About this Article
Just in case you haven't already set up your QuickBooks organization, the purpose of this article is to help you get your QuickBooks set up fast for tracking your Airbnb income. In this article, we will provide Chart of Accounts and Product/Services templates to get you up and running quickly. Note that this article does not cover expense accounts, which we cover in another article.
1. Set Up Chart of Accounts & Products/Services for Airbnb Income
For simplicity, we've created a free import utility with all of the below Chart of Accounts...
Access the QuickBooks Template Import Utility
Upon logging into Bnbtally, select the Connections tab on the left (if you don't have a connection already, you will first need to create one)
Select any existing Connection
Under your Connection Settings, click the button "Set Up QuickBooks", this will pop up a utility for you to review and import the accounts listed below.
Chart of Accounts Included
Income (Service/Fee Income): "Airbnb Income - Accommodation Fare"
Income (Service/Fee Income): "Airbnb Income - Property Mgmt Commission"
Income (Service/Fee Income): "Airbnb Income - Cleaning Fee"
Income (Service/Fee Income): "Airbnb Income - Resolution Adjustment"
Income (Discounts/Refunds Given): "Airbnb Refund - Accommodation Fare"
Income (Discounts/Refunds Given): "Airbnb Refund - Property Mgmt Commission"
Income (Discounts/Refunds Given): "Airbnb Refund - Cleaning Fee"
Income (Discounts/Refunds Given): "Airbnb Refund - Resolution Adjustment"
Costs of Goods Sold (Other): "Airbnb Direct Cost - Host Fee"
Current Liability (Sales Tax Payable): "Airbnb Custom Taxes Payable"
Expense (Taxes Paid): "Airbnb Tax Withholdings"
Current Liability (Rents in trust): "Owner Rents in Trust"
2. Set Up Class Tracking Categories for Reporting
If you have more than one listing to account for, we highly recommend using class tracking categories to generate profit/loss and balance sheet reports for each listing. Be sure to enable classes for your organization and set up classes for your listings with the following instructions...
Go to QuickBooks Online and select the gear icon at the top right
Select "Account and Settings"
Under Categories, make sure Track Classes is set to "On" and select "One to each row in transaction"
Select "Save" and "Done"
Select the gear icon again at the top right
Select "All Lists"
Add a New class for each of your listings here.
3. Next Steps
Now that your QuickBooks organization is set up with a baseline chart of accounts and products/services, you are ready to set up your listings in Bnbtally. Follow next steps below...