How To Divide Expenses Between 2 Business Accounts & 1 Personal Account In Wave
tinywolf1
Member Posts: 3
Hello. I'm new to Wave. I have two writing businesses (Company A & Company 
as well as a personal bank account. I run all my invoices from Wave (and love it). My accountant suggested I start using Quickbooks, but I prefer the ease of use and simplicity of Wave. I'd like to keep all my accounting with Wave, if possible.
Here's my question:
Some of my expenses (ie., utilities & home mortgage) need to be divided between the 3 accounts for tax write-offs.
For example, I pay my mortgage from my personal account but write off a portion of that expense from Company A & Company B.
If an expense like this is paid from one account, how do I best reflect a portion of that expense in my other Wave accounts?
Thank you for your help!
0
Comments
*Correction: Company A & Company B
Thanks in advance for your feedback!
@tinywolf1,
I would suggest at the end of the year when your 1040 is done, you can make a journal entry based on the home office allocation (Form 8829) for each company. You would debit Home Office Expense and credit Owner equity or Owner Contribution.