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chrisjkennedy315
Level 1

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

 
8 Comments
HoneyLynn_G
QuickBooks Team

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

Hi there, @chrisjkennedy315.

 

I'm here to provide the best way in managing the vacation rental in QuickBooks Online.

 

First, you need to create a service item for the home rental. Here's how to do it:

  1. Click Sales.
  2. Choose Products and Services.
  3. Click New.
  4. Select Service.
  5. Enter the item information.
  6. Click Save and close.

3.PNG

 

Next, you can add the item when creating a sales transaction, either an invoice or a sales receipt.

  1. Click the Plus icon.
  2. Choose Invoice or Sales Receipt.
  3. Enter the transaction information.
  4. Click Save.

 

That should help you manage the rental of your customers, @chrisjkennedy315.

 

I'm still here to help you more if you have additional questions. Just drop a comment below. Have a good day.

rwulfert
Level 1

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

Hi 

JenoP
QuickBooks Team

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

It'll show as duplicate if the payment from your bank was added instead of matching it to the manually recorded Sales Receipt, rwulfert.

 

Once a bank transaction is downloaded, use the Match function so you can attach it to the Sales Receipt. Follow theses steps to match them together: 

 

  1. Go back to the Banking menu, the proceed to the For Review tab.
  2. Look for the downloaded payment, then click on it.
  3. Click Find Match.
  4. Look for the Sales Receipt.
  5. Click Save.

More details about this are discussed in this article: Download, match, and categorize your bank transactions in QuickBooks Online.

 

You can also go back to the Income or Sales report every now and then to check if the amount is already accurate. 

 

I'll be around if you require additional help while categorizing your banking transactions.

find match.PNG

 

find match 2.PNG

 

 

Fiat Lux - ASIA
Level 15

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

@rwulfert 

Explore this app for your business and integrate it with your QBO.

https://uplisting.grsm.io/uplisting

 

Hope it helps.

 

rwulfert
Level 1

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

Thank you JenoP, I'll go in and experiment with this now. I appreciate your prompt response, especially on a weekend.

R.

IamJasonWeber
Level 3

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

Hi @chrisjkennedy315, to build off of what @HoneyLynn_G is saying. Yes, for each reservation, you can create an invoice. But to go further, for each invoice, you probably want to split the Airbnb Accommodation Fare, Cleaning Fee and subtract the Host Service Fee so that you can get a better idea of your direct costs and actual revenue of each reservation. I recently wrote an article with some Quickbooks templates you can download here: https://support.bnbtally.com/en/articles/3571867-preparing-quickbooks-for-an-airbnb-rental-arbitrage...

 

There's also software out there that you can use to automatically import Airbnb reservations into Quickbooks Online as invoices 100% automatically. You may find this useful:

 

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

 

A bit about me.. I've been an Airbnb host for several years and I totally understand the pain of organizing Airbnb reservations for accounting. However, once it's done right, it's incredibly valuable! Feel free to reach out anytime.

 

Respectfully,

Jason

DebZz
Level 1

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

Hi Jason,

 

I also own vacation rental property and was looking at this thread.

 

However, the article you linked is about someone who has rented out a 2-year lease and is now subletting it to short-term visitors.... not really the same thing as someone who owns the property renting it out for a short term vacation visitors. Is there something more applicable to rent-by-owners?

 

Thanks!

IamJasonWeber
Level 3

What is the best way to manage a vacation rental if it is just ONE home rented only via Airbnb or VRBO?

Hi @DebZz all of the income accounts for owners of Airbnb still apply in the article linked. As stated in the article... "The Chart of Accounts for this Rental Arbitrage business model example is very similar to the business model of owning the property yourself. Whereas, instead of renting a property from an owner and subleasing, you own the property yourself and are renting it out on Airbnb. Rather than paying a rent to an owner, you are paying a mortgage principal with interest. You can still use the Chart of Accounts in the example below to account for your Airbnb reservations, you would just apply your mortgage differently in other parts of your accounting."

I recommend reading through the article for more details: https://support.bnbtally.com/en/articles/3571867-preparing-quickbooks-for-an-airbnb-rental-arbitrage...

 

There's also a more recent article about income accounts for all vacation rental business models: Set Up QuickBooks Chart of Accounts for Airbnb Income 

 

One more thing to add... while the above link only discusses income accounts, there's another article that goes over cost accounts in greater detail. You may find this useful as it applies to owners with vacation rentals as well: Airbnb Costs and Chart of Accounts to Consider 

 

Cheers!

Jason

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

 

 

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