Set up for partners in business together

TracyEast

Hi. I would like to know what the best set up for our accounting would be. I own a Closed corporation with my Fiance in South Africa. We have separate personal bank accounts and then the business account. I have a wave account set up for our business. Do we each need to have separate personal wave accounts or can i set us both up in one account. Seems silly to have to log into separate accounts when i am doing the accounting. Especially because we have been using personal bank a counts for business expenses and vice versa (which will come to an end as i se hat a nightmare it creates). Thanks for your time

Alexia

Hi, @TracyEast!

Welcome to Wave and congratulations on getting your business started! We're happy to be a small part of that!

You only really need a personal account if you intend to keep track of your personal spending and so on in Wave. You two could absolutely share a personal account if your finances are already intermingled. With that said, I can't recommend sharing a Wave account, either. Sharing a password is never a good idea, no matter the reason, but if you decide to do so, I can't stop you.

My recommendation here would be to have the account be owned by whoever will take care of the books the most often. Have the other partner create a Wave account and add them to the business as a collaborator. They'll have nearly complete access to the account. Here's how you add a collaborator.

Oh! And because you mentioned it, here's how to handle paying a business expense from a personal account!

Let me know if you have any other questions!

CFO_Hire

Great answer. Add as a collaborator under the settings page,