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May 4, 2021
Question

What way should I record income for Glamping pods which are sometimes paid in advance and sometimes paid after stay of through booking agent?

  • May 4, 2021
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1 reply

May 5, 2021

Recording income for glamping pods made easy in QuickBooks Online (QBO), @willrobborobson-. I'm here to guide you how.

 

When you're paid in advance, you can set up a deposit or retainer process for your company in QBO. It's treated as a liability to show that, although your business is holding the money from a deposit or retainer, it doesn't belong to you until it's used to pay for services.

 

You'll first have to create a liability account to track the amount of the retainers you receive from your customers. Here's how:

  1. Go to the Accounting menu, then select Chart of Accounts.
  2. Click New.
  3. From the Account Type drop-down menu, select Current Liabilities.
  4. From the Detail Type drop-down menu, Trust Accounts - Liabilities.
  5. Enter a name for the account (ex. Trust Liabilities) or accept the suggested name.
  6. Select a Default VAT Code and enter a Balance and as of date.
  7. Select Save and close.

 

Once done, create a service or retainer item. Then, use the liability account you set up as its income account. Then, use either a sales receipt or invoice to record the deposit. 

 

You can also refer to this article for the step-by-step guide: Record a retainer or deposit. It also includes details about tracking deposits or retainers by customer on the Balance Sheet report.

 

Additionally, once you're paid after the stay through the booking agent, you can enter either a sales receipt or an invoice to track the transaction.

 

To further guide you in managing your income as well as monitoring your business's growth using QBO, I'd recommend checking out this article: QuickBooks Help Articles. It also includes topics about banking, reports, and taxes, to name a few.

 

If you have any other issues or concerns about recording income transactions in QBO, let me know in the comments below. I'm just around to help. Take care always.