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
