Agency Change of Ownership (RMS)

When the agency is sold the following procedure should be followed:

Contact RMS accounts at [e-mail] to register a change of ownership as there is some paperwork they need to get in place, along with the new owner's details so RMS can assist in the changeover.

RMS clients are offered 2 hours free of charge training for new owners (only if they need it) RMS assist on the day before to finalise reports and on the day of settlement RMS do a pay owner manager but not change the trust date.

There are some things that you need to look into prior to the changeover so I will give you that list below:

1. Print out the report MHIT - Monies Held in Trust in deposit date order so you can check that there are no old bookings in this area that have not been allocated. 
2. Print out the Debtors Ledger using the filter - Reservations Only and Departed - as this may need to be cleaned up.
3. Print out a Bonds Held for Departed Bookings only
4. Print out the Trust Summary report and look at the closing forward balances, these should be left there and would be an adjustment with the new owner.
5. Please check all outstanding departed bookings as you would be owed this commission and cleaning.
6. Lastly, check all in-house bookings for any commission owing to you up until the settlement date.
7. The morning of settlement day, RMS turns on the function to allow all General transfers in the future that can be paid to to the old owners (if they are owing to them). They turn that function off as soon as this is done. Client must process any 3rd party payments that they need done before the settlement. Any Bulk owner charges if applicable, and anything else they want to include for owners accounts. Then finally they close the banking (if applicable) and take no further receipts for the day. We wait for settlement to be confirmed.
8. There is no need to split the reservations unless you want to, RMS advises for any monies you are waiting on from travel agents for past reservations to bill the new owner from your external software for the management commissions and any other applicable expenses you incurred as a result of that reservation, so when the new owner receives the money they can pay you direct on that invoice.
9. Once settlement is confirmed all Users must be logged out and RMS performs the Pay owner manager settlement process and email those reports to the client (agency), this includes the Monies held in trust report stating what you must transfer to the new owners trust account.
10. You can then go back into the system, process the EFT file to pay manager and owners, email the owner statements, get any other reports or information you require then you are finished.
11. RMS advises Head office of the change and they email new owner and change information in the system with regard to billing and name.
12. Next morning, RMS updates the trust account, general account details in RMS, ABN, Licence number and business name if applicable so the new owners are ready to take receipts in their name from that morning.