QB Issue Resolution:
My problem is how to enter income from Airbnb which is automatically deposited into the LLC checking account. But at the same time I need to be able to put that rental income towards the owner whose week was rented so that they receive the credit towards their quarterly assessment.
Well you can not really do that, the rental income is income to the whole LLC, no one person within it, the LLC is a business.
The business pays the quarterly assessment – which is an expense. Whether you choose to invoice each owner is a company decision, even so when paid by each owner it is income to the LLC. On the LLC P&L that income is offset by the expense of the assessment – if everyone pays on time the effect is income cancels expense. Setting them up as customers is the right way to go to invoice them for the assessment. I would probably create an income account called quarterly assessment income and use a service item on the invoice which points to that income account.
The owner could tell you to pay his assessment from equity, in which case you do a journal entry
debit owner equity
credit assessment income
but the business is still paying the assessment from the bank.
Resolution for Issue 'How can I apply rental income received from Airbnb towards one of the owner’s assessment fee?' available: Yes (Solved).
Source: Intuit Community forum.
How can I apply rental income received from Airbnb towards one of the owner’s assessment fee?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Assessment
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!
Error Recovery for Assessment [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.
Additional Support Options: