Daily Bank Reconciliation

1. In Menu Search type Bank Reconciliation and select Owner Accounting and Bank Reconciliation
2. In this step we are going to present any transaction that appear on the bank statement, i.e. Payment Gateway Deposits, Payments and Adjustments - use the drop down box to move through each option
   
   
3. Next you need to establish from your credit card payment gateway provider which of these transactions have been deposited into your bank.  You should get a daily report from them.
   Tick the credit card payments that you have received and make sure that they add up to the amount received on your Bank Statement.
   
   
   
   
4. Present by selecting the calendar with a tick in the right hand corner
5. Once you have confirmed the correct amount select the date you want it presented on
6. Select the tick in the right hand corner to present
   These presented items will disappear from the screen and can be viewed under Show Presented
   
   

Receipting direct credits

If there are other transactions on your bank statement you will need to receipt the funds to the correct reservations. Some examples of this may be:

1. Airbnb payments - best receipted in RMS as the guest will have already had an acknowledgement of payment directly from Airbnb
2. Direct deposits from guests - best receipted in Homhero as the guest will receive an acknowledgement of payment - it can however be receipted in RMS
3. Owner contributions - must be done in RMS
   
   Where acknowledgement of payment is not required, it should be receipted in RMS.  Any other funds received on your bank statement directly by the guest should be receipted into Homhero so the guest will receive an acknowledgement of payment.

Receipt a payment in Homhero

1. Find and open the reservation in Homhero and select the green Payment Options in the bottom left hand corner
2. Select Add Payment
   
   
   
3. Use the arrow on the right hand side of Payment Method and select direct credit for payment method
4. Ensure the amount is correct
5. Change the date received in bank account
6. Submit
7. Save
   
   

If you have made any payments i.e. third party creditor payments, owner disbursements or guest refunds you should present these in your Bank Reconciliation under Payments

1. Select Payments
2. Select the transactions that add up to the debit in your statement
3. Make sure that the payments add up to the payment listed in your bank statement
4. Use the Calendar with the tick symbol in the right hand corner to present the payments
   
5. A box will appear and ask you to confirm that you wish to present them. Change the date to the day that you the funds left the bank account
6. Select the tick in the top right hand corner
   
   
   

Reconciliation

1. In Menu Search type Three Way Balance and select Owner Accounting and Three Way Balance
2. Alternatively you can use the symbol in the right hand corner of your Bank Reconciliation but this will open up a complete new RMS window

1. Enter the date you are reconciling to on the bank statement
2. Enter the closing balance from your bank statement
3. Select Build

The Three Way Balance Report should look like the image below and the figures shown in 1, 2 and 3 should all be equal to result in $0.00 as shown in 4 in the Variance Area

The amount on 1, 2 & 3 should equal the amount on your Trust Reconciliation Report and Monies Held in Trust Report.  

Trust Reconciliation Report

1. In Menu Search type Trust Reconciliation and select Reports, Owner Accounting and Trust Reconciliation
2. Select By Date Range - we need to set the dates for this report to reflect the trust period that is being reconciled - i.e. if you are reconciling on the the 10th then the date range will be set from the 1st - 10th
3. Build

Items to check on this report

On the last page of the Trust Reconciliation Report:

1. Please ensure this report balances before continuing.  If any Area does not balance, there will be an X to the right margin of the Area and also on the Grand Total row

• The Closing Balance (1) and MHIT figure (2) for each Area must be the same

Column B total should equal the Total Credits on your Trust Cash Book and Columns C, D, E, F & G combined should equal the Total Debits on your Trust Cash Book.

If they don’t, please log an urgent support request for a Homhero/RMS Trust Account Specialist to contact you. 

Monies Held in Trust Report

1. In Menu Search type Monies Held In Trust and select Reports, Owner Accounting and Monies Held In Trust
2. Enter the date for which you are reconciling
3. Build
   Optional: To view your report where monies held in trust is grouped by each property and reservations display in number order - select Sort By: Reservation No and Group By Area

On the last page of the Monies Held in Trust Report, the Total should equal the amounts on your Three Way Balance Report

Cash Book

1. In Menu Search type Cash Book and select Reports, Owner Accounting and Cash Book
2. Select By Date Range - we need to set the dates for this report to reflect the trust period that is being reconciled - i.e. if you are reconciling on the the 10th then the date range will be set from the 1st - 10th
3. Build

The credit column total (1) should equal the Cash Receipts Total from the Three Way Balance Report

The debit colum total (2) should equal the Cash Payments Total from the Three Way Balance Report