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Trust Accounting System - Condo Management Software

One of the most important elements of vacation rentals and condominium hotels is trust accounting and the general ledger.  RDP's philosophy is to provide a comprehensive trust accounting system to handle all RDP related accounting, and then interface to a third-party accounting system for all non-RDP related accounting activity. The chart below shows which accounting activities are handled by each system and the automatic interface between the two.

Please also see:  Vacation Rental and Condominium Hotel Overview

RDP Trust Accounting Data Flow - Click on any box for more details on that topic

The Trust Accounting system can interface to non-RDP accounting system in one of two ways:

  1. The totals for all G/L accounts in RDP can be automatically transferred once daily or monthly to the non-RDP accounting system.  This method provides totals for every G/L account from RDP.  The detail behind each total is held in the RDP system.  Most customers choose this method.  See a list of all accounting systems with an automatic interface.
  2. RDP can print a check to the management company once monthly for the net amount due.  This check from the RDP trust accounting system can then be deposited into the non-RDP accounting system.  This method shows the net amount to management as one total with the G/L account totals and supporting detail in RDP.

Please also see:  Vacation Rental and Condominium Hotel Overview

Trust Summary - Generate Check to Management

The screen below shows the monthly trust summary.  At the bottom left shows the $9,542.66 due to management.  Create the check by clicking "Pay Management".

Note:  Instead of generating a check to management each month, it is also possible to transfer the full trust ledger detail to your non-RDP accounting system.  See "Sample Monthly Transfer from RDP Trust to Non-RDP Accounting System" below.

Sample Monthly Transfer from RDP Trust to Non-RDP Accounting System

The following screen shows the monthly accounting summary when the entire RDP general ledger totals are transferred to the non-RDP accounting system.

Note: Rather than transfer the all monthly totals to your non-RDP accounting system, it is possible to have the RDP trust system cut a check to management each month.  See Trust Summary - Generate Check to Management.


Point of Sale Integration to Back Office Accounting

If you have the RDP Point-of-Sale (POS) interface, please see:   Point of Sale Integration to Back Office Accounting.

General Ledger Inquiry & Account Detail

The screens below show the general ledger accounts, monthly totals, daily totals, and journal detail.

Trust Ledger Account List
Allows Inquiry on any account number with full detail

The monthly totals can be shown for any account number
for the current year and all past years

Daily totals are displayed for any month
 by clicking the month

The journal detail for any day, for any GL account is displayed by clicking the day.  The full Debit/Credit detail for any journal entry
is displayed by double clicking the row




Data Flow from Reservations, Work Orders, and Housekeeping to Owner Statement and General Ledger/Trust Accounting

Information flows automatically from Reservations, Work Orders and Housekeeping to the Owner Statement and Trust Accounting system as follows:
General Ledger
Chart of Accounts
and Transactions
Add your general ledger (G/L) account numbers to the RDP chart of accounts.  G/L account numbers are assigned to transaction codes.  Transactions are posted to reservations, owners, travel agents, groups, work orders, and other RDP system entities.  Every transaction creates a balanced entry in the RDP Trust G/L.
 
Once a day or once a month, the totals for all RDP G/L accounts are automatically transferred to any supported non-RDP accounting system, which then produces the final income statement and balance sheet.
Add Rooms Each managed property is entered into the system.  Properties can be made available for any managed rental (short or long term) or non-rental properties.  A complete description, pictures, and inventory are available for each room/property, including virtual tours.  Lock-off units are allowed. 
Assign Owners Owners are assigned to rental units when appropriate.  Each owner can be paid a different percentage of any reservation revenue.  An owner can own more than one unit, and a unit can be owned by more than one owner.   All owner history is retained when units are sold, and 1099's can be printed for both the old and new owners. 

In addition to these features for whole ownership, please see Timeshare System Overview.  
Reservations Reservations can be made for all units: both owned and not owned.  The ownership status of a given unit is transparent to the reservationists.  Owners can reserve units and view calendars on the Internet.  All charges, deposits, and payments on reservations automatically flow to the owner statement and trust accounting system. 
Guest History Guest history and reservation history is stored forever based on storage capacity.

See Guest History and Marketing and Guest Rewards Program - Customer Relationship Management.
Owner Reservations Owners can reserve their unit for themselves or their guests using the Internet.  They can also inquire on their calendar and other information.  Optionally, owner referral reservations can also be made by the owner.

See Sample Internet Reservation Screens.
Integrated Email Email confirmations and marketing is fully integrated into the owner system.  Customizable HTML confirmations can be emailed automatically before or after a guest stay.

