How to transfer transactions between business accounts?
My husband and I have three businesses between the two of us, all of which started last year. We just filed our first business tax return (2020) and need to get our accounting and systems in shape for 2021 to eliminate stress.
Our accountants recommended Wave. But I have some questions as I'm getting things set up but first some more context:
- Each business is a sole proprietorship and has an office in our home.
- Each business has its own bank account.
- My husband's business has its own credit card.
- We each make purchases using our personal credit card.
WAVE SET-UP:
- Personal: Linked to our personal bank account and credit card
- My business: Linked to my business bank account
- My husband's business: Linked to his business bank account and business credit card
- Our rental properties: Linked to our rental property bank account
I realize as I'm typing this that we will need to migrate our business purchases to our respective business bank accounts and/or credit cards. However, in the meantime I need to get our accounts sorted for Q1 2021.
I'd prefer not to link our personal bank account to all of our business accounts in Wave. That feels really overwhelming!
Questions
1. Can I "transfer" transactions from "Personal" to one of our business accounts?
2. If not, how can I retroactively get those transactions into the right place?
Please let me know if there is more information needed. I'm sure I'll have more questions. Totally knew to this whole business and accounting world. 🙃
Comments
hi @LDLOBE welcome to Wave and wow! Starting three businesses, you and your husband are on a roll
While there isn't an option to transfer transactions from your "Personal" account over to the respective business account, there's a couple of options that I can offer when it comes to getting the correct business transactions into the business account.
Fantastic! This is helpful. Thank you @NancyC.
I was approved for my business credit card today so it should arrive shortly and that will really make things easier.
We don't have a lot of purchases yet this year, which will make it easier to to manually add the transactions. That feels straightforward.
Thanks again.