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2 businesses under one ABN - Multiple Shared Bank Accounts

brazmusbrazmus Member Posts: 6

I've been searching the forum and seeing some ways to get around this but they all look pretty confusing. I thought I might ask this. If I have one ABN (Australian Business Number) and two businesses that I earn money via, instead of creating 2 separate businesses where I cant share the bank accounts between, can I just have one business in Wave but when I'm recording the income and sales in Transactions, I just use separate Categories for income and expenses that represent the 2 businesses. Then I can easily have all my bank accounts associated with both businesses and during the times when income is received or purchases are made within the wrong account, it will be easier to determine which biz it's associated with.

Let me know if that make sense!

Thanks

Brad

in Accounting Technical Support

Comments

  • JamieