Felix Automation Spotlight: Trust Accounting
Felix’s trust accounting solution is OTA Plus – an end-to-end trust accounting program that enables you to comply with trust accounting regulations and show your trust account activity in real time.
If you own a short-term property rental business, trust accounting is an everyday practice that probably takes up too much of your time. And because trust accounting must comply with strict legal guidelines and record-keeping practices, your trust accounts need a specialized software program to help them operate smoothly and accurately.
You can’t use a general bank account to manage your property management trust account. Your trust account should only be used for managing short-term rentals, including all income generated from renting out your properties as well as paying bills associated with your portfolio. You can’t use trust account money for your personal or business expenses.
Trust accounting can be a complicated process, but trust account owners must be able to track trust income and trust expenditures in order to properly show trust activity reports. Some states require short-term property managers to provide trust account owners with trust settlement statements which include income generated by short-term rental properties during the month, all fees collected from guests, any expenses paid using trust funds, etc. The best way to produce trust settlement statements is through your trust accounting system – this will ensure your reports are accurate every time. Enter – Felix Trust Accounting.
Felix’s trust accounting solution is OTA Plus – an end-to-end trust accounting program that enables you to comply with trust accounting regulations and show your trust account activity in real time. OTA Plus gives you the power to manage trust settlements, reconciliations and automate trust payment information so trust accounts work efficiently and trust accounting responsibilities are easily shareable between multiple parties.
The beauty of OTA Plus is that it seamlessly integrates with Felix. All bookings, changes and payments are automatically pushed into the system, and all charges are automatically disbursed to the correct holding accounts, with owner commissions calculated automatically. Owners can access their financial information through an online portal to review all income and expenses, as well as access end of year reports themselves for any current or previous financial year when using the top-level Enterprise subscription.
If you want to take advantage of our market-leading automated trust accounting software integration OTA Plus (and our best-in-class property management software Felix), get in touch. There are many other market leading features in our automated short term rental management software.