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 will 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...

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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 Commissions"
  • 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 (Rents in trust): "Owner Rents in Trust"
  • Current Liability (Sales Tax Payable): "Custom Taxes Payable"

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...

  1. Go to QuickBooks Online and select the gear icon at the top right
  2. Select "Account and Settings"
  3. Select "Advanced"
  4. Under Categories, make sure Track Classes is set to "On" and select "One to each row in transaction"
  5. Select "Save" and "Done"
  6. Select the gear icon again at the top right
  7. Select "All Lists"
  8. Select "Classes"
  9. 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...

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