Agency Learning Lab - Managing your Month-End Payment Run: Best Practice
For agencies, the monthly payment run can pose a range of intricacies, with differing fees being transferred to multiple stakeholders. SuperControl can help you streamline this process with a variety of helpful tools on offer to support you.
Below we have outlined the best process to follow when managing your owner payment run:
- First, you should pay your owners the money that is due to them in their statement found in Agency>Commission Statement. You can spot-check bookings either in the statement or in the 'Owner Payments' tab within a booking.
- Next, you should pay off any supplier statements so that monies deducted from owners that are linked to suppliers are correctly marked as paid to the relevant provider of the service. You can access the supplier's statements in Agency>Edit Suppliers/Statement.
- Once owner and supplier payments are made, you can then move on to paying yourself the commission accrued from bookings so that these amounts can be reconciled with the bank. This section is found in Agency>Commission Statement>View Payments.
- Finally, once your owner, supplier and commission payments are all correctly marked off you can then match this up to your bank statement with our Bank Reconciliation report found in Agency>Reports>Bank Reconciliation.
Please check out our video below demonstrating in detail each of the steps in the process:
Are all your other filter settings the same? You should check to ensure the other checkboxes below the date filter fields correspond in both statements as these could cause certain payments or expenses to be either included or excluded (depending on which settings are ticked).
Do you have 'owner payment date' selected as your date filter option?
If 'holiday arrival date' is used instead of 'owner payment date' in one of the statements, it is going to show a different set of payments/expenses. You should ALWAYS use owner payment date when doing your month-end owner payment run as this will ensure you are paying the owner the correct payments based on their specific owner settings.
If your filter options are exactly the same in both statements, this could indicate an error with your payments. If this happens, you should submit a ticket to our support team so we can investigate further.
You can only add expenses to guest bookings at the moment. If you have expenses like cleaning you also need to charge for owner bookings, you should add these directly into the owner's statement (you could add the booking number to the caption/payment ref. when you are saving the expense so you can associate with the owner booking).
We are looking at adding an option to apply any scheduled expenses you have set up to owner bookings - this is on our development list so watch this space!
You can use the 'split' button next to the payment in the Owner Payment's tab if you need to split an owner payment. Have a look at the video to learn how to use this:
No – paying a supplier via the supplier’s statement will only show the payment entry in the supplier’s statement. It won't appear in the owner's statement as a payment entry. However, once a supplier is paid, you won't be able to edit those expenses in the owner's statement. And vice versa... any expenses which have been included in the owner payment run can no longer be edited in the supplier's statement.
There may be a few examples of ‘invisible’ fees that are not reflected in your bank rec. report. If you are using Booking Protect, this would also apply.
You can easily rectify this by adding a custom payment to minus any of these types of fees from your report. Take a look at the article below to see how to do this:
If you are using Yapstone as your payment processor, we are working on a new platform that will display the fees in your bookings.