The profit earned from a short-term rental property after deducting all expenses, including mortgage payments, property taxes, utilities, cleaning fees, and platform fees.
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Glossary Term: Accounting
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This Swedish term refers to ‘service year deduction,’ a tax deduction related to the number of years worked. While specific tax rules vary, it highlights the importance of understanding potential deductions for short-term rental income.
The process of tracking income and expenses, and generating financial statements to monitor the profitability of your short-term rental business.
Implementing sound financial practices for tracking income, expenses, taxes, and generating reports to ensure profitable and sustainable short-term rental operations.
Connecting your property management software or platform to QuickBooks Online or Desktop for automated financial tracking, including income, expenses, and tax reporting.
A comprehensive online resource provided by QuickBooks that offers articles, tutorials, and FAQs to help users navigate the software and address specific accounting and financial management questions related to short-term rentals.
Concise and user-friendly resources specifically designed to help short-term rental owners and managers quickly set up and utilize QuickBooks for their business accounting needs.
The process of matching and verifying payments received from booking platforms with reservations and ensuring accurate financial records.
Generating regular reports to track income, expenses, and overall financial performance of a short-term rental property for tax and investment purposes.
Maintaining accurate records of all income and expenses related to a short-term rental property for tax purposes and financial analysis.
A financial document provided by a property manager to the owner, outlining all income generated and expenses incurred for a specific period, typically monthly or quarterly.
A detailed receipt provided to guests, breaking down charges for accommodation, cleaning fees, taxes, and any additional services or expenses incurred during their stay.