Navigate to Listing Settings Page
The Listing Settings page is where you set the rules for when an income or a refund event takes place for a specific listing. To get to the listing settings page, navigate to view all your Listings and select a listing to edit.
First, let’s create an invoice rule. Press the plus button below the Reservation Income event. What this means is that for every reservation payout that you receive from Airbnb, we will create an invoice following the rules you set here.
On this invoice, we recommend you set the guest as the customer of the invoice, but you can also set any existing customer from your QuickBooks organization. You can also set a Parent Customer, but this is not required.
Price Items Column
Each price item you see within the invoice setup is defined by Airbnb for a reservation payout. These will show up in QuickBooks as line items in your invoices. You’ll see here an Accommodation Fare, Cleaning Fee, Host Fee and Resolution Adjustment - all these price items need to be defined in order successfully save your rules in Bnbtally. I explain each in detail here...
Now let's discuss the Percentage column and splitting price items. Most people set 100% allocations of each price item into a single product/service code within QuickBooks. But there are also scenarios when it is appropriate to split a price item into more than one allocation. Say for example that you happen to be a Property Manager and you collect a 20% commission on the Accommodation Fare. With Bnbtally, you can easily allocate 20% to a specific commission code and set the remaining 80% to (let’s say) a Rents in Trust code. You can do this by selecting "Add Line", select "Accommodation Fare" and then set it to 80%. As long as the sum of each price item adds up to 100%, we’ll support it, and you can split any number of allocations you want.
- Less than or equal to 100%
- Greater than 100%
- Negative Percentages (-%)
Moving on to the Product/Service column. The Product/Service column represents the QuickBooks product/service code you want to allocate to. The lists you see from these drop down menus are pulled directly from your QuickBooks organization and are specific to what you set up in QuickBooks. If you need help setting up your QuickBooks organization so that a list of Product/Services show up here, you can import a common set of Chart of Accounts and Product/Service codes using the "Set Up QuickBooks" utility in the Connection's Settings.
Classes & Locations
With Bnbtally you can also assign Class tracking categories for each line item as well as a Location for the invoice. Within QuickBooks, this helps to generate Profit & Loss statements and Balance Sheet reports for each specific listing. If you don’t see this class column, that means you’ll need to check your QuickBooks settings to make sure you enable classes.
If you need to allocate a static amount based on multiples of the number of nights or guests, or perhaps a one-time charge for a reservation, this is where you can configure such rules. Just select the multiple you’d like to use and enter the static amount, then select which product/service you’d like to allocate and select the price item to subtract the total amount from. Bnbtally will multiply the static amount by the number of nights, guests or a single charge to the reservation, we’ll then parse it into your selected product/service and subtract the amount from the remaining price item which will be further handled by the percent rules.
The last thing is to make sure that the Automatic payment box is checked if you’d like Bnbtally to automatically apply a payment to each invoice created using your payment clearing account. This is usually recommended.
Moving on to refund rules. Now that we’ve created an invoice rule for your reservation income, don’t forget to set a refund rule as well. For this we press the plus button under the refund event and select refund receipt. Now, many users set this the same as their income rule but we also have many users who use different product/service codes for refunds because they want to track refunds separately within QuickBooks. Either way is fine.
Sync Start Date
Finally, confirm the Sync Start Date. This is the date in which Bnbtally will go back to pull reservations for processing as part of our monthly ongoing service. You can set this as far back as the first day of the previous calendar month.
If you want to sync any payouts from reservations that took place before the first day of the previous calendar month, you would need to use the Historical Import feature.
Before you save your listing rules, check the Payout Account selection to make sure it’s correct. If you have a split payment routing rule within Airbnb, you’ll need to select the correct account to apply these rules.
Save Listing Settings & Go to Sync Manager
Once you’ve completed your configurations for your listing, be sure to save it. The moment you save your listing rules, Bnbtally will begin to pull your Airbnb reservations into the Sync Manager for processing into QuickBooks.
This concludes our guide to the listing settings page, which is the central area to set your rules for income and refund events of a specific listing. The next step is managing your QuickBooks sync activity using the Sync Manager...