Step 6: Configuring VRAccountant: Other settings

Set your revenue recognition date, designate your management company (MC) class, and optionally set the date parameters for syncing past reservations during your initial sync
 

Define your Revenue Recognition Date

Your "revenue recognition date" is the date you use to determine when guest income becomes payable to both you and the owner. This is typically either the check-in date or check-out date. It is the date that VRAccountant will use on a reservation invoice and the corresponding "owner expenses" bill in QBO. While the invoice and bill will be created in QBO upon confirmation in your PMS, the invoice and bill will be posted in your financial statements on the date you select here (that is, in the future). 
 

If a reservation is cancelled in your PMS prior to check-in (or check-out), VRAccountant will zero out the invoice (and delete the corresponding owner-expenses bill) in QBO.
 

From the Revenue Recognition Date dropdown list, select the date you want VRAccountant to use on reservation invoices and the corresponding owner-expenses bills.
 

In the interest of flexibility, VRAccountant allows for the use of the "confirmation date" as the revenue recognition date.
However, we strongly advise against using the confirmation date as the date used to drive payouts to owners or yourself as the property manager.

If you’ve taken deposits in advance, cancellations, refunds and disputes/chargebacks can leave you scrambling to find available cash.
And because channels like Airbnb don't remit guest payments to you until the check-in date, you could find yourself paying owners with money you don’t have yet.

Map your management company (MC) class

As you'll recall from setting your listing-specific preferences, you have the option to "Use MC Class" on each individual invoice item, which you'll designate here.
This feature allows users to tag certain items on a guest invoice as management company income, rather than owner income.

Income items tagged with the MC class will not appear on an owner's statement in QBO.

From the MC Class dropdown list, select the class that corresponds to your property management business (ex: Property Management Co. LLC).
 

Don't see the class you want to use? You may not have added it during your QBO configuration. That's okay - refer to these steps to add it now.

Then,

1. Return to the onboarding wizard.

2. Select Save at the bottom of the page.

3. Select Workflow Configurator to return to the onboarding wizard and see your updates listed. 
    

Set the date parameters for syncing past reservations during your initial sync
 

During your initial sync (and only during your initial sync), you can elect to sync guest invoices (and their corresponding payments and owner-expenses bills) on past reservations (meaning, bookings that have already been confirmed).

In practice, this is particularly useful if you're onboarding with VRAccountant in mid-month.
 

Many times, our customers elect to onboard in the middle of an unfinalized owner statement period but want to use VRAccountant+QBO to produce the current period owner statements.
Using the filters you set here, VRAccountant can record invoices, payments and bills for owner expenses on completed stays back to the beginning of the month.
 

For example, imagine you're onboarding 3/13/2021 but want to use VRAccountant+QBO to produce your March owner statements. With the following parameters, VRAccountant will record:

1. all existing reservations that already arrived (or departed) on 3/1/2021 or later as of 3/13/2021, and

2. all existing reservations that are confirmed as of 3/13/2021 but that do not arrive (or depart) until after today
    

Many users who find themselves behind on their bookkeeping usually hear about the ability to sync historical reservations and jump at the opportunity without fully considering the repercussions. The decision to sync past reservations should be made quite carefully, and may not be the most efficient route to take in all situations.
 

Our best advice:
 

First, we generally do not recommend syncing reservations that have completed (that is, arrived or departed) prior to the 1st day of the current owner statement period (3/1/2021 in our example above).
There is little to gain from attempting to "re-create" the owner/trust accounting for prior owner statements periods that have already been paid out.
 

Second, if you're nearing month-end, it may very well be in your best interest to wait until the first day of the next owner statement period (4/1/2021, in our example above) to start your first VRAccountant sync.
Unless you're confident that you have the time, desire or ability to "play catch up" in the current month, take comfort that you'll "do it the old way" one last time, finish out the current month and start fresh with VRAccountant's automation for arrivals (or departures) on or after the first of the next statement period month (ex: 4/1/2021).
 

If you'd like to discuss your particular situation further, please consult your dedicated Ximplifi onboarding specialist.

You can proceed to step 7 here.