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Anonymous
Not applicable

Airbnb expense topics

Just signed up on quickbooks. Is there a section that has pre built expense topics that would cover an airbnb/VRBO expense sheet so I dont have to guess in making up expense topics?

Solved
Best answer March 20, 2018

Best Answers
Anonymous
Not applicable

Airbnb expense topics

 Hey @Anonymous,

 

Thanks for reaching out. I am not entirely sure what you mean by expense topic, do you mean expense categories? If I understand correctly, you're looking for preexisting templates/typical accounts that you use for your Air BnB expenses? 

 

It's a broad question and depends what exactly you want to expense, but I'd love to offer some resources to get you started. I was able to find a few resources that can help with initial set up and long-term management of your QB account:

 

View solution in original post

3 Comments
Anonymous
Not applicable

Airbnb expense topics

 Hey @Anonymous,

 

Thanks for reaching out. I am not entirely sure what you mean by expense topic, do you mean expense categories? If I understand correctly, you're looking for preexisting templates/typical accounts that you use for your Air BnB expenses? 

 

It's a broad question and depends what exactly you want to expense, but I'd love to offer some resources to get you started. I was able to find a few resources that can help with initial set up and long-term management of your QB account:

 

View solution in original post

Level 2

Airbnb expense topics

Hi there, this is a great question and I'd be glad to give a concrete answer. In order to do that, I'll use an example rental arbitrage business model where the property is rented by you and then re-rented on Airbnb. A quick background on me: I work for a SaaS product that automates the Airbnb Quickbooks integration, which automatically reconciles the income from Airbnb.  We work with a lot of accountants that set up their client's books for Airbnb (see: https://www.bnbtally.com/airbnb/quickbooks/integration), while this integration is focused mainly on the Airbnb income, here's a common set of Costs of Goods Sold chart of accounts that a lot of accountants who use our software set up for their clients under the rental arbitrage business model...

 

RENTAL ARBITRAGE - COST OF GOODS SOLD:

- Rent Payments to Landlords

- Channel Fees (to track the 3% host fee charged by Airbnb or VRBO fees)

- Cleaning Services

- Laundry Services

- Repairs & Maintenance

- Property Setup & Teardown Costs

- Utilities - Cable & Internet

- Utilities - PG&E

- Utilities - Water & Sewage

- Utilities - Supplies

- Insurance

 

Again, the above is mainly focused on the rental arbitrage business model. Therefore, if your organization owns the property, you'll need to track mortgage interest payments, rather than rent payments, and you should use a liability account to track the mortgage principal, rather than Cost of Goods Sold or Expense account.

 

We're also not covering the Property Management business model here, which is a different setup and may include more complexities such as Trust Accounting - this business model would probably be better discussed in another forum thread. However, feel free to send me a direct message or reach out to me here if you need more info on that...

 

BNBTALLY: https://www.bnbtally.com/airbnb/quickbooks/integration

 

Level 2

Airbnb expense topics

Following up from my original comment. I've recently published an article that further specifies commonly used cost accounts for Airbnb businesses in great detail. Free templates for download. This includes the most common Ongoing Operational Costs, Listing Setup Costs, Fixed Assets & Depreciation and Property Level Costs.

 

Just in case you need, I've also published an article that specifies Airbnb Income Accounts...

 

And of course, if you're looking to integrate Airbnb with QuickBooks, be sure to check out BNBTALLY, we've made reconciling Airbnb income beautifully automated and precise in QuickBooks Online!

 

Respectfully,

Jason Weber

Bnbtally

https://www.bnbtally.com/airbnb/quickbooks/integration

 

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