About this Article
Just in case you haven't already set up your Xero organization, the purpose of this article is to help you get Xero set up fast for tracking your Airbnb income. In this article, we will provide Chart of Accounts 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 for Airbnb Income
For simplicity, we've created a free import utility with all of the below Chart of Accounts...
Access the Xero 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 Xero", this will pop up a utility for you to review and import the accounts listed below.
Chart of Accounts Included
Revenue: "Airbnb Income - Accommodation Fare"
Revenue: "Airbnb Income - Property Mgmt Commission"
Revenue: "Airbnb Income - Cleaning Fee"
Revenue: "Airbnb Income - Resolution Adjustment"
Revenue: "Airbnb Refund - Accommodation Fare"
Revenue: "Airbnb Refund - Property Mgmt Commission"
Revenue: "Airbnb Refund - Cleaning Fee"
Revenue: "Airbnb Refund - Resolution Adjustment"
Direct Cost: "Airbnb Direct Cost - Host Fee"
Current Liability: "Airbnb Taxes - Custom Taxes Payable"
Expense: "Airbnb Taxes - Tax Withholdings"
Current Liability: "Owner Rents in Trust"
2. Set Up Tracking Categories for Reporting
If you have more than one listing to account for, we highly recommend using tracking categories to generate income statement and balance sheet reports for each listing. Be sure to set up a tracking category for your listings with the following instructions...
Log into your Xero organization
Select the "Accounting" tab at the top
Select "Tracking Categories"
If you don't already have a tracking category for your properties, select "Add Tracking Category", for the tracking category name type "Properties"
Under Category options fill in the list of your properties, either use the address of the property or a name that you can use to identify the property in your reports.
3. Next Steps
Now that your Xero organization is set up with a baseline chart of accounts and tracking categories, you are ready to set up your listings in Bnbtally. Follow next steps below...