each time a guest stays in one of these assigned units/rooms, all revenues and expenses associated with this reservation will be assigned to the respective Unit Owner. To create an account, you would click on;

    • Accounts
    • Accounts
    • Account Type (Select Unit Owners)
    • Click New Account  at the bottom of the screen
    • Enter all mandatory fields indicated in red:

      • Account Name (unit owner name or company name)
      • Market Segment (if made mandatory during setup)
      • Referral  (if made mandatory during setup)
      • First/Last  Name (of unit owner)
      • Phone
      • Address
      • City
      • State
      • Postal Code
      • Country
      • Email Address (Optional)
      • Tax Exempt (Optional)
      • Tax Exempt ID # (Optional)
      • Bill Type (enter payment information, e.g. credit card, check, cash, etc.)
    • Check Use Mailing Information box, if mailing Information is the same as Billing Information.
    • For Credit Cards – enter card expiration date
    • Billing Notes – enter credit card CVV code
    • Click on Associate Rooms tab (Room Picker window will open)
    • Select rooms/units that are owned by the respective Unit Owner
    • Click Select
    • Click on the Calendar to edit the “Purchase Date”. (purchase date should be earlier than the first account transaction)
    • Click on Done