OTA+ (STR) - Cloud Based Short Term Rental Trust Accounting

Built specifically for the short term rental accommodation industry (STR), with unmatched features we simplify the task of Trust Accounting. With deep integration into property management systems and unique automation, we can save you significant amounts of time. Get on board and regain control of your trust account now.

Frequently Asked Questions

The best way forward is to book your demo online, after the demo we will provide you with a quote for the onboarding fees. Once the onboarding invoice has been paid, we will issue you with the instructions on how to connect your Property Management System to your new OTA+ Account. After onboarding has been completed and your financial figures match with your Trust Bank Account and your last reconciliation, you will commit your data in OTA+ and go live. On day one (1) you will receive your 90 minutes of training and you will receive up to 8 X 30 minute connect sessions during the first 30 days.

The following is an essential list of what you will need if you are transferring balances from an existing Trust Bank Account, if you will be starting from a zero balance please ignore this section.

Before you proceed you need to decide on a commit date, this is the date you will use to reconcile your current system against your Trust Bank Account. This will provide you with some of the financial data you will need.

Once you have connected your property management system to your new OTA+ account account, our team will import your property listings and download an excel file that you can populate with the owners details.

  • The total of financial balances you will need should add up to the total trust account bank balance on the date of commit.
  • 1 .. A list of all current property owner ledger balances.
  • 2 .. A list of any un-presented payments. These are payments you made from your Trust Ledgers to someone but they have not been presented to your bank. Like an ABA-EFT file.
  • 3 .. A list of all bookings and amounts that you are holding in your trust account on the date of commit.
  • 4 .. A list of all miscellaneous amounts you are holding for third parties including yourself eg: Management Fees, Cleaning Fees, VRBO Fees anuthing that is not booking or property owner related.

This is what we call the on-boarding phase. It is extremely important this is done correctly so that you begin your journey on OTA+ (STRA) with a clean reconciled trust bank account. We are so serious about your on-boarding being done correctly we have built a separate on-boarding area which you allows you establish an opening reconciliation in OTA+ that matches your current system. This must be achieved and signed off before you can go into the main application. Once you decide to sign up, our staff will be in contact with you

It is not un-common for companies to have issues in their trust accounting systems. Talk to us we have a lot of expertise in converting from older unreliable and buggy trust accounting systems.

  • Try and identify where the problem is, in which property file. An example is a negative value in your Trial Balance which should never happen in trust accounting but somehow you have one. We have seen systems with significant short falls compared to the actual trust bank account caused by allowing negative balances in ledgers which should not happen in trust accounting, this may require the owner to top up the Trust Bank account from their business account.

Use the conversion process to sort out your trust account issues, sometimes issues are small and go back a long time and rather than spend weeks chasing a fifty dollar error it is easier for the owner to make up the small short fall, draw a line in the sand and move on. Your time is expensive so do not spend too much time chasing a small figure.

Absolutely not, there is no Trust Accounting Regulation that states you must only convert at the end of the financial year. What you must do is convert when you have completed a successful reconciliation so you have a complete set of closing records and reports. The important point here is that your auditors will want to see proof that your closing reconciliation reports match your opening reports, OTA+ (STR) provides you with a full set of opening reports. We have many years of experience in conversions from other trust accounting systems to our products.

We use your closing reconciliation records, reports and your Trust Bank statement to match against our opening records, all figures must match before we can accept it as successful. Our system does not allow you to move forward with incorrect balances or figures that do not reconcile with your bank account. You will be able to get a full report that compares to your closing reconciliation on your old product.

Firstly you will need to pay the onboarding fees. Then after you go live you will get 30 days of free usage on the Enterprise version. After the 30 days expires you need to choose and pay for a subscription tier.

If you are not waiting to move onto a new property management system, it is usually very quick 5-7 business days. Provided you turn around our requests for information quickly. If you are waiting to firstly onboard to a new property management system, the onboarding of OTA+ wait until you are fully onboarded to your new property management system.

Absolutely, our onboarding team will assist you every step of the way. There are two major steps

  • 1 .. The Properties.
  • 2 .. The Financials.
  • 3 .. The Calculation of your fees & charges.
  • 4 .. Choosing your Owners End Of Month Reporting Style

We only accept the following credit cards at this current point in time: Visa, Mastercard, Amex, Diners Club, JCB, & Discover.

We do not record your credit card details we use STRIPE.COM which is a token based transaction system. STRIPE.COM provides a screen that will process your credit card and they only send us a success or failure token, we can then ask STRIPE to process your order against that token. So we never see, store or have anything to do with your credit card.

All connections between our cloud environment and STRIPE.COM are secured by 256Bit SSL (Secure Sockets Layer) encrypted connection which is the same used by all Australian and World Wide Banks.