Once you have successfully connected your QuickBooks account with Hospitable, your reservation financials and transactions are available to be synced seamlessly into QuickBooks.

This article will help you to understand what details of the financials are linked, how they are categorized, and where you can find them in QuickBooks.

Hospitable tracks financial data from reservations, transactions, and owner statements and ties these to businesses and properties via classes within QuickBooks. If your QuickBooks subscription does not have tracking categories available, you will not be able to view reports at the Business-level of Property-level. You can upgrade your accounting software to enable tracking categories if this is important to you, or consider using Hospitable's Profit & Loss Reports, which does this by default.

Reservation financials are recognized in real-time and synced to QuickBooks on the day of check-in. The following data is included from the reservation financials:

For property managers who send statements (those who collect payouts on behalf of owners and send the money to them on a monthly basis), reservation financials are recognized in real-time and synced to QuickBooks on the day of check-in. The following data is included from reservation financials:

Given the property manager sends an owner a statement along with any amount due to them, the property manager will need to publish and mark the monthly statement as paid to clear the amount due to the owner in QuickBooks. Once the statement is marked as paid, the amount due to the owner will be synced with QuickBooks and reversed accordingly to show that amount is no longer due.

For property managers who send invoices (those who the owner collects payouts and sends any applicable money to the property manager on a monthly basis), reservation financials are recognized based on publishing and marking statements as paid.

There is no reliance on reservation financials on check-in date but rather what data is included in the monthly invoice. Given that the revenue is recognized on a cash basis, no financial data will be sent to QuickBooks until an invoice is marked as paid. Once an invoice is marked as paid, the financial data will be synced to QuickBooks.

The following data is included from published and paid invoices:

At Hospitable, our goal is to simplify the business side of hosting — especially when it comes to tracking income, understanding your finances, and staying organized for tax time, which is why we have suggested the use of cash-based accounting recognition for your financial reporting.

With cash-based accounting, the method of accounting is designated that income is recognized once money is actually received and expenses are recognized once they are actually paid, regardless of the date they were incurred.

During the configuration of syncing with QuickBooks, you will be able to map the account categories that are designated in Hospitable to a Chart of Accounts within QuickBooks.

The initial configuration provides a recommended Chart of Accounts depending on your business model type, however you can do any of the following for each account category:

As noted above, your income and expenses from reservation financials will be automatically synced from the reservation data and/or via published and paid statements, however you have the ability to sync additional transaction and expense financials directly to QuickBooks.

Within the Transactions tab under My Business, you will be able to add transactions and expenses that are applicable to your business and/or your properties. In the current state, you can either add each transaction individually or have the ability to upload a CSV file for bulk transactions.

When adding the transaction, there is a Sync with accounting checkbox that will push transaction directly to QuickBooks based on the date selected.

Congratulations! Your financial data from Hospitable is now in QuickBooks, but what do you do next? Understanding where your financial information is synced in QuickBooks is extremely important to validate the accuracy of your financial reporting, be tax compliant and ready, and view necessary and important reports.

Once you are logged into the main QuickBooks dashboard, select Reports on the side bar tasks. This will allow you to view various types of reports such as Profit & Loss and Journal reports.

You have the ability to filter and favorite some of the most important reports to you. You can search the listing simply by scrolling through or typing what you would like to see. Once you have found a report you would like to save, press the star icon next to the title. The following list is a suggestion of reports that we recommend you favorite:

Each report has the capability to be customized to your liking to show exactly what is the most important data to you. In addition, you can validate that the data is synced accurately and correctly from Hospitable by reviewing each transaction and reservation one-by-one, as needed. The best way to review this is utilizing the Journal report.

In the report, simply guide over any specific entry and select Journal Entry to open the entire entry. This will allow you to update, change, delete, or edit the entry to align with the accurate data or information.

Inside the specific journal you have selected, you can review each line item as needed. For each reservation, you will not the reservation code and dates for the reservation within the Memo box at the bottom of the screen.

While you do have the ability to adjust information, we suggest only doing so when absolutely necessary. Once a transaction has been adjusted in QuickBooks, Hospitable will not resync the data. If there is a discrepancy, review the QuickBooks configuration using this Help Document on how to connect your accounting software to Hospitable.