You can use the Owner Statements feature on Lodgify like a report or a basic bookkeeping tool.
Read about:
- Recipients
- Set up your payout rules
- Statements
- How to create an owner statement
- Downloading and sharing statements
Recipients
A recipient is anyone who is going to earn money from a rental's reservations (e.g., an owner or you). Don’t forget to add the Legal Information inside all of them (such as their address, bank account details, etc.).
Before generating statements, you need to set up each owner in the system. This involves entering the owner’s profile information, linking them to one or more rentals, and defining payout rules. Payout rules determine how reservation income, fees, and taxes are divided between the owner and the manager. Owners can also be linked to a Lodgify user, which ensures that they see only their own statements.
- The owner profile: Enter the owner’s information. If this owner is also a user in your Lodgify account, select Associate user to pre-fill the fields and give them access only to their own statements.
- The owner's rentals: Select the rental(s) associated with this owner.
- The payout rules: Define how the reservation earnings are shared between the manager and the owner, including room rate, fees, and taxes.
- Edit an owner: Click the owner, then click the pencil icon to edit the information related to that owner.
Set up your payout rules
You will be asked to fill in several fields to define the payout strategy:
- Room rate: If the entire room rate goes to the owner, simply click the owner and leave the toggle off. If you want to split the room rate, turn the percentage toggle on and set the payouts for the manager and the owner
- Include channel commissions: Tick this box if you want the revenue to be calculated on the total amount before deducting channel commissions, split the amount paid by the guest.
- Include reservation add-ons: Tick this box if you want to include add-on charges in the split calculations.
- Fees: If the entire fees go to the owner, simply select the owner and leave the toggle off. If you want to split the fees, turn the percentage toggle on and set the payouts for the manager and the owner. You can apply different settings for cleaning fees and for other fees.
- Pass-through taxes: Choose whether the taxes paid by the guests should be for the manager or for the owner.
Read more about managing owners for your statements and payout rules:
Transactions such as expenses or credits related to rentals can be logged to be included in statements. These transactions can be one-time or recurring, for example, for a monthly subscription to a service, and they are linked to both the owner and the rental.
Statements
You can generate statements for specific periods:
- Statements can be created as one-time reports or as recurring reports for regular updates (automatically generating, for example, monthly statements)
- The statement will include all relevant rentals and provide a detailed breakdown of payouts, fees, taxes, and any additional charges or add-ons
- OTA commissions are automatically imported from the OTAs, so there is no need to enter them manually
- After the payouts are processed, statements can be marked as paid (to help keep financial records organized and ensure both the manager and owner know which payments have been completed)
How to create an owner statement:
- Go to your left-hand menu, select Advanced, and then click on Reports. Select Owner statements from the left sidebar.
- Click the owner for whom you want to create a new statement, then select + Statement.
- Choose whether you want the statement to be a one-time statement or a recurring statement:
- If it’s one-time, simply select the start date and the end date.
- If it’s recurring, choose the frequency and the first day the recurrence starts (for example, every month starting on the 3rd of each month).
- Toggle on if you want to Allocate revenue per night of stay (Instead of assigning the entire revenue of a reservation to a single date, the amount will be allocated night by night over the entire length of the stay).
- Select the rental(s) and click Generate to save your statement.
Read more about creating and managing owner statements here:
Downloading and sharing statements
Statements can be downloaded in PDF or XLS format, making it easy to store or share them with owners. If the owner is a user, they have access to only their own statements through their Lodgify account.
- Find the statement you want to download
- Click an owner to see all statements linked to that owner, or click Statements to view all statements.
- Once you locate the statement, click on it, and a new window will open. Click Download in the bottom-right corner and select the format you want to download the report in.
- For more information: Download your owner statements