Experience the difference of "Elite".

Ximplifi Accounting on Trust Accounting for Vacation Rentals

  • Posted on
  • By

As many of you are already well aware, dealing with proper accounting and bookkeeping is a big frustration in the vacation rental industry -- whether you manage hundreds of properties or are an owner with just a couple.

Jesse and the team at Ximplifi Accounting have started a great blog series on accounting for vacation rentals. We are working with Jesse's team to create a long-term comprehensive solution in OwnerRez to the accounting problem. We push bookings and payments to QuickBooks already, but this is just the tip of iceberg in terms of what is coming.

Check out Jesse's inaugural article: Trust Accounting for Vacation Rental Managers

Quick excerpt:

Trust accounting for vacation rental managers (or property managers in general) ("PM") can be confusing. Add in the selection, set-up & use of VRM booking and accounting software and it can become all out dizzying! The below is not intended to be all encompassing, as the set-up, and specific accounting & reporting is dependent on many different factors. But, it is intended to provide a framework for VRM trust accounting and the different key considerations.

Continue reading

5 Comments (add yours)

Sasquatch
Nov 19, 2018 10:19 PM
Joined Feb, 2018 18 posts

What's the approximate roll out date for these new accounting features?

Chris Hynes
Nov 21, 2018 6:35 PM
OR Team Member Joined Oct, 2012 1400 posts

We just dropped a large update a week or two ago on QuickBooks and have several more scheduled for later this year.

Are there any particular features you were interested in?

Sasquatch
Nov 21, 2018 7:07 PM
Joined Feb, 2018 18 posts

Just wondering what's on the horizon, and whether or not it might make sense to do accounting on my own as opposed to paying an accountant.

JTVRs
Nov 21, 2018 7:47 PM
Joined Jun, 2018 385 posts

I had rental properties for > 15 years and I ALWAYS did my own accounting and taxes. If audited, I don't want to be represented by someone who is not really familiar with my numbers. (I'm sorry sir, your accountant of 8 years just retired, but we have this new guy who...) An accountant caused me a major problem with a business purchase, and I have been doubtful ever since.

I believe that if you want to be more successful, a good piece of software and DIY trumps the CPA. You should know your own numbers, intimately (IMHO)

Sloanish
Apr 2, 2020 12:36 PM
Joined Jun, 2018 123 posts

JTVRs has a good point. There is nothing worse than losing a bookkeeper and having no clue how to take over the job or train another bookkeeper. It is essential in small biz to know what is going on.
That said I do not want to stay in this industry if I have to do every single task to make it work. That is where OR comes in.
Please finish the job of automating the VR workflow and you will gain our undying thanks and loyalty.