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:
Next, you can add the item when creating a sales transaction, either an invoice or a sales receipt.
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.
I have the same question as the OP. When I use your solution, my vacation rental sales show as doubled on the Dashboard and on the Sales Overview Income Over Time graph. They now get counted once when VRBO deposits the Guest's payment directly into my bank account, and they get counted a second time when I enter a Sales Receipt to track it, per your solution. How should this work?
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:
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.
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:
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.
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?
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