See Integrated Email.
Guest Internet Reservations Guests can make direct, commission-free reservations 24 hours a day, 365 days a year using the Internet Reservations Module (IRM).
Travel Agents Travel Agent reservations can be made using the Internal RDP reservation system or entered directly on  the Internet.
Groups Group reservations can be made using the Internal RDP reservation system or entered directly on the Internet. See Group Reservation and Billing Overview.
Rates and Packages The system automatically calculates the rental amount based on the reservation dates, type of unit, number of people and many other factors.  Each unit can have different rates.  Packages can be created for the guest that include items other than rent such as golf, food or other activities.  See Rates and Package Overview.
Additional Reservation Charges In addition to calculating the rent amount and package components, the system can calculate other charges such as booking fees, security deposits, travel insurance, cleaning fees, cancellation charges and much more. The system can be configured to pay the owner a share of the rental but not additional package activities or reservation charges.
Guest Itinerary and Activities The system can build a complete guest itinerary for activities and services.  Coupons or tickets can be printed and reconciled for each activity. The owner can receive a portion of some of the charges and not others.  See Guest Activities and Itinerary.
Owner Statement The system automatically itemizes each reservation on the Owner Statement each month or billing period. All other charges or payments received are included on the statement.
Work Orders Work Orders for rental and non-rental units can be entered from any workstation or by the owner using the Internet.  Charges and descriptions for work orders automatically flow to the owner statement.  Work order vendors can be paid using the system.
Housekeeping Charges to the guest or owner for Housekeeping are automatically calculated based on unit # and appear on either the guest rental contract or owner statement.  Housekeeping scheduling and forecasting is available, as well as tracking payment to outside housekeeping companies.
Trust Account and General Ledger Transactions can be posted to one owner, all owners, or to all owners of a specific unit type. The system immediately updates the owner's balance due and automatically updates the Trust Accounting System and General Ledger.
Pay Bills for Owners Bills can be paid for owners such as cable, electric, gas, etc.  The system can print checks to the vendors and bill the owners on the owner statement.
Over 300 Reports Many Crystal reports are available showing reservations, work orders, housekeeping, accounting and much more.  See Sample Screens, Sample Reports, and Crystal Reports Overview.
Owner Statements and Checks The Owner Statement is created each month.  It can be printed and mailed to the owner or emailed.  All past owner statements are available for the owner to view or print securely on the Internet.  Other owner specific attachments can be included with the emailed statement such as a copy of an invoice, work order notification or utility bill.  Checks to owners are printed from the RDP system or can be printed from a third party product.  Month-to-date and Year-To-Date totals per owner are available.
IRS 1099s Owner 1099 Statements can be printed each year or distributed on magnetic media.
Owner History Owner history is maintained forever and is only limited by available disk space.  For example, reprint an owner statement from last month, last year or five years ago.  All work orders and housekeeping information is available for historical inquiry and on various reports.
Track Sold Units When a unit is sold, assign the new owner to the unit while keeping the old owner's information and history in the system.  For example, when a unit is sold on May 31st (mid-year), the system can print 1099 statements for the old owner and the new owner.


Please also see:  Vacation Rental and Condominium Hotel Overview.

Hospitality Ledgers Tracked

As part of the night audit process, the RDP system tracks the following ledgers:

Ledger Name Definition
Advance Deposit Ledger Holds the sum of all advance deposits received on future reservations.
Guest Ledger Holds the sum on the balance due of all guests currently checked-in.
City Ledger Holds the balance due from all groups, companies, and wholesalers.
Travel Agent Ledger Tracks all payables and prints checks to travel agents.
Owner Ledger Includes a complete condominium and timeshare owner accounting ledger, with working balance and full Owner Trust Accounting.
Work Orders Work orders are tracked and checks printed with the Work Order Ledger.
Credit Card All credit card payments are tracked and reconciled.

Related Screens and Reports:

 

 Software Overview

Resort Data Processing (RDP) software has been installed since 1981 at over 1000 locations worldwide (see customer list).  Please use the links below to learn more about RDP software for Hotels and Resorts. If you are renting homes or condominiums on a short term basis, please start with Vacation Rental Overview.  Timeshare properties should begin with our Timeshare Overview.  Our Campground system is also available.  Our systems are fully integrated, so all features in our hotel system are available for vacation rentals and timeshare resorts and vice versa.

Contact RDP Sales for pricing information or to schedule an onsite demonstration.

Core RDP Modules Interfaces
     

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