Rental income 2023 vs 2024?

Setup & Support
1

Hello,

I have a STR property that is mostly summer only, with 6 different cottages. When I take a reservation in the summer, I collect a deposit then, another one in January, and a third a month before they arrive. I am collecting 2023 income in 2022 and in 2023. For a 2024 reservation, I will be collecting income in 2023 and 2024. Is there any way to differentiate this income in the Category dropdown? I see Short Term Rents, but don’t see any way to designate the year that the deposit represents.

With QB, I was always able to alter the Chart of Accounts. Honestly, I hate QB and would love to make this work for me!

Diana

2

@diana_armstrong Good Morning. If you’re identifying this money as a true deposit, it should be recorded as such (Security Deposits, the parent entry, not the child entry of security deposits interest). At the moment you’re collecting it, it’s not your money, yet. Then you would deduct the deposit and record as income when you charge the reservation for the actual stay.