In RMS the security deposit amount is stored in each individual unit file.  Other controls such as when it is due are set in Commissions, Taxes and Charges portion of  your Control File.  Security Deposits are automatically set up to be refunded once the reservation has been reported to the owner and the reservation has been finalized.  The security deposit refunds are set up as payables that you can choose to process as full refunds or modify to redistribute the money as your policy dictates.  For example, part of a security deposit can be allocated to pay for extra cleaning or repairs for unwarranted wear and tear on the property.  Security Deposits can be refunded prior to the finalize process using an option in accounting, Prepare Security Deposit refunds.

If you charge a Damage Waiver fee this is set up as a separate charge from travel Insurance.  It is usually offered through your travel Insurance company and you share in the profit.  Many companies are charging this fee automatically just as they would the security deposit but it is not refundable.  In RMS, the Damage Waiver fee is created in the Charges file and just like any other charge, it may be added to a reservation at the time of booking, after the booking or set as an standard charge to all bookings.  It can be removed from the reservation at any time.

Travel Insurance has its own setup which is always installed and tested by an RMS technician once you have an established account with the Travel insurance company.  travel insurance calculates as a percentage on the full amount of the reservation and other charges.  Vacation rental managers become qualified to sell travel insurance through the insurance company and may offer it to the guest at the time of booking.  Usually the guest has an option to buy travel insurance or cancel travel insurance up to a point prior to the reservations arrival.  The guest cannot change the status of  travel insurance after this cancellation period is passed.  Travel insurance has it's very own report which can be printed or sent as a text file.  Check out the article below for more on Travel insurance reporting.

Travel Insurance Reporting

Now that you have an overview of security deposits, damage waivers and travel insurance, let's go over the Travel Insurance Report. 

The vacation rental manager reports travel insurance monthly by running the Travel Insurance Report located under Management Reports on the Reports menu.  First, run the Preliminary report to see a list of reservation with the arrival, departure, date booked, amount insured, premium amount and amount due to the insurance company.  Use the print button to print out a list of what reservations have paid their insurance and been marked as paid 'Yes'. Final reports should be printed monthly.  Select "Both" to generate an inhouse report and one for the insurance company.  When you are satisfied with the reports, you should answer "Yes" to the finalize reports option.  During the finalize process, RMS marks the items on the report so they will no longer be reported to the travel insurance company.