Track Residential Long-term Rental properties

Scope

The built-in workflow is for residential long-term rental. Commercial rental, short-term or vacation rental, and hotel-like activity require custom accounting and Accountant guidance.

Enable the activity

1. Open Settings > Business Profile.
2. Enable Residential Long-term Rental under Additional Bookkeeping Features.
3. Review Setup Impact and save.

xBoox enables the related account group and shows Rental Properties and Rental Property Summary. Disabling the activity later hides normal posting access but preserves history.

Rental Property Summary uses the shared report-period controls. Preset periods show visible read-only From and To dates; choose Custom Range to edit them, then select Apply.

Add a property

1. Open Accounting > Rental Properties.

Use a desktop browser window at least 1280px wide; smaller windows show a desktop-required message instead of the form.

1. Create a Property Profile.
2. Enter a unique property name. xBoox uses this as the main user-facing label.
3. Add optional address and acquisition information.
4. If known, enter Total Cost, Land Allocation, Building Allocation, status, source, and effective date.
5. Save the property as active.

Land and building allocations may remain blank when only total cost is known. Do not enter an arbitrary split.

Record an existing mortgage opening

In the Mortgage section below Purchase & Value, answer Yes to Do you need to enter an opening mortgage balance? only when the property has an existing mortgage whose unpaid principal is not already in xBoox. Enter the As-of Date and Outstanding Principal on that date. The original loan amount, property purchase price, and future interest are different amounts. Loan Name and Lender are optional labels. The details are hidden when No is selected. With Yes, both required fields and the confirmation checkbox must be completed before the Add Property or Save Property button becomes available. The info icon beside the helper text explains the opening Journal Entry.

Check the confirmation after reviewing any QuickBooks history or other imported entries. The Workspace Owner posts this opening; an Accountant can continue to edit ordinary property details but cannot post the opening. xBoox creates a Journal Entry that debits Opening Balance Equity and credits 2350 Rental Property - Mortgage Payable, with no GST/HST calculation. Purchase and land/building values remain property details and do not themselves post to the ledger. The opening amount shown afterward is a starting amount, not a live loan balance. Record later principal repayments and mortgage interest separately through the transaction workflow.

You may add a property without a mortgage opening and return to Edit to post it later. If property creation succeeds but the mortgage posting fails, the property remains saved; retry the mortgage from that property's form after reviewing the error. A successfully posted opening cannot be overwritten by editing the property. Properties with a mortgage opening cannot be deleted.

Assign transactions

Rental Property assignment appears only when a selected Category belongs to the rental account group.

• With no active property, xBoox blocks posting and asks you to add one.
• With one active property, xBoox assigns it automatically.
• With two or more active properties, select the required Rental Property.

In Bank Transactions Split, the Rental Property column appears only when a line uses a rental Category and more than one active property is available. With one active property, the column is hidden and the property's name appears above the lines; only rental lines receive that property. If no property is active, add or reactivate an eligible property before posting. Reopening a historical line does not replace its saved inactive or disposed property.

xBoox saves rental_property_id for reporting and may add a readable Rental property: line to the Note. Reports rely on the saved property id, not the Note text.

Status and history

• Active properties appear in normal posting selectors.
• Inactive and disposed properties remain available for historical reporting.
• A property with activity should not be deleted.
• Disposition information is recordkeeping support only.

Not automated

xBoox does not automatically create CCA, disposition, recapture, capital-gain, or tax-filing entries for a property.

Reporting

Use Reports > Rental Property Summary to filter by date and property and review Rental Income, Rental Expenses, Net Rental Income, and supporting transactions.

Refunds and reductions retain the original rental income or expense Category. A refund against a rental expense reduces Rental Expenses and increases Net Rental Income; it is not reclassified as ordinary rental income solely because money came in.