Setting up Accounting

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Accounting by Guesty is a premium feature. Please contact us to discuss activating it.

Follow the steps below when setting up Accounting by Guesty for the first time. We recommend creating only one business model to start and test it on only one confirmed reservation to make sure you understand how to use the feature before using it on a wider scale.

Step 1: Complete checklist

Before getting started, complete the following tasks:

Step 2: Set up and activate Accounting

  1. Create one business model according to your contract with the owner and the split between the PMC and the owner.
  2. Assign one listing to the business model: Make sure the listing has only one confirmed reservation in the current month.
  3. Activate Accounting.
  4. Check if all four sections of the accounting folio were calculated according to the business model:
    • Advanced deposit: A debit transaction indicating services were given to the guest, or a credit transaction indicating that the guest is owed an equivalent service for their payment.
    • Accounts payable: A debit transaction indicating the PMC or the vendors were paid their balance of the reservation from the trust account, or a credit transaction indicating that a share of the reservation is owed to the PMC or to a third party, usually the channel commission.
    • Owners: A debit transaction indicating the owner has been paid their share of the reservation from the trust account, or a credit transaction indicating that the money in the trust account, which is the guest payment, belongs to the owner.
    • Cash: A debit transaction indicating money was refunded to the guest, or a credit transaction indicating money was received from the guest.
  5. Owner statements: At the beginning of the month, the owner statement of the past month will be available to you. We recommend you do the following each month:
    • Review the statement
    • Post payment after you pay the owner
    • Send the statement to the owner
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