I have watched various videos in regards to QuickBook and your statements give such a in depth analysis on the structure behind the financial model of airbnb properties. It would definitely help if you be able to send a template of the Balance Sheet. Definitely one of my areas of struggle.
@hamzaaliliaquat8856
3 жыл бұрын
Wow this is an amazing video, looking forward towards more such tutorial specially about the depreciation and taxes
@liorweisspi
7 ай бұрын
Hi Miguel. Thank you for the video, 3 years old and beneficial today for me as quickbooks beginner. my questions ARE: (1) how to I go about documenting a receipt on the go and record . my credit card will say "target" but my receipt will show toilet paper, just if there is question about the legitimacy of "business " expense and not private. Same for business meals etc.... (2) I'm sol prop with my wife (no LLCs) and we have 3 units. how to I get to split between the 3. all deposits go to one bank. all maintancence mixed together cleaning mixed. but mortgages, insurance, taxes, utilities are separate.. can it be recorded in one QB account?
@sondralehman3114
2 жыл бұрын
Good video! With VRBO submitting Lodging Tax direct - what is the journal entry ? Guest ABC rents house for $5000 (rental income) and pays VRBO fee $399, Lodging tax $1000 and Owner receives Rental income less credit card fees(3% or $150) = $4850. VRBO gets $399 (no acctg needed). The lodging tax of $1000 - was withheld direct from guest and submitted on our behalf. I can Debit Lodging Tax paid but what would be the credit (a rental income gross up? ). Thanks
@williammanzie5446
2 жыл бұрын
Hello Miguel, do you have a video or documentation to help me setup my QBOL for my airbnb? This is my first time using QBOL.
@olessiapotapova6762
Жыл бұрын
thank you so much for this video
@veronicadeleon5701
3 жыл бұрын
Hello, Miguel thanks for the video! very informative. One question I have, when you are in start-up mode, the big initial expense (furniture, security eq, kitchen eq, decorations, 1st month of rent, deposit, etc), what account should be used to capture all that? I saw you put something similar (construction, within the P&L), should this be categorized as assets in the balance sheet as an initial owner's investment? I am saying this because the owner used his personal credit cards to cover that expense, and asking to be repaid (as owners distribution) with the excess positive cash flow the units are generating. Thanks again for the help!
@RealDealsbyChloe
2 жыл бұрын
Great video- accounting is a pain lol. This is what I do, I categorize the startup expenses, (even if it's arbitrage) as FFE and OSE and downpayment each as their own expense line item. The way I do my calculations, I make sure that I pay back the startup expenses within the first 3 months, so it's not distributed as a promote but right away, almost like a cash out refi.
@migueltax3374
2 жыл бұрын
Hi Veronica, You should put it to a fixed asset account and then "draw it down" via depreciation expense after your tax accountant reviews.
@daniajohnson5017
Жыл бұрын
Hi Miguel, I am bookkeeper and this is new to me and I'm trying to learn. Do you recommend adding a separate income line on the P&L to reflect the cleaning fees? And how do I record the total gross minus the expense to match the payouts? ( this part was not clear to me). Thanks!
@steffanieanderson77
Жыл бұрын
Hi there, I see your question has not been answered. I want to see the cleaning fee as a separate line for a few reasons - 1. This is a tracking for what I have received for cleaning fee income. 2. I can see what I am paying out to the cleaning company (that is an expense or COGS). I am a bookkeeper that has STRs. This is what I do for mine; I use invoices, one per reservation, I used the Platform as the customer (AirBnB, Vrbo, etc). Then on the invoice I do the following Rent (item), in description I put the Customer Name, amount of what they are paying to stay CleaningInvoice (item), amount Platform Fee (item), amount I pay to the Platform, this is a negative amount. This is then match the amount paid out by the Platform. Hope that helps
@b_Loopy
3 жыл бұрын
I have a question: if I run a painting business, and have airbnb properties, should I put them under one business? Or does quickbooks let you have two businesses for one price?
@RealDealsbyChloe
2 жыл бұрын
I would separate them since different liability insurances will be needed
@candicewhitley3750
2 жыл бұрын
Miguel how do you record the Airbnb fees ?
@RealDealsbyChloe
2 жыл бұрын
Good question- I'll add to this question...I leave out airbnb fees, because if I list gross then make this an expense, firstly it's an extra step, secondly does it help with our overall financial picture? Because, the way I see it, what I bring in from Airbnb is gross, then my internal/operating expenses are calculated for net...so idk if the extra step is worth it.
@migueltax3374
2 жыл бұрын
I'd respectfully provide a different view than the commenter. Airbnb issues 1099-K's to hosts with a minimum of $600 in income which is reported to the IRS. That means that the IRS is reporting you made gross income of, say $100. If you report $97 (net of Airbnb's 3% fee), that difference may flag a letter from the IRS. Better to report on the $100 and deduct the commission. You can download your 1099-K and your summary which shows fees from the Airbnb host section.
@lisasteele7004
2 жыл бұрын
How do you add properties and owners for airbnb
@migueltax3374
2 жыл бұрын
1. Properties need to be added as classes 2. Owners need to be added as vendors or customers depending on your flow. Our team would be happy to chat :)
@lisasteele7004
2 жыл бұрын
@@migueltax3374 I am a host for airbnb and first time set up for each unit QB online. Would like to know how to set up each property? and if that is required to keep a good P&L for the business
@jamieluce2039
2 жыл бұрын
@@migueltax3374 are classes only in the premium versions of QBO? It looks like I can't enable it as it doesn't show up under Accounts and Settings
@jamieluce2039
2 жыл бұрын
I looked and the basic QBO does not offer Classes. I did find that I can use Categories, but I don't know if that's the right solution yet.
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