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Level 1

Guest Makes Two Deposits For Short Term Rental. When Do I Book Liabilities & Expenses?

I have a short term rental property that is managed by a company. The company usually makes two payments: an initial payment to book the place, and a final payment. I record these with a sales receipt. The management company charges the guest the rent, a cleaning fee, and sales tax. They charge me credit card fees and a management fee. So, the final amount of money I receive is: Deposit = (Rent + Sales Tax + Cleaning Fee) - (Management Fee + Credit Card Fees)

 

I have two questions:

 

1) When should I book the liabilities and expenses?  The initial or final guest payment?

 

2) How do I book the liabilities and expense? Another sales receipt? I would like to stay away from journal entries, and I am sure there is a way to accomplish this without a journal entry.

 

Thank you!

3 Comments
Moderator

Guest Makes Two Deposits For Short Term Rental. When Do I Book Liabilities & Expenses?

Hello datameister,

 

Thank you for reaching out to the Community. I'm here to assist you regarding the fees of the customer payment in QuickBooks Desktop.

 

You can deduct the fees after recording the final payment of the customer for the rental property. If a customer makes a deferred payment, you can record the transaction using Invoice and Receive Payment.

 

If there are no changes to the default deposit account, payments will be showing directly into the Undeposited Funds account. Once you've recorded the final payment, the next thing to do is make a deposit and add the fees.

 

Here's how:

 

  1. Click the Banking tab at the top menu.
  2. Select Make Deposits.
  3. On the popup window, add the partial and final payment.
  4. If there's no popup window, click Payments beside Print and History.
  5. In the Payments to Deposit screen, add the payments.
  6. Click OK.
  7. In the From Account column, add the fees (you can create the account as Expense).
  8. Click Save & Close.

For your visual reference, I'm adding the screenshots I recommend on this:

 

1.JPG

2.JPG

 

For more insights on recording sales transactions, I'm also adding this article:

 

Should I use an Invoice or a Sales Receipt?.

 

I look forward to serving you to the best of my ability, so please let me know if I can be of any assistance. I'll be sure to get back to you.

Level 1

Guest Makes Two Deposits For Short Term Rental. When Do I Book Liabilities & Expenses?

Great information! Thank you very much!

Moderator

Guest Makes Two Deposits For Short Term Rental. When Do I Book Liabilities & Expenses?

Hi again, datameister.

 

I'm glad to hear that the information I've provided above is helpful to you. Please remember we're always here whenever you need assistance concerning your QuickBooks.

 

I'll do my best to answer all of them as quickly as possible. Just post in this public forum, and the Community will be here to help out.

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