A method of accounting for those using QuickBooks in Airbnb property management who do not use a trust account. Rather than using a trust account, all funds are directly collected from Airbnb and declared as income by the property management company. From there, a portion is paid out to owners as a direct cost.
A QuickBooks guide to automate accounting for Airbnb property managers who use a trust account to collect funds from Airbnb on behalf of property owners. This guide is a comprehensive method of accounting for those who need to follow thorough accounting guidelines due to state or local requirements around trust accounts.
In this article, we discuss Airbnb costs throughout several business models and have compiled a list of the most common costs involved in operating an Airbnb business. We present here a chart of accounts, which you can use to set up QuickBooks or Xero for your Airbnb and short-term rental organization.