A number of our users use Landlord Studio to help them manage their short term rentals, save themselves time, and reduce stress.
There are two methods our users use to keep keep track of income and expenses associated with their short term (Airbnb) rentals.
Step 1: Start by setting up your property - Then Add your lease.
Step 2: When adding the lease to your property select the date range of your guests and make sure to select under rent frequency the option for one-time (Airbnb).
Step 3: You can now add the lease details as well as cleaning expenses payable by tenant etc. and any other Airbnb related expense to this guest.
Step 4: Once the guest has paid, log the payment in the app, and select the payment period as complete.
- Repeat this process for each of your guests.
- This method allows you to track our guests, and pair income and expenses on a guest by guest basis.
We recognize that going through this process for every guest can be time-consuming, especially if you have lots of very short-term guests.
So, some of our users choose to do the following. This allows for less careful organization, however, it is quicker and easier and still allows you to keep track of income and expenses.
Step 1: Start by setting up your property.
Step 2: When adding your lease either leave the end date of the lease empty or set it for in the future - eg. one year from now or the end of the tax year or even in 25 years. You can come back and change the lease end date at any time if you need to.
Step 3: Make sure you select "One-time (Airbnb)" for the rent frequency.
Step 4: Set the rent amount to $0.00.
Step 5: Log your expenses as you normally would.
Step 6: Create a new payment category.
Settings < General < Categories < Add New Category called Airbnb.
Step 7: Log your first payment. Mark the payment period as complete and the lease will now show the property as green. Every time you have a new guest log a new payment, selecting the Payment category you created. You can make any important notes about the guests in the payment notes section.
- Note: Alternatively, you can leave the payment as incomplete and this will continuously show the property as having rent owing. It depends on what you prefer.