Owner contract settings

Will it be from templates, or individual contracts steps are the same:

Like in every two-sided contract you have your management company and owner, how to create the see in this article—Owners and contracts

Start date is the one that will start to generate your statements, if the reservation end date is higher than the start date.

End date will define when your contract will expire.

Auto-renewal functionality will make your contract endless.

This is the most important part from your contract. Here, you will define your management commission amount and your owner's revenue.

Let's say that you want your commission to be 20% upon the payout without taxes (taxes do not mean VAT taxes if they are sent separately—excluded from the reservation price) and the cleaning fee

What this build means:

As we do not want to calculate the cleaning fee to our commission, we do not need to add it. In this case, our commission will be calculated as we set:

(((Accommodation + extra guest fee) - (channel commission + transaction fee)) * 20%) + 20% VAT

Let us take one reservation, so we could compare the numbers:

In this reservation, payout is Total price - Channel commission and transaction fee, or

653.26 - 10 = 643.26

As we wish to take 20% of the Payout - cleaning fee and additional taxes, we need to have

(643.26- (88 + 55.26)) *20% = 100 + 20% VAT = 120

Same we build in the contract, just we took all fees and expenses separately

(((Accommodation + extra guest fee) - (channel commission + transaction fee)) * 20%) + 20% VAT → (500 +10) - (10 + 0) = 500 * 20% = 100 + 20% = 120

‼️That we do not calculate taxes and cleaning fee in management commission amount, that doesn't mean that they will go to the owner ‼️

If we wish the owner to take 80% of the payout without cleaning fee and additional taxes, we could build something like this:

So owner should take 80% precent - cleaning fee, additional fees and your management commission VAT percentage.

643.26 - (88 + 55.26) = 500 * 80% = 400 - 20 (your management commission VAT %) = 380

Exactly the same we build in the contract, just we added and divided costs:

(Base price + extra guest fee) - (channel commission + transaction fee + management commission with 20% VAT) = 500 + 10 = 510 - (120 + 10) = 380

You could count on net amounts, gross amounts, with or without taxes, just while add them in your or owner revenue dropdown.

You can create booking costs (see Advance fee management article) and apply them to yours or owner's behalf...

‼️Income fees cannot be calculated as a cost and opposite! You cannot add cleaning fee as a cost, you need to create a cost with amount that you need for this purpose).

In this part, you will define how your statements will look like for your owner, and what accounting period you want to apply to.

If you choose pro rata, you could split or not split one time fees and costs.

Note

If you have a long reservation 2+ months, all fees are calculated:

Total price of the fee / number of nights * by number of nights in the current month.

If you have finalised statements and during the reservation there ware some changes—alternation etc, in the final statment our system will recalculate:

Total amount of fees and revenues - All fees and revenue paid in the past statements.

Group net revenue → Groups all revenue items and subtracts channel and transaction fees

Example from the reservation that we had above

Our system will not show all the fees that you added as income and channel fees, instead will take those fees and costs and will sum them

(Accommodation + extra guest fee) - (channel commission + transaction fee)

Use different currency → If you have currency that not all OTA support, you need to use the currency that you wish to display to your statements.

Example if you use BGN, MXN or RON and you have VRBO account, then you must have EUR or USD set up pricing for that channel. Therefore, your reservations will come in with that currency, so you will need to equal the currency in your statment.

In this tab you could choose to do you wish to generate monthly invoicing to your owners and which costs you need to have in that invoices:

‼️At this point, only existing of management commission is triggering creation of the Invoices. If you add other costs, and you do not have management commission at all in your statement, an Invoice will not be created. ‼️

Add your properties in the owner's contract

Like in every system from time to time, if you made a lot of changes at once our system could skip and not calculate some fees, changes... We recommend that you: