Knowledgebase
Owners Module: Understanding Owners, Expenses, Payments, and Transaction Categories
Posted by Jeff Tweddale on 13 Aug 2013 08:41 AM

The Owners Module is intended to be used to manage accounts per "OWNER".

Individual "Owners" can be added to a Room manually or via an import routine as described at: Preparing Your Owners for Importing Into BookingCenter.

If setting up "Owners" manually:

  • Go to each Room.
  • Click Edit, and then assign the Owner to the Room.
  • Upon completion, click Save. Now that Room is now associated to the specific Owner. This function allows an Owner to be associated with 1 or more Rooms.
  • If you wish to have thee Owner login to: https://owners.bookingcenter.com, then you must also assign them a password - the combination of the ID and password is what allows Owners to login to the Owners Area, view their bookings and details, and run report on Expenses and Payments issued between a date range.

 
Entering Owners allows users to report on individual Owner bookings. Note that the system is expecting to have a commission amount applied to each owner. This commission is the portion of Room Rent revenue that the property management company realizes as its' income from the bookings that were checked out and,  in status "COMPLETE". These commission amounts can be set differently per Owner.

To track Expenses and Payments to Owners, the system must be setup with Transaction Categories. These categories of expenses are applied against revenue as debits or expenses. An example would be a "Repair". When a property allocates a specific expense, they do so via the Expenses tab, where you enter the actual expense and its' notes. These expenses, less the commission paid to the property management company, are what would be issued as Payments to the Owners at an interval you determine. The system can track a "beginning balance" and then, as payments are issued, the system keeps track of an Owner's "Current balance".

Note: Because the issuance of Expenses and Payments all takes place in the MyPMS Setup area (https://mypms.bookingcenter.com/site_owners.phtml), users who enter Expenses and Payments must have Manager level access.

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