Trust Accounting - Trust Bank Account

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RMS Owner Accounting is designed for properties with multiple owners. RMS Owner Accounting takes the hassle out of all transactions between owners and their manager by providing full accounting and reporting for both owners and the properties and can extend if required through to full trust banking.

RMS Owner Accounting may be configured to suit the operations of each property

-   Income and expenses are dispersed to the appropriate accounts automatically

-   Maintenance and Third Party Expenses may be recorded with all accounting processes automatically handled.

-   Shared ownership is easily handled including the ability to allocate income and costs by percentage

-   Seamless integration with the full RMS accounting system avoids duplication of entries.

RMS Owner Accounting provides four accounts:

Owner Account      - Owners Income

Manager Account   - EOM expenses generated against the income

Adhoc Account      - Maintenance Expenses etc.

Suspense Account   - When the owner accounting option to create the owner income/managers expenses on Departure the EOM expenses will stay on this account until the res has fully paid, once paid the expenses are moved automatically to the Manager Account.

End of period routines have been designed to be accurate, efficient and easy to use freeing managers from time consuming back office work.

The Setup for Owner Accounting is documented throughout RMSHelp.

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