Set up your accounting system for rental properties

[Amr359]

As an experienced bookkeeper and accountant with experience in rental properties and CRE, I want to share with you a simple chart of accounts that you can use as a guidance to build your accounting system.

The chart of accounts is a list of categories that you use to record your income and expenses. It helps you organize your financial transactions and prepare accurate reports. A good chart of accounts should be tailored to your specific business needs and goals. In the link blow you will  find the google spreadsheet. Feel free to use and share it and I you need any help I will be more than happy to provide.

Happy Hosting and Investing 🌷

https://docs.google.com/spreadsheets/d/1ZVudFS_YJZaC2DjXx3eu-mmm8wQFyaLD9V6EWpNFDTQ/edit?usp=sharing 

[Mike-And-Jane0]

@Amr359 I really think this is way to complex for most hosts. In the UK we are able to cash account for our Furnished Holiday Lets which means the accounting is simple and straight forward.

Perhaps, as an accountant, you are trying to make it more complex than it really is to drive business to accountants!

[Amr359]

Hi Mike,

Thank you for sharing your perspective. It's great to hear that in the UK, the cash accounting method for Furnished Holiday Lets simplifies the accounting process for hosts. Simplicity is always a valuable aspect, and it's fantastic that you have a straightforward approach.

As an accountant, my intention is to provide accurate and helpful guidance, regardless the level of familiarity with accounting practices. While some aspects of Airbnb hosting accounting can be complex due to varying regulations and individual situations, I strive to ensure hosts have the information they need to make informed decisions.

If there's a way to bridge the gap between these two approaches, I'd love to explore it further.

Ultimately, the goal is to empower ourselves to manage our financial responsibilities effectively.

Thank you again for sharing your thoughts. It's valuable to hear different viewpoints on this matter, and this is the golden benefit of this community 😊

[Mike-And-Jane0]

@Amr359 Excellent that you want to provide accurate and helpful guidance but, as an accountant, which country/countries can you legally operate in?

[Amr359]

Hello Mike,

I appreciate your interest. I'm based in Egypt, and I specialize in working with clients who follow the International Financial Reporting Standards (IFRS), So I can offer general insights that may be relevant across different regions.

[Mike-And-Jane0]

@Amr359 Hmmm. Most hosts on Airbnb do not prepare accounts nor do they need to. The help they need is preparing tax returns where detailed knowledge of a particular countries tax laws is essential.