Learn to set up your chart of accounts to manage your company finances using QuickBooks

Setting up a chart of accounts in QuickBooks for lodging companies is the same, no matter if the company is a hotel, motel, bed and breakfast, inn, cabin, or timeshare. First of all, there should always be an income account for lodging income. If your business offers services to your guests such as fine dining, laundry, or room service, then there should be separate income accounts for this as well.

To save you the time and confusion of setting all this up yourself, we have created a free PDF with a QuickBooks chart of accounts for lodging companies.

Many hotels also make money off of hosting meetings and conventions. If your company makes money by hosting events, conventions, and business meetings, make sure to have an income account for this as well.

When creating expense accounts, consider what your company spends the most money on. Most hotels spend a lot of money on advertising, maintenance, business permits, and grounds keeping, so make sure to keep expense accounts for these.

There are nuances to bookkeeping in every industry, but don’t let that scare you—we’re here to help. If you have any questions, reach out to the Fast Trac Consulting team!