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Updated about 4 years ago,
Quickbooks Duplex bookkeeping: AirBnB and Long Term Rental
Hey all, I set up two sets of books, one for my LTR and one for my AirBnB. The LTR has the mortgage on it, the payments, etc, and the rent from the LTR pays most of the debt on the property. But not all.
I'd like the AirBnB to cover a portion of the mortgage as well.
My question is: how should I approach this in QB? Should I just do periodic Owner Draws from AirBnB books and Owner Contributions to the LTR books? Or do I make one a vendor and the other a customer and use a monthly bill transaction (seems like this would create an expense trail which doesn't really exist...)? Or should I approach it as an intercompany transaction, with liability and asset accounts?
The goal is to keep track of how much the AirBnB is contributing to the overall mortgage per month, and how much it's making above and beyond that. I'd rather not use classes/divisions for this.
Thanks in advance!