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Tax Time. ABB BDC VRBO FK/FK

Replies: 5 - Pages: 1 - Last Reply: Mar 14, 2020 9:18 AM by: Paul W
Ross C
Registered: 2/25/20
Tax Time. ABB BDC VRBO FK/FK

Trying to get clear information from booking.com and Airbnb such as what were my total earnings and commissions and fees and credit card fees and anything else? Turns out not all you did not issue statements but they like to keep it nebulous.

Does owner reservations have the ability to pull from each listing site into something that's amenable to filling out a schedule C or Schedule C... USA?

Paul W
Registered: 6/9/09
Re: Tax Time. ABB BDC VRBO FK/FK

Hi Ross. Not really, no - at least not a direct import into tax forms like that. We've stayed away from that end, and encouraged users to use QB or Xero or a double-entry accounting product for that, because there are many other things that play into that. We can show gross numbers and a break-down of revenue but not the expenses side. Even those PM's that use our Expense area know that many other expenses are not tracked here (only the owner-related ones). Our vision is to fully support accounting "quote to cash" in the future but it's a long road. We have to get deposit and fee tracking done first so that bank accounts can be reconciled to the penny.

BlueMtnCabins
Registered: 6/6/16
Re: Tax Time. ABB BDC VRBO FK/FK

Don't you have your own tool to track all that? I have never relied on 3rd parties to provide that info (if they do - great, but I do not need them to tell me how much I earned from which source). I have spreadsheet with formulas and each booking is entered there. Spreadsheets calculates taxes due, commissions (if any) , credit card fees etc.

Ross C
Registered: 2/25/20
Re: Tax Time. ABB BDC VRBO FK/FK

The point is why listing sites dont make it simple:

2019: Rent, commissions, cleaning fees, sales tax, etc.

is this hard?

Paul W
Registered: 6/9/09
Re: Tax Time. ABB BDC VRBO FK/FK

Check out our Line Item Pivot report. This breaks down every booking with cleaning, tax, fees, etc side by side. It's become the go-to report for things like this.

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