Accounting Part 8: Owner Remittance Dashboard

Introduction

Welcome to the GuestWisely Payout Dashboard for Owner Remittances tutorial! 

Go to Solutions > Owner Management > Payout Dashboard to access the Payout Dashboard.

The Payout Dashboard allows you to view and manage cashflow in one convenient place for all your owners. It provides a real-time view of the:

• Trust Account balance

• Retainer requirement

• Amount to be remitted to each owner

This dashboard simplifies the payment process and reduces manual work.

This tutorial will guide you through the Payout Dashboard, whether managing payments manually or integrating with QuickBooks/Xero for automated processing.

Let’s get started!

The Payout Dashboard is a key component of the Accounting and Owner Management features. 

Payout Dashboard

Below is a screenshot of the GuestWisely Payout Dashboard. The Payout Dashboard allows you to easily view total payables for each owner, and efficiently process payments, without checking individual statements.

The system calculates the Remittance Amount by subtracting the Retainer from the Balance as shown in Trust Accounting under Solutions > Owner Management.

Owner payments can be processed manually or automatically. 

Manual Payment Processing for Each Owner:

1. Under Action, manually add an incoming (+) or outgoing (-) payment.

2. Faded amounts indicate finished payments.

3. The Details section shows the time and amount of the latest payment.

Once the payment is recorded, no direct changes are possible on the Payout Dashboard. However, reconciliations can be added manually through the Outgoing/Incoming payment button in Trust Accounting. These will then be pushed to the Payout Dashboard for further processing. 

Automated payment processing can be done via QuickBooks or Xero. 

Quickbooks / Xero Integration

If you are using QuickBooks or Xero, the tab name displayed will change from Payout Dashboard to QuickBooks or Xero.

Key Features:

• Automatically transfer amounts due to QuickBooks/Xero 

• Finalize payments in one click from QuickBooks/Xero 

• Automatic recording of payments in GuestWisely for tracking 

• Auto-updating of Trust Accounting with remittance records. 

• Payment pause and adjustment options as needed

To activate the integration with Quickbooks or Xero:

1. Next, navigate to Settings > API & Integrations in GuestWisely.

2. Select Quickbooks/Xero and follow the setup steps (paid bolt-on).

3. Once connected, a new QuickBooks/Xero tab will appear in accounting tools.

Managing Payouts:

1. Pause payments using edit controls as needed.

2. Adjust or override payment amounts anytime.

3. Submit payout instructions to QB/Xero individually or in bulk.

4. Approve payments in QB/Xero before processing.

Once processed in QB/Xero, the system automatically updates the Trust Accounting and Payout Dashboard.

Important: This update will not appear in the Owner Statement, as the Owner Statement and Trust Accounting records serve different purposes. The Owner Statement provides a snapshot of the previous month, while the Trust Accounting handles ongoing cashflows and payments.

After the payment is recorded, no direct changes are possible. Reconciliations should be added manually in the Expense Manager using "Add Expense" or "Owner Credit”.

The Payout Dashboard is a key component of the Accounting and Owner Management features.