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 Money flows through the Virtual Resort Manager™ system based on a custom designed system of user accounts (“buckets”). This functionality allows you the flexibility to configure your money flow to best fit the financial structure of your individual business. The hourglass illustrates this process.
When installation of your system begins, the software is configured with four basic accounts: Prepay (rent and fees collected in advance of arrival); Security (damage) deposit; management (fees and commissions); and owners. As part of the installation process, your system of “buckets” will be configured and placed in the bottom of the hourglass.
Typically, the buckets will include your various tax accounts, travel insurance, damage deposit waiver funds, housekeeping, reservation and cancellation fees, and other reservation related categories. Included, of course, will be your management commissions, and your pay-out to owners.
Money belonging to Prepay and security deposit resides in the top of the hourglass pending distribution of the reservation, which normally takes place on check-out.
On check-out, or at earlier times designated by you, Prepay amounts automatically pass through the neck of the hourglass using a series of automated processes which take place each night at 11:20 pm. In addition to Prepay, work orders which have been approved for payment, damage deposits which are ready to be refunded to the guest, and certain other items also pass through the hourglass.
As a result of these processes, which are called “allocation,” funds the following morning have been broken up for you and placed in the various buckets.
At this point, the funds in the bottom of the hourglass are “payables” ready for disbursal. All that is necessary is for you to assign the items to a payee (vendor), and move the items to the check queue for printing. Items can be paid now, or can remain in the payables area awaiting disbursal at a later time.
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