With the OwnerRez QuickBooks integration, your bookings, payments, and bank deposits flow automatically into QuickBooks following accrual accounting rules.
Creating an Invoice
When a booking is created in OwnerRez, an invoice is automatically generated in QuickBooks. Each line item on the invoice can be mapped to specific Products and Services in QuickBooks, so charges can be tracked across different accounts for more detailed reporting.
The way revenue is recognized depends on the invoice date setting in OwnerRez. You can choose whether the invoice uses the Booking Created Date or the Arrival Date:
- If the invoice date is set to the Created Date, QuickBooks recognizes revenue immediately, mirroring cash-basis reporting.
- If the invoice date is set to the Arrival Date, QuickBooks won’t recognize the revenue until the guest’s stay begins. This aligns more closely with accrual-basis accounting.
By adjusting these settings, you can control how QuickBooks Online records revenue and ensure your reports reflect the accounting method you prefer.
Recording Payments
The next step is handling payments. When a guest payment is received in OwnerRez, a corresponding payment is automatically recorded in QuickBooks Online. You can choose which account to map these payments to, but we recommend using QuickBooks’ Undeposited Funds account.
Undeposited Funds works as a temporary holding account for money you’ve collected but haven’t yet deposited into your bank. Think of it like the cash drawer at a store or an envelope where you keep checks until you make a bank deposit.
On your Balance Sheet, Undeposited Funds appear as an Other Current Asset, separate from your actual bank accounts. This separation makes it clear how much cash is waiting to be deposited versus what has already been deposited into your bank.
Deposits
Finally, if you are using one of the recommended payment processors, OwnerRez automatically tracks when the payment is physically deposited into your bank account. This allows us to create a matching Bank Deposit record in QuickBooks Online.
During this process, payments are linked to their corresponding invoices, and any credit card or channel fees are recorded. The Undeposited Funds account is then credited (reduced), and your bank account is debited (increased), accurately reflecting the movement of funds from temporary holding to your actual bank balance.
And the best part is that all of the above happens automatically with no interaction needed from you!
You will get all the benefits of accrual accounting without all the manual work, keeping your books accurate in real time. OwnerRez also offers a wide variety of reports that can cover most situations where you'd want to extract data collected. The vast majority of these reports can be exported to Excel and/or CSV files, allowing you to perform your own research using the data.