Long-term reservations that span multiple months require special handling in the end-of-month process. Here's how to manage them:
- Identify the bookings: First, identify all reservations that extend beyond the current month. These are typically bookings longer than 30 days (end of month preparation).
- Split the payments: For these long bookings, you'll need to split the payments across the relevant months. Only include the portion of the payment that applies to the current month in your end-of-month calculations (end of month preparation).
- For Airbnb monthly stays, check the reservation’s payout schedule and the amounts received.
- Adjust reports: Ensure your booking reports and revenue calculations reflect only the portion of the long-term stay that falls within the current month.
- Manage partial disbursements: You may need to make partial disbursements to owners for the portion of the long-term stay that falls within the current month (End of Month Prep).
- Track ongoing reservations: Keep a record of these long-term reservations to ensure you continue processing them correctly in subsequent months.
- Handle extensions: If guests extend their stay beyond the original booking, you'll need to adjust your records and payments accordingly (End of Month Prep).
- Consider offboarded properties: If a property has been offboarded but still has an ongoing long-term reservation, you'll need to manage the funds appropriately, typically by transferring the correct amount to the owner while retaining your management fee ( End of Month Prep).
Remember, the key is to accurately allocate revenue and expenses to the correct month, ensuring that your financial reports and owner disbursements remain accurate and timely.