Summary and Important Notes

Important Information Please read prior to setting up Holiday Rentals

Palace has many features that have been set up to handle Holiday rentals. There are a few differences in the set up compared to residential property management. This help file will help you set up and also give you examples of how you can use Palace to manage your holiday properties.

Holiday rentals is a complex area to write a help file for as everybody handles things a bit differently. We have come up with a suggested procedure and have used this help file to show you some ideas on how you could run holiday rentals in Palace.

Some parts of handling holidays rentals are the same as handling residential rentals, in this help file, you will be referred to other help files for those areas.

Ledgers Fee and Bond Other.

If you collect a deposit prior to a booking, it may pay to receipt the deposit somewhere you can hold it. When the booking goes ahead you can refund the money to the tenant or put against rent etc. Sometimes you also collect money from a holiday booking for a service provided by your company. E.g Linen Service, this money does not go to the Owner at all.

In Palace you can set up Bond Other Ledgers, these are ledgers which hold money, they do not pay out automatically at month end. They are receipted through a tenant and held against that tenant's record. Once the booking is completed, you can then receipt it against rent or in the case of a security deposit, refund directly to the tenant.




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