Escapia Training Guide

Transcription

1 Escapia Training Guide 4: Opening Balances 2014 Homeaway Inc. 1

2 Class Prerequisites: Prior to attending this session, you will need to compile the following and bring it to the training: Business Opening Balance Amount, list of Owner Balances and Statements, desired go live date. Table of Contents Escapia Training Guide 5: Opening Balances Owner Balances. 3 Vendor Balances Property Manager Customer Balances... 6 Outstanding Checks Homeaway Inc. 2

3 Establishing Opening Balances When setting up EscapiaVRS for the first time, it is necessary to establish a beginning balance that agrees with both the actual bank balance and your previous accounting software. The best way to do this is with a spreadsheet of balances that were carried forward from the previous accounting software to Escapia. This will include the outstanding checks and any deposits in transit. The goal will be to add beginning balances in Escapia which match the balance from that spreadsheet. It is also recommended that you choose a cutoff date so that you can balance to an ending bank statement from your old software. There may be several types of entries: Use the Accounting: Sample Opening Balances spreadsheet from Customer Home as a guideline to enter beginning account balances in Escapia as follows. 1. Owner Balances: Enter outstanding balances from the old software. These will be amounts owed to or due from owners as of the Escapia start date and represent funds earned prior to the start date. These amounts will subsequently be distributed to or collected from the owner in Escapia. There should be a single entry on the Opening Balance Spreadsheet for each Owner Contact listing the starting balance for that owner. The easiest way to get the name of each Owner Contact in Escapia is to download the Owner Balances report to Excel and copy and paste the owner names and units to the Owner Tab of the Opening Balance Spreadsheet. To access the report, go to: Accounting>Reports>Owners>Owner Balances 2014 Homeaway Inc. 3

4 Copy the Units and Owners from the Owner Balance Report and paste them into the Beginning Balances spreadsheet, as per the below example: Enter owner balances at the cutoff date from your old software into the Prior Software column of the Owners Tab. Your prior software s Owner Statement balance is usually the best source for this amount. Note: If the actual payouts for that statement will be paid out from Escapia the balance entered in Escapia should include that payout. Enter the amounts in the Amount to Post column using the following General Journal Entries (Accounting>Journal Documents>+New General Journal Entry): Enter a Posting Date that is equal to the cutoff date you have chosen (at least one day earlier than your Escapia accounting start date). Enter a Journal Entry Memo such as Opening Balance Owner Paul Anderson. Add two Journal Transactions, a debit and a credit. The Journal Transactions will be different depending on whether the owner will be paid out from the Escapia bank balance, or owe money. For owners who will be paid out from the Escapia bank balance, Debit 1010 Trust Account and Credit 2400 Payable to Owners and select the appropriate owner from the sub ledger entity dropdown list. The amounts will be equal to that on your spreadsheet for each owner. For owners who owe money, reverse the above entry Debit 2400 Payable to Owners and Credit 1010 Trust Account. Post the Journal Entry Repeat these steps for each owner with a balance (Examples of each type of Journal Entry below.) 2014 Homeaway Inc. 4

5 Due to Owner: Due from Owner: 2. Vendor Balances: It may be better not to carry Vendor balances across. However if you determine it is necessary, use the same logic as above. You must first create a Vendor account under: Contacts> New Contact> New Vendor Then use general journal entries to enter Debit G/L 1010 Trust Account and Credit g/l 2600 Payable to Vendors, and select the appropriate vendor as the Subledger Entity. Again, use the cutoff date as the posting date. Due to Vendor: 2014 Homeaway Inc. 5

6 3. Property Manager Same as above. Use General Journal Entries to debit G/L 1010 Trust Account, and credit G/L Business Payout select your business name from the Subledger Entity dropdown list. Due to Property Manager: 4. Customers (guest/tenants) You should enter Future Reservations first. Then apply payments to those Folios using the payment button. For advance deposits and payments received prior to the cutoff date, use the cutoff date or the actual date the payment was received. For advance deposits and payments received after the cutoff date, use the date that you deposited the payments into your bank account. For Refunds due customers for checkouts prior to the cutoff date, create a zero balance booking for a period prior to the cutoff date and apply payments to that folio. This will allow you to make refunds from Escapia. Use the Summary Trust Reconciliation Report to copy Advance Deposit and Security Deposit balances for each guest or tenant into the Opening Balance Spreadsheet. Use an ending date for the report equal to your cutoff date (e.g. use 12/31/2013 if your start date in Escapia is 1/1/2014). To access the report, go to: Accounting>Reports>Trial Balance>Summary Trust Reconciliation Report (example below) 2014 Homeaway Inc. 6

7 Copy from Summary Trust Reconciliation Report: Paste into Customer Tab of Opening Balance Spreadsheet Note: This is all you need to do for customer opening balances since these balances have already been entered in Escapia. You do not need to enter General Journal Entries Homeaway Inc. 7

8 5. Enter each of your checks outstanding (i.e. checks written from your old software but not yet cleared your bank account) in the Outstanding Checks tab. For checks outstanding at the cutoff date: Create a single Booking for a date prior to the cutoff date. Give the Customer a name such as Outstanding zzchecks. Create a single Payment for an amount equal to the total of your outstanding checks on you last bank reconciliation (for your old system). Then create a refund for each outstanding check, and then enter the appropriate check number and date. As these checks clear the bank, you will mark them as Reconciled in your Escapia Bank Reconciliation Homeaway Inc. 8

9 Repeat the process above for all outstanding checks from the Opening Balance Worksheet Outstanding Checks Tab Use View Payments to number these manual checks Homeaway Inc. 9

10 6. After you have finished entering all of the above compare your Trust Account Balance in Escapia to your spreadsheet balance using the Opening Balance Spreadsheet Reconciliation Tab. This will ensure that your beginning balance ties to a valid bank reconciliation and you are ready to go having specifically identified all entitlements to funds in your trust account Homeaway Inc. 10