Information about the accounting tool we designed for Vacation Rental Business.
The following video is a Tutorial about how to use the Accounting Module. However, if you prefer to have more details, just keep reading this article:
The system is built on three basic concepts: Accounting Statements, Recipients and Payments.
Let’s start with the Recipients: a Recipient is simply a person or company to whom money is to be paid. For each Recipient you can define something we call a Strategy that tells our software how we should create Payments for that Recipient.
Whenever you define a Strategy for a Recipient, you will be asked to define what kind of money they should receive from:
- Bookings: Let’s say 88% of the rental price on all bookings except on one rental named “Tamariu Foraió” from which they will earn 80% of the rental price.
- Fees: Let’s say for example, 0% of all the fees, except for all those fees that contain the word cleaning, from which the recipient will earn 100% of the fee.
- Taxes: Let’s say for example that this recipient cannot earn money from taxes. Then we can just skip this part.
- Recurring Expenses: Let’s say this person pays a recurring check-in expense of 25€ per booking made.
The Strategy for the recipient would look like this:
Strategies allow a high level of customization. Feel free to play around with them as much as you want until you have a solid strategy for each one of your Recipients.
The second concept we need to talk about are the Accounting Statements which is a unit of accounting that has all the economic information for a number of filters: a Given Set of Rentals, a currency and all the bookings that start between two dates and match the previous filters. They do not take Strategies into account and provide a nice starting point from which we can create payments for recipients. While creating a statement, you will see a form like the following, from which you can filter the Bookings you want.
Once created you will get a report summarizing all the information for that Accounting Statement. You can see details for each booking, download the report or start creating payments for that Accounting Statement.
Once the Accounting Settlement is created we can start the last part of the journey, Payments: When creating a payment for an Accounting Settlement, you will be asked to select a Recipient. And once selected, Rental Ninja will start generating the Payment Report for that Recipient using it’s previously defined Strategy! Awesome right?
You will be presented with a Payment Draft that you can edit and modify as you wish until it looks as good as it needs to be.
Finally, you will also be able to download your payments and add attachments (invoices, transfer receipts or anything you want) to it for later reference.
Give it a try!
We really hope you give it a try and let us know if you miss something or you would do something differently. We’re here to help, guide and listen to you.
The Accounting Module is included in the Professional plan, at 4€ rental/month. This plan also includes the Guests App, an app for your customers, to let them know all the information they need about their stay, reducing the amount of emails with them. However, both features can be tested while your are on the free trial.