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Article ID: KWin0116
Added:  01/05/10 SS

Owner Reserves

Issue:  To create a "reserve amount" for an owner, consider the example below.  Reserve amounts might be created to handle future big repairs to a room.

Solution

  1. Create a “Z” secondary owner.  Example:  Owner 102 as a primary and 102Z as a secondary owner.
  2. Create transaction code on the B7 City Ledger to allow "F1 - transfer to reserve".
  3. Create transaction code to allow "F2 - transfer from statement". 
  4. Create transaction code to allow "F3 - transfer to statement".
  5. Create transaction code to allow "F4 - transfer to owner".
  6. Create transaction code to allow "F5 - transfer from owner".
  7. Create transaction code to allow "F6 - transfer from owner".
  8.  Manually post a transaction F1 to the primary owner for the 2% of gross each month. So if the gross rental is $1000, post $20 as “transfer to reserve”.
  9.  On the secondary owner (102Z), post a transaction F2 as a negative $20 as “transfer from statement”.
  10.  At the end of each month, make sure the total of the F1 and F2 transaction codes equal zero (all posts were entered correctly when balanced to zero).
  11. The owner gets two statements each month.
  12.  The owner can logon with IRM.net to either 102 or 102Z to see the transactions.
  13. To pay for something from the reserve amount, post an F3 transaction code to Owner 102Z as a positive amount (“transfer to statement”).
  14. Post an F4 transaction to owner 102 as a negative as “transfer to reserve”.
  15. When a room is sold, transfer the reserve amount to the new owner.  In this case, add the new owner TWICE (owner 102A and 102AZ).
  16. Post an F5 transaction to owner 102Z as a positive amount as “transfer to owner 102AZ”.
  17. Post an F6 transaction to owner 101AZ as a negative as “transfer from 101Z”.
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