Is there any plans to add costs that we incur, like supplies, cleaning cost, insurance cost etc etc (the parts that IRS wants in Schedule E) into the property directly. So we can use as a database for yearly taxes and also know the current sales - total costs for the year per each property.
I recommend using an accounting system that is designed for this. I use Wave which is FREE. www.WaveApps.com
Once you are setup and up to speed it is great. I use it to send out invoices, collect booking deposits (they process CC or echeck payments online), and manage expenses. And it syncs with your bank account so you can check all of your deposits and payments against what you've billed/spent. They have an app that you take a picture of all your expense receipts....it scans the fields and pulls out the store, date, totals, etc. Then all you do is choose the category for the expense and which account it goes to and you are done. At the end of the year you click reports and pull up all your expenses categorized nicely, and send it to your accountant.
Did I mention it is free?
We do have an Expenses area - and we're expanding that this year for bank account tracking and QB syncing - but Tim is right. You really need to have a separate accounting system (QB, Sage, Xero) that you use to track expenses, liabilities, taxes and so on. We do not ever plan on being a full double-entry bookkeeping product, so things like Profit & Loss and Balance Sheet wouldn't ever be able to be produced. Our Expense, Deposit and Bank Account stuff is meant to be a way to track things for PMs that need to bill them back to owners or be reimbursed, not as the accounting system.
Thank you Tim. I will for sure give it a try.
Thank you for the response Paul.
It would also help if in your financials you may collect standard fees we pay to 3rd parties. One very common fee that is always paid by everyone is: Cleaning Fee. Is there any chance this can be added as a per property type cost that can be included to a detailed report we run?
I am also envisioning a report where you can select, financial fields to show, like newly added "Cleaning fee" or "miscellaneous fee", Net payments, tax, Total payment, Net Total etc that can be selected per channel so a configurable report analysis can be made. Do you see any value in this to develop a feature for it?
Yes, good eye on that. We are going to be adding specific enumerations on surcharges for known fees like cleaning, pet, extra guest, firewood and so on. Our API integration with HomeAway actually has made this important because of how they take fees and rates from our system when pushing across. We are looking to do that in OwnerRez as well which will flow to down-stream things like reporting so that you can see those broken out. Our Line Item Detail and Summary reports can already be pivoted to show some of those things but not as clearly as we would like.