Prompt Detail:
Sure! Here's a suggested template for a chart of accounts for a triplex with two Airbnb units:
- Assets
- 1010 Cash on Hand
- 1020 Cash in Checking
- 1030 Accounts Receivable (if applicable)
- 1040 Furniture and Fixtures
- 1050 Building (Triplex)
- 1060 Accumulated Depreciation - Building
- 1070 Airbnb Unit 1 Furniture and Fixtures
- 1080 Accumulated Depreciation - Airbnb Unit 1
- 1090 Airbnb Unit 2 Furniture and Fixtures
- 1100 Accumulated Depreciation - Airbnb Unit 2
- Liabilities
- 2010 Accounts Payable (if applicable)
- 2020 Mortgage Payable
- 2030 Security Deposit Liabilities (if applicable)
- 2040 Other Liabilities (if applicable)
- Equity
- 3010 Owner's Equity
- 3020 Retained Earnings (if applicable)
- Income
- 4010 Airbnb Rental Income - Unit 1
- 4020 Airbnb Rental Income - Unit 2
- 4030 Other Rental Income (if applicable)
- Expenses
- 5010 Property Taxes
- 5020 Insurance
- 5030 Repairs and Maintenance
- 5040 Utilities
- 5050 Advertising and Marketing
- 5060 Cleaning and Supplies
- 5070 Property Management Fees
- 5080 Legal and Professional Fees
- 5090 Mortgage Interest
- 5100 Depreciation Expense - Building
- 5110 Depreciation Expense - Airbnb Unit 1
- 5120 Depreciation Expense - Airbnb Unit 2
- 5130 Other Expenses (if applicable)
Note: This is just a suggested template and may need to be customized to suit your specific needs and accounting practices. It's always recommended to consult with a qualified accountant or bookkeeper to ensure that your chart of accounts is tailored to your unique situation and complies with relevant accounting regulations and tax laws.
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