Accounting for two brands (product lines) under a single business

Rumi

Hello!

We are a small business operating as an LLC in the US (if that matters). We make and sell jewelry. In the past year we started working on a new project, basically a new and fundamentally different product line - producing machines/electronics that have nothing to do with jewelry. We would now have two separate brands/product lines. Income and expenses use the same bank accounts, and credit cards etc. We would like however to have a way to see separate income and expenses reports for each brand, for our internal review of each product line, but then still be able to see all information together for tax purposes, since it is still just one company. I hope this makes sense.

If I understand correctly, if I add a separate "business" it would be treated as a completely separate entity with separate accounts, reports etc, and there would be no way to get a report for both "businesses" all in one. Also it seems this might be a problem with reconciliation for credit card expenses etc.? From all I see, a separate "business" may not be a good way to organize things, even if I am willing to manually create a "global" report for both, just because we have one bank account and business credit cards that we use for both brands. Am I correct?

Is there a way in Wave to do this kind of organization for multiple "projects" that are still part of the same "business"? Like "tags" or "sub/parent categories" or some way of classification that would allow to clearly organize multiple brands, assign expenses to the correct brand, and finally produce a report for each brand, while still be able to also see a global report for the entire business.

Is anyone facing a similar issue? Can't imagine we are the first to need such type of income/expenses organization. Am I missing something, or there is just no way to do this in Wave? Any suggestions and advice are welcome!

DeeS

Hey!

I think the issue you are facing is the need for Project-based Accounting which Wave doesn't support.

I was helping out friends who ran into the same issue!

A software engineer friend and I have decided to build a tool that connects to Wave to support this. I sent you a DM! 😀

Rumi

I was pretty sure this is not supported currently, but wanted to ask in case there was some solution. Really surprised and disappointed to get a confirmation that there's no such functionality. Meanwhile I also found some older posts with similar questions and very, very disappointing answers from Wave associates, basically saying they do not plan to support tags or projects. This seems so fundamental...

I will get back to you on your DM, thanks!