This information is for Air BNB, Holiday and Short Term Rentals. This is a workaround to ensure you can manage these types of properties effectively in VaultRE.
Firstly we will set up the Property, Owner and Tenancy. Then we will move on to how this type of property is managed.
Contents:
- Adding a Property, Owner & Tenancy
- Adding a New User
- Managing and Invoicing Air BNB, Holiday & Short Term Rentals
- Using the Calendar feature for Bookings
Step by step
Adding a Property, Owner & Tenancy
1. Create the Property through Appraisal Wizard.
- Add the Owner Contact details
- When selecting the Property Type, select Holiday Rental
- When selecting the Lease Type, select Appraisal
2. Once you have completed all details in the Property Tab , save by clicking on Add Appraisal > Go to Property.
3. On the Property tab ensure the status is set to Management / Listing and click on Save/Update
Always have the property status set to Available
4. On the Property tab, make sure all photos, descriptions etc are included and click on Save/Update
5. Go to Tenancy/Management > General > add Managed By (see below to add a new user if required)
6. Go to Tenancy/Management > Owner Fees/Charges. Add the General Account and the Fees you are charging eg Management Fee > Save Fees/Settings
7. When it comes time to Add a Tenancy/Booking Contact go to Property > Application Accepted
and Add Details > Save/Proceed > Proceed to Tenancy
8. Once saved go to Tenancy/Management > Tenancy Tab > Dates / Payments Schedule
9. Scroll to the bottom of the screen, to the Paid To section.
Tick to allow editing. Move the paid to date well into the future otherwise you will be advised rent is constantly behind, we do not receipt rent for these type of lettings, rather send invoices.
Add a clear reason why the paid to date has been changed.
10. Go to Tenancy tab > Dates/Payment Schedule > Bond Summary and Remove the bond
11. Add other additional information as required:
- Owner Fees/Charges
- Add Keys/Alarm
- Add Compliance (if required)
Adding a New User
You may like to create a new User so when it comes to invoice guests for their stay, you can filter by this Property Manager and you can report by this portfolio.
1. Go to Settings > User Management > Add New Staff Account for holiday rentals. Click on this link for more information on this process: User Management Settings
Managing & Invoicing Air BNB, Holiday & Short Term Rentals
1. Go to Tenancy/Management > Invoices > Receive Creditor Invoice. Complete the details:
Creditor - Owner name - tick allow Contact as Creditor
Type - Rent
Is GST applicable?
Amount - Amount of the stay
Invoice Ref - Guest name
Due - Date the invoice is due
Invoice details - Dates of the stay, Guest name, Room type, unit number if applicable
Tick owner has already paid this invoice
Tick Reimburse from tenant
Tick if No Management Fee is Applicable (if you are charging the owner, leave this unticked)
Tenancy - will default as Air BNB
Reimburse - Amount of the stay
Due - Date the invoice is due
Invoice Details - as above repeated
Save
You will now see the invoice in Tenancy/Management > Invoices > Tenant
To view which guests have unpaid invoices, go to Property Management menu > Tenancy Invoices Due
2. Once money have received from the guest, you will need to receipt it via Property Management > Quick Tenant Receipting or Tenancy/Management > General tab > Receipt Monies
Remember.....never receipt to rent, only receipt the money to this invoice you have created
If a guest pays money in advance, you can receipt the money into Unallocated funds and Assign those monies to rent at a later date.
This transaction will now be visible on the Ledger.
3. If you need to assign funds from Unallocated to the Invoice go to the Ledger > click on Unallocated tenant monies
4. And click on Allocate Funds
5. Select the Amount and tick the invoice in Invoice Details
Using the Calendar feature for Bookings
1. You can manage the bookings received in the VaultRE Calendar function in the Menu options.
Click on Calendar. Navigate to the correct starting date and add details
Once the calendar event is created, you can click on it to manage the event eg Edit, Cancel, Confirm, Add Notes
