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AirBnb and VRBO have transformed the travel industry. Now you can make money by renting your home to families for vacations, or even rent just one room in your home to travelers. But how do you track that income and the associated expenses to make sure it’s worth the effort?
Vacation Rental Bookkeeping Course Description
Hotels and motels are so old school. These days travelers prefer to rent out full houses to gather with friends and family. So why not invest in a vacation home that other people can use while you’re not there?
And it doesn’t even need to be your whole house. Have an ADU? A basement with a separate entrance? Or even a guest room? Business travelers and adventurers will lay their head anywhere comfortable…why not get the extra income to help with your rent?!
The trick is how to account for the income and expenses so that you don’t get in trouble with Uncle Sam. Some rental agencies integrate with accounting software like QuickBooks Online, but it’s important that you understand how to track it all accurately.
In this course, we’ll look at the accounting requirements from business formation, to how to set up your chart of accounts, to tracking your receipts.
What costs count as Cost of Goods vs. overhead expenses? Do towels and sheets count as a business expense? What about your kitchen supplies and toilet paper? How do you account for supplies, cleaning, maintenance, and repairs, especially if you’re only renting part of your house? And how do you keep track if you have multiple properties or rooms for rent?
Instructor Gita Faust is the queen of Real Estate Accounting. This Vacation Rentals Essentials course contains the basics you need to get started. If you want more, including how to track all this in QuickBooks, attendees will receive a discount code towards her full program.
After Completing this course, you will be able to:
- Define and track income from renting out your home
- Explain how to split expenses between rental and personal
- Describe and categorize rental expenses to the right accounts
What You’ll Learn:
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Listing your property with AirBnb or VRBO
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What business formation is right for you
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Integrating vacation rental websites with QuickBooks
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Creating a chart of accounts for vacation and room rentals
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Keeping receipts and other records
Instructional LevelBasic
Course Length1 hour
Course CreditsCertificate of Completion
Field of StudyAccounting/Bookkeeping Delivery MethodQAS/Self Study Prerequisites
Who should take this class?
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Why pay full price? Sign up for a Royalwise OWLS Membership
and get this course and more for one low monthly price.
Silver membership pays for itself in just two courses per month!
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Refunds & Cancellations
Please view our Terms of Service, for information on refunds, cancellations, and complaint resolution. To request a refund, please contact us.
Here is the course outline:
1. Download the HandoutDownload your class handout here 1 section
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2. Vacation Rental Bookkeeping: Watch the VideosAirBnb and VRBO have transformed the travel industry. Now you can make money by renting your home to families for vacations, or even rent just one room in your home to travelers. But how do you track that income and the associated expenses to make sure it’s worth the effort? 15 sections
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3. Vacation Rental Bookkeeping QuizzesTake these quizzes to demonstrate your mastery of the material. Pass each quiz with an 80% or higher to complete the Course, earn your Certificate, and win points! 1 section
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