Quickbooks for Airbnb - How To setup?

Would you be willing to walk through an example using details?

Example info:

Week rental on Airbnb $1000

Pay out to my company from Airbnb: $1000

My company pays the condo owners $750- expenses ($50 for sheets, $50 for towels) so $700

My company gets $250 from Airbnb

Thanks in Advance

Having Condo Owners means you have Rent Liability, then.

1. Week rental on Airbnb $1000 = Rent Service item linked to Liability entered on the Sales Receipt. You can name them per Unit. If you also use Class tracking, use that here.

2. Pay out to my company from Airbnb: $1000 = Sales Receipt. See Step 1. Now you have the $1,000 for Banking.

3. My company pays the condo owners $750- expenses ($50 for sheets, $50 for towels) so $700 = You need to handle is using More details. The Spending or purchase data is entered as Billable to the Condo owner, as your customer name. You need to ask your Accountant if sheets and towels are you Expense (and it is Income when you make the owner pay you) or Advanced Costs (Other Current Asset). Or, you are describing Laundry Service, not Sheets and Towels being replaced. If you don't Pay for sheets and towels and are describing your own Laundry Service, you have no Purchase transaction and you simply add that charge to their invoice, along with any fee you are entitled to get from the owner.

Then, you Invoice the Owner and select these billable charges.

Your check entry to the Owner Name as Vendor is where you list the same Rent Liability item and put their Gross here. On the next line, you can show the holdback as AR for the Customer Name that owes you for the Linens. This is a Negative entry. Now this check to pay the owner is the Net. And now the open invoice has a Credit to be applied to it. You can also do this instead of Holdback, as paying the owner the Gross and they pay your their costs. Or, using a Clearing Bank as barter.

4. My company gets $250 from Airbnb = you already told us you get $1,000.

If the rent paid to a landlord exceeds the income brought in by Airbnb, and I am living in said unit only sharing out a room to guests, can I write off or carry over the loss?

Where does the income get mapped to the COGs Host Fee? Quickbooks Desktop Pro doesn't allow COGs in the invoice.

Hi Jason,

can I ask you more detailed question?

got this csv file with the ff amts:

amount $129.98

payout $129.98

host fee $4.02

cleaning fee $45

how much is the income here?

how much is the expenses?

how much does the guest really pay here?

really appreciate your help.

Your answer was useful. Thanks. One question though...How would you date the sales receipt, assuming we're working in cash and not accrual? For example..Airbnb sends the payout 24 hours after the guests check in. Would the date on the sales receipt be the date of this payout, or the day it makes it to the bank (usually 1-2 business days after payout is sent)?

Thanks in advance.

Hello there, @lakegenevarentals.

Since you use the Cash basis accounting, you'll have to date the sales receipt once your bank received the money or the day it makes it your bank (usually 1-2 business days after payout is sent). It's because sales receipts aren't recorded in accounts payable cause the payment is immediate and not a bill owed to the company.

Here's how to create a sales receipt:

1. On the QuickBooks Home screen or the Customers menu, go to Create Sales Receipts/Enter Sales Receipts.
2. From the Customer: Job drop-down, select a customer or job.
3. Fill in the necessary details.
4. Select Save and Send, Save and New, or Save and Close.

See this article for detailed steps: Create and send a sales receipt.

To know more about cash and accrual accounting in QuickBooks, please click this article: Differentiate Cash and Accrual basis.

If you need references about financial reports in the future, please feel free to access our site: Help articles for QuickBooks Desktop.

Please comment below if you need further assistance. I’ll be around to help. Take care.

If we're dealing with the Airbnb CSV, in that example, your income is $134 (payout + host fee). The $45 cleaning fee is included in that total.

When accounting for the income, don't forget Airbnb have taken the host fee from the host's full income, then given the host the difference. They only ever quote net figures, but you need to know where to find the gross.

(this is critical to make sure you don't under-declare your income for tax!)

I am not creating invoices or bills but doing direct entry. I would like to add the total host fee for the year as one transaction to my gross and then expense it from there. I'm unsure on which account to go against when I add it to the gross?

Airbnb is a vendor and a Customer. I use classes for the various properties. 

I write a credit note to Airbnb for the Comm and Fees. I make it billable. 

When I write the invoice from the Rental it is the Income from rental minus the chargeable expenses, which is a credit. The amount that Airbnb pays me then reconciles in my bank account with the amount of the invoice. The commission is wrong, as it comes to 0 but I post a correction. 

Hello 

If you have 10 properties, do you still add the properties as class? Or is there something more efficient 

Hello and what if you have 10 properties? Do you still list properties as classes? 

We rent from a building and have multiple units. 

Also, opinions on bnbtally?