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Ximplifi Accounting on Trust Accounting for Vacation Rentals

As many of you are already well aware, dealing with proper accounting and bookkeeping is a big frustration in the vacation rental industry -- whether you manage hundreds of properties or are an owner with just a couple.

Jesse and the team at Ximplifi Accounting have started a great blog series on accounting for vacation rentals. We are working with Jesse's team to create a long-term comprehensive solution in OwnerRez to the accounting problem. We push bookings and payments to QuickBooks already, but this is just the tip of iceberg in terms of what is coming.

Check out Jesse's inaugural article: Trust Accounting for Vacation Rental Managers

Quick excerpt:

Trust accounting for vacation rental managers (or property managers in general) ("PM") can be confusing. Add in the selection, set-up & use of VRM booking and accounting software and it can become all out dizzying! The below is not intended to be all encompassing, as the set-up, and specific accounting & reporting is dependent on many different factors. But, it is intended to provide a framework for VRM trust accounting and the different key considerations.

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4 Comments (add yours)

Nov 19, 18
10:19 pm
Sasquatch says:

What's the approximate roll out date for these new accounting features?

Nov 21, 18
6:35 pm
Chris Hynes says:

We just dropped a large update a week or two ago on QuickBooks and have several more scheduled for later this year.

Are there any particular features you were interested in?

Nov 21, 18
7:07 pm
Sasquatch says:

Just wondering what's on the horizon, and whether or not it might make sense to do accounting on my own as opposed to paying an accountant.

Nov 21, 18
7:47 pm
JTVRs says:

I had rental properties for > 15 years and I ALWAYS did my own accounting and taxes. If audited, I don't want to be represented by someone who is not really familiar with my numbers. (I'm sorry sir, your accountant of 8 years just retired, but we have this new guy who...) An accountant caused me a major problem with a business purchase, and I have been doubtful ever since.

I believe that if you want to be more successful, a good piece of software and DIY trumps the CPA. You should know your own numbers, intimately (IMHO)

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What is OwnerRez?

We are an online booking service for vacation rental property that helps managers and owners save time, create quotes and bookings faster, look professional and keep detailed records without needing an accountant or staff.