Short Term Rentals

Thanks for reaching out in the QuickBooks Community, @bmartin71184.

I'd be glad to walk you through the process in recording short term rentals in QuickBooks Desktop (QBDT). 

As a property manager, you provide service to property owners and the tenants of those properties. Thus, you need to create and manage two company files:

• Rental property company. This is where you keep track of the transactions for each property you manage. This is where you record the rent income and expenses.
• Property management company. This is where you track your own business’ transactions. This is where you record your income and expenses for managing properties.

After creating a company file for rental property company, you'll have to set up customers and vendors accounts for your tenants and vendors. 

• Properties you manage. Customers
• Tenants. Customer: jobs of properties
• Owners of the properties. Vendors
• Your own property management company. Your own property management company

If you haven’t already, here's how set up the customers and vendors.

Once done, you'll have to set up accounts and items which you use to track transactions.

For complete details on what you need to set up, please refer to step 2 of this article: Record transactions for a property management company. This also contains the complete guide on how to record transactions for rental properties you manage and for your own management company in QuickBooks Desktop.

If you're still aren't sure on what accounts to use, or how to record the transactions? I'd suggest reaching out to an accountant. If you don't have an one, we can help find someone near you.

Should you need further assistance in managing your client's rental properties, please let me know here in the Community. I'm always here to help. Take care!