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When a business has to hold onto other people’s money, the law requires that the money is kept in a particular type of bank account called a trust account. Guesty uses trust accounting to record and audit transactions in your dashboard. See the information below.
The trust account holds money received from the guests until the funds are transferred to other bank accounts or entities. These include your property management company’s bank account, property owners’ bank accounts, as well as tax authorities, and third-party service providers called vendors.
Trust accounting is the process involving bookkeeping, auditing, and reporting so that your trust account remains compliant with the laws and regulations. Trust accounting helps keep track of which money is owed to which entity. In trust accounting, all transaction records are processed from the trust account’s perspective.
Learn more about organizing and keeping track of your business’ finances using Guesty's Accounting solution.