This post will cover how best to use traditional accounting platforms like QuickBooks and more specialized property management software (PMS) like Track or LiveRez in tandem to optimize your accounting processes and avoid duplication of entries.
I’m sure you hear us use the term “reconciliation” all the time. Making sure that accounts are reconciled is a high priority for us, and there’s several reasons why beyond the obvious.
We tend to think of “rocks” as challenges or issues that block our path, but if we’re rock-strategic, we can use them to achieve our business goals.
LiveTrust is robust, and it requires that you stay on top of important tasks to keep your vacation rental accounting records in order. To make things easier for you, we’ve put together a complete checklist.
There are numerous steps and processes that go into accurate trust accounting. One of those steps is reviewing reports that tell you if your trust account is in balance and if you’re holding all the funds as you should.
In vacation rental accounting, paying one stakeholder with funds due to a different stakeholder causes a commingled trust account. But what is commingling, and why is it a problem?
Discrepancies between a bank account and a vacation rental accounting system occur more often than you might think. Performing a monthly bank reconciliation ensures your financial records are accurate.
Is the time you spend on vacation rental accounting taking your focus away from growing your business, or servicing property owners and guests? It might be time to find an outsourcing partner.
Gift certificates for short-term vacation rentals are a great tactic for bringing new guests to your properties, but did you know they are considered advance deposits and require special handling?
