Did you become a Property Management (Premium Feature) user on or after October 23, 2024? If so, your account version is PMv2 and must reference the PMv2 support documentation. In other words, you're in the correct spot!
If you were using Property Management before October 23rd, you must reference the PMv1 (Legacy) support documentation.
Do you manage bookings on behalf of other owners? Do you have co-owners or friends who own some or all of the cabins you manage and to whom you charge a monthly commission? If so, OwnerRez's Property Management premium feature can help you with that management.
OwnerRez's property management system allows you to calculate your commission and expenses and generate monthly statements for your owners in a clean, fast way. It is built directly into the booking system you already use.
Our property management system follows the trust/escrow accounting model, where it is assumed that you are collecting payments from guests as "rents in trust" in a separate escrow bank account. We then provide you the ability to generate "owner statements" for both the owner and the PM (you!) so that money is periodically recorded and moved from escrow to the rightful party.
If you're just starting out, the first step is to open a dedicated "rents in trust" escrow bank account. This important first step is often overlooked and could possibly negatively impact your financial statements.
The property management premium feature includes flexibility in configuring and displaying expenses and allows the creation of custom formulas for owner statements. It also closely follows the "everything is an expense" theory in property management, which emphasizes the importance of meticulously tracking and managing all costs, such as regular maintenance, repairs, cleaning services, supplies, etc. This theory posits that every activity, resource, and transaction should be recorded as an expense, whether direct or indirect. By understanding and controlling these costs, businesses can gain insights into their financial health, improve profitability, and make informed strategic decisions. This approach is particularly valuable for short-term rental companies due to the variable and dynamic nature of their operations.
Get started by reading the Setup & Configuration support article.