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WAVE FOR A RENTAL COMPANY .

shawali2009shawali2009 Member Posts: 1

My company is a Rental Company. I'd like to be able to see P&L by property side by side , and Balance Sheet for the LLC as a whole. I have been thinking of setting up properties as Products to which I can attribute Rent (Sales Revenue) as Income and Repairs, Prop Mgt., Mtge Payment etc. (COGS) as Expense for individual property P&L, while the Balance sheet is aggregated for the company. Tenants are treated as Customers for Invoicing etc. Is this a feasible way to run WAVE accounting for my business

in Accounting Technical Support

Comments

  • JordanDJordanD Member Posts: 515 ✭✭✭

    Hi @shawali2009, and welcome to Wave's Community!

    Wave creates reporting on an aggregate view of your accounting based off all the information entered into Wave. Due to the fact that we are unable to create tags or subcategories, the ability to create reporting on a project or product level is not currently a feature that Wave can support, I'm afraid.

    Some users who are looking for using this sort of reporting have found success in creating a different "Business" within Wave for each of their projects or products. This will allow them to see the reporting on these specific items separately. At that point, you can then export the reporting for each product and manually combine them for an aggregate view. This is definitely a workaround for the time being, and in saying this, I definitely acknowledge that this is not ideal.

    To create a new business to use for the product within Wave, you can use the steps in the article below:
    https://support.waveapps.com/hc/en-us/articles/208624306-How-to-add-a-new-business-to-your-Wave-account

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