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makela
Level 1

How do I set up two different properties and keep utilities associated with each house separate?

I'm setting up a chart of accounts for personal accounts.  There are two properties - one a primary residence and the second being an AirBnb.  This is the first time setting up a chart of accounts.  I know how to set up the mortgages but I am confused as to how to add the houses and how to keep the costs associated with each house separate?

2 Comments
john-pero
Community Champion

How do I set up two different properties and keep utilities associated with each house separate?

I will start off by highly recommending you do not track your personal residence or any personal income or expenses in your QB business company. You can keep track of personal stuff in the free Mint ap from Intuit and it will still tie in to your turbotax account if you have one.

 

If you disregard the warning against comingling then I suggest using Class Tracking to separate and segregate a income and expense between your business and your personal. You may have to upgrade to Plus for that option.

 

As far as chart of accounts, start with the tax return you will use. Rent property is reported on Schedule  E,  generally

IamJasonWeber
Level 3

How do I set up two different properties and keep utilities associated with each house separate?

Hi @makela, I work for a SaaS company that provides an Airbnb integration for QuickBooks Online. Most of our users have multiple Airbnb properties who want to keep accounting separate for each property. One of the most efficient ways to separate property income and expenses is to set up a bank account for each property (at your banking institution). Now that each property has it's own bank account, the utilities for each can be paid from its respective bank account via autopay using the respective bank account/debit card. Connecting both bank accounts to QuickBooks Online, it's now much easier to reconcile your expenses. 

 

Next, in QuickBooks it's appropriate to set up a Class for each property. Then you can set up bank rules for each bank account for reconciling expenses to each Class.

 

In terms of your chart of accounts, I've published an article about the most common costs involved with running Airbnb as well as another article about income accounts. Each article has instructions on how to set up these accounts in QuickBooks Online. See below...

 

Finally, if you're looking to integrate Airbnb with QuickBooks, be sure to check out BNBTALLY, we've made reconciling Airbnb income beautifully automated and precise in QuickBooks Online!

Respectfully,
Jason Weber
Bnbtally
https://www.bnbtally.com/airbnb/quickbooks/integration

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