When onboarding with VRPlatform, you must upload our chart of accounts file (step 3) when preparing your Quickbooks online company file. Our default sample chart of accounts creates the most common owner and property management income accounts in Quickbooks. Owner income accounts are directed to the balance sheet (liability account) and property management income accounts are on the profit and loss (income account). In our chart of accounts, there are income items that would typically default to the property manager, such as pet fees, early check-in fees, and late check-out fees. Sometimes, you would like these fees to go to the owner. Typically, we would recommend that these miscellaneous guest charges be directed to the "Owner Payables: Misc Guest Fees" account in your invoice mappings. This account would then be mapped in your owner statement template configurations to a created column titled "Other Guest Fees."
However, if you would like to have a separate account and a separate column on your owner statement for these guest charges you wish to direct to the owner, you would need to create a new account in your chart of accounts in addition to a new product and service in Quickbooks.
If there are additional owner payable accounts that you would like to add in your chart of accounts, perform the following steps:
Navigate to your Chart of Accounts by selecting Transactions and Chart of Accounts on the sidebar menu in Quickbooks.
Select the green button "New" in the top right hand corner of the screen and choose "Liabilities" as the type of account.
Save account under "Net Earnings", name the account (example Pet Fee - Owners) and Save the account.
Go to your products and services in Quickbooks by selecting the settings gear and
"Products and Services" under the Lists column.
Create a new Service, name the service "Pet Fees - Owner," choose the category "Owner Income," and select the income account you have just created in your chart of accounts. Select "Create new" and close.
In VRPlatform, navigate to your connections page and fetch your QBO connection. Any time you create a new account, product/service, or vendor you must fetch the connection to bring the newly created item into VRPlatform for mapping.
Navigate to your automations page and select your Reservation Invoices automation. Select Mappings and Products & Services and direct the line type to the newly created Quickbooks Item that you have created.
Navigate to your Statements page in VRP, select "Edit template" at the top of the screen.
Add a column in the Net Revenue section for the owner income item created (ex: Pet Fee), select type "Collection" and map the collection to the new account created in your chart of accounts. Be sure to save your settings in the top right hand corner of the screen.
