You can configure your Settlements in the Owners section of the VRMS. In the submenu, you can select the Settlements section, which will lead you to the option List of Settlements.

A settlement provides a breakdown of an owner’s final payout, detailing how deductions or additions led to the total amount. This will include all prepayments or expenses applicable.

Please note that a settlement is not fiscally valid document.

There are two ways to issue a settlement.
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1. You can directly click on 'Create' from the List of Settlements.

2. Or you can click on "Settle" from the "Accommodations pending settlement." section. You can find this section under the Owners section, selecting settlements, and going to the section 'Accommodations pending settlement'.

You'll see a list showing the accommodation's location, its owner, and the date of the last settlement.

Regardless of where you issue it, all issued settlements will appear in the List of Settlements section.

When creating the settlement, please take note that by default, the system only shows confirmed and paid bookings. If you wish to include other types of bookings, you must adjust the filters:

Screenshot information below

Here you can search for an accommodation or owner in particular. Simply begin typing the accommodation or owner that you are looking for and select it from the dropdown menu.

Here, you have two options that you can choose from to find the settlements that you want to issue.

You can select 1 of the following options:

Please note the availability of the settlements that appear depend entirely on what you have configured in your contract.

In this section, by default, it will show confirmed and paid bookings, but if you would like for the system to also show other types of bookings. You must select it here before you click on 'Preview'.

This field will only appear if you have selected to look for settlements by concrete dates in the How to settle field.

You can enter a starting date and an ending date by clicking on the field and selecting the date in the calendar that appears.

All the bookings that the system identifies as available to settle will appear here. In this section, you can review all of the details of the reservation before issuing the settlement.
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You can see the dates of the booking, the booking ID, the total of the booking, the calculation base, taxes and withholding tax for that booking if applicable.

Expenses will only appear here if:

Please note that if you do not see any expenses here, but it is missing. You must check if the expense as been created in the Owners section and going to the Control of expenses and payments section, to find this expense.
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In the case that it is correctly configured in the contract, but the expense is still missing, we suggest contacting our Customer Experience team.

Here, all prepayments that have their date of charge in this time period, whether it's from Agency to Owner or Owner to Agency will appear here.

Remember that if it's Agency to Owner:
It represents a prior payment made by the agency to the owner outside of the Avantio system. Consequently, it has been deducted from the current settlement.

And if it's Owner to Agency:

It represents a prior payment made by the owner to the agency outside of the Avantio system. Consequently, it has been added to the current settlement.

You can choose to settle all bookings or just some, leaving the rest for future settlements. The same applies to expenses and prepayments.

You can also mark the settlement as "unpaid," indicating that the transfer has not yet been made. Later, you can update it to "paid" once the payment is completed.

Here is the order in which our system calculates the settlements, according to what you have configured in your current contract:

The system initiates every calculation using the Base Rent as its starting point.

Please note that you can either deduct your portal commission and expenses from the rent or from the owner's payment.
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Depending on if you have a Direct or Intemediary contract, our system will either:

A) In Direct contracts: Calculate the owner's payment directly

B) In Intermediary contracts: Deduct the agency commission

Example 1 - Basic configurations

Here is an example calculation:

Step 1: Base rent is 500 euros

Step 2: We deduct the portal commission of 75 euros (500 - 75= 425)

Step 3: We deduct the agency's commission of 15% + 21% VAT (18.15% Agency commission) which is 77.13 of 425.

425 - 77.13 = 347.87

Step 4: We add the extra of the Final Cleaning of 150 euros.

347.87 + 150 = 497.87

You can see the system's calculation of your contract configuration from the Owner's Settlements tab on your booking page:

Example 2 - Advanced configuration

Step 1: Base rent is 1200 euros

Step 2: Take off all deductibles i.e expense, agency commssion etc.

First we deduct the expense from the rent: There is an expense of 100 euros which we deduct from the base rent

As in the contract, the VAT is not included neither in the rent nor the extras, we need to find the net rent and net extra value, which means we need to take off the 10% VAT.

The system removes the 10% from the gross rent - expense (€1,100 / 1.10 = €1,000 net rent).

After that, we need to calculate the owner's payment of 90%, deducting the agency's commission of 10% from €1,000 = €900.00.

Step 3: We deduct the portal commission from the owner's payment (as configured in the contract) and add the remaining extra at net value.

900 - €75.82 = 824,18

We need to use the extra at net value - 100/1.1 = 90.90

824,18 + 90,90 (Extra at net value) = € 915,09

When a settlement is generated, the accommodation is removed from the pending list and automatically moves to the main 'List of settlements' page

As a best practice, regularly review this section to identify up-to-date owners or spot possible errors before they lead to complaints.

Once the settlement has been created, you can select the template that you would like to use to send the owner the settlement. Here is a list of the templates that we have available:
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Owner Settlement - Standard

Owner Settlement - Separated bookings

Owner Settlement - Agency commission

Owner Settlement - Booking details and separated bookings

Owner Settlement - Agency and portal commission breakdown

Owner Settlement - Standard (with VAT / tax breakdown)

Owner Settlement - Agency commission including VAT

We suggest reviewing them and seeing which one works best for your company.

If you have any further questions, don't hesistate to contact our Customer Experience team from your VRMS account and we'd be more than happy to help you.