Trust Accounting
For a guest, staying at a hotel is very similar to staying at a condominium complex but as operators we know the added complexity created by the ownership of each of the individual units. Our IDPMS software has the additional tools needed to manage the complexity as an integrated part of our Hotel Management software. With our new module, management can handle all the details and keep the owners just as happy as the guests.
Flexible Software
Whether you refer to it as Trust Accounting, Strata or Condominium Accounting, integrating Trust Accounting into IDPMS gives you all the great functionality of our standard software with a full set of additional tools that will delight management with condominium ownership.
For mixed use properties with both a condominium and a hotel component or for Hotel Management Companies with condominiums in their portfolio, IDPMS with Trust Accounting is all that is needed.
Owner Profiles
Owner profiles indicate if the owner is the single owner of a unit or an owner with multiple units. The owner can also participate in revenue sharing from an ownership pool. All reservations for the owner’s condominiums will result in revenue generated and attributed to the appropriate ownership. Consolidated owner statements are batched on a regular schedule.
Revenue Plans
Trust Accounting is based on the highly flexible financial package included in IDPMS, allowing detailed revenue plans that assure revenue is attributed appropriately. Multiple Revenue plans can be set up to handle different revenue splits for different owners and different units.
Recurring Charges
Additional monthly charges can also be set up to consistently re-occur based on specific intervals, ideal for routine maintenance or services attributable to owners. IDPMS also facilitates direct posting to owner accounts for non-routine charges. And at the end of the statement period, all revenue and charges
will be produced on a specific owner statement for distribution to the owners in a simple straight forward batch process. With the integrated Accounts Payable module, owners are kept happy with timely checks sent directly from IDPMS.
Room Rotation
Being fair and equitable to all owners is important. IDPMS has a function to assure proper unit rotation for all owners when the front desk auto assigns rooms.
Depreciation
Each owner’s unit can have specific calculations for depreciation of furnishings and fixtures. Multiple items or FF&E packages can be attributed to each unit.
Online Owner’s Statement
When using Hotel Concepts’ Customer Web Interface, the booking engine which can power the branded website, owners can view their statements online. Owners can also book their own unit or other rooms at the negotiated rate.
- Multiple revenue splits
- Batch print owner statements
- Depreciation calculation
- Maintenance ticket management
- Online owner accounts
- Integrated accounts payable
Even though there are significant differences between hotel and condominium management, you only need one software product to manage both and that software is IDPMS with Trust Accounting.