Using program for vacation rentals

forum-importer 2010-04-30 09:02:23 UTC #1

I have been through hell and back a couple of times with our accounting issues.
We do short term only. We have a reservatiopn system that does not handle bookkeeoing. I need a trust based quickbooks solution.
Looking forward to your feedback.

Jonathan_LLA 2010-05-03 04:42:45 UTC #2

Hi Rai,

We've had a few customers who use QB's for short term rentals. I think our product will help you, and certainly give you some ideas on how to record the properties and capital improvements, and expenses in QB's. However, for daily shot term rental entries, we don't go into too much detail. Some ideas you can use include: create new customer/jobs for each short term renter, or have a generic renter and use the memo field to record the person.

I hope you consider to buy the product, and take it for a test time. I guarantee you'll be satisfied, or your money back.

forum-importer 2013-03-07 21:43:12 UTC #3

I have both long term rentals and a short term rental. Could you go into more detail on how to handle the short term rentals? I'm setting up the suggested chart of accounts on page 100, and it won't work for me to have a security deposit account, etc for each short term renter (I'd have at least 50 a year). So, I want to do something different than that. I don't like the opaqueness of having a generic renter... unless that's the best route to go... and would prefer more details on the idea of using new customer/jobs for each short term renter.

I normally collect a holding deposit when they book the rental... half 90 days out, half 45 days out.. and the holding deposit turns into a security deposit once they arrive.. and they get it back after they leave..

Also.. another question.. When they pay, they pay via credit card. I have to pay a transaction fee each time. When the money comes in from a renter.. let's say it is $1,000.. I get told that the credit card fee is $25, and I actually see $975 put into the bank. How do I handle this? The stuff on page-ish 140 seems like where it would be, but I'm not sure how to actually handle it.

Thanks!

forum-importer 2013-08-22 12:51:38 UTC #4

I am using Landlord Accounting in QB for my seasonal rental and it is working pretty well - there are a few more things I need to tweak but - first let me say you are complicating things the way you are taking deposits. And we eliminated holding security deposits for seasonal renters and just use a vacation rental insurance - the cheapest one is $49 - we charge the guest and then purchase it on their behalf. A LOT easier than keeping track of security deposits. I have a merchant account with Intuit so I create a Sales Receipt for their deposit, which is a percent of the rental amount plus tax and plus the 3.5%. I charge the card right from within QB so QB takes care of recording the card transaction in the register automatically. Then an Invoice is created for the balance due which shows their paid deposit amount subtracted.

I'm still sort of trying to use actual Items to do everything but I'm stuck on the fact that the Reservation Deposit is taxable - I can't find a way to apply the % convenience fee to the 30% rent plus tax since the tax is added at the bottom. If I could have a 3.5% fee as an Item that could pull the tax amount into the total that will be charged to their card that would be ideal. Right now, if I add the 3.5% fee it calculates % of only the rental amount, not the tax. But I am charged for the full amount being charged to their card which is the rental amount plus tax.