One-up on accounting, Trust is everything!
Made in Germany for Australia
SIHOT.Trust is a recent addition to SIHOT.PMS, an effective and efficient management tool for Strata-Title ownership of rooms within your hotel’s organisation. SIHOT.Trust has been developed in conjunction with industry experts as well as the invaluable input from leading hoteliers in Australia.
This module enables you to administer, monitor and track Strata Title accounts. Accounting information for the owners as well as automated splitting of revenue to the management account becomes seamless with this integrated and powerful facility.
Trust Accounting Explained
Strata-Title Management software becomes necessary when the development (of a resort or hotel property) is financed by the sale of units to outside investors. The owners of the units form the legal entity of the body corporate to whom the Managers of the property have a legal obligation of accountancy.
The system for this form of accountancy is called Trust Accounting, and SIHOT.Trust adheres to the Property & Motors Dealers Act in Queensland and the Property Stock and Agents Act in NSW and all associated regulations (Australia).
Moves and Rotation in Trust
An issue arising in Trust Accounting in a hotel is the accounts following room moves. In SIHOT.Trust room moves are handled just like normal accounts in SIHOT.PMS, all accounts are associated to the room of the originating charges, thus a receptionist can make a room move in the knowledge that the accounts are handled automatically.
For a further enhancement, as well as giving the owners additional security, a rotation schema, to ensure that all rooms have nearly the same occupancy percentage either in money or in points, is available within the configuration of SIHOT.Trust.
The Accounts
For a further enhancement, as well as giving the owners additional security, a rotation schema, to ensure that all rooms have nearly the same occupancy percentage either in money or in points, is available within the configuration of SIHOT.Trust.
With SIHOT.Trust, there can be one, two or many owners for each unit/room within the property. SIHOT.Trust will look after each of these accounts and divide the revenue according to the owners’ share. The allocation of funds from the paying guests are transferred (invisibly to the user) to all the correct Trust Accounts and Trading Accounts. Funds that are allocated to the Trust Account are further split between the owner and property manager according to the letting agreement.
Total Integration
SIHOT.Trust is an extensive and totally integrated module of SIHOT.PMS and is simple to use. All owners’ details are kept in the SIHOT.CRM.
SIHOT.Web has been extended so that the owners have a secure log-on to check on the status of their accounts with up-to-date figures.
SIHOT.Trust includes comprehensive owners’ account statements that accurately report the month’s activities as well as charges against the owners’ account. These charges can include any automated fees for the maintenance of the room from the hotel management company, regular and intermittent housekeeping duties as well as repairs, maintenance and replacement of FF&E.
Your Advantages at a Glance
- integrated Strata-Title accounts management
- multiple owners with varied entitlements per unit/room
- full view-on-demand of current account details
- automated handling of recurring charges and maintenance
Contact us now to discuss.
Ph +61 7 3613 7368
Email: info.au@sihot.com
Website: www.sihot.com