I'm trying to get some clarification on setting up my Quickbooks account. I manage two condos on Airbnb for the same condo owner. The Airbnb payout comes directly to me, I take a %, deduct cleaning fees and any other expenses for supplies and repairs and then distribute the balance to the owner. I've previously just used an Excel spreadsheet but I am looking to streamline this process in QB and have better tracking.
I've set up the company and set up each unit as a class so I can track the income/expenses for each unit and produce a P&L. I also have set up Airbnb as a customer and the condo owner as a vendor. I am lost on the best way to record these transactions since it's not the typical way of paying a vendor directly for an invoice received.
I just want to make sure I correctly expense any fee's deducted by AirBnb, my management fee and then any expenses incurred. Any help would be greatly appreciated!
Here would be a break down:
$1000 received from Airbnb for a guests stay
20% property management fee
$150 cleaning fee
Remaining balance issued to the owner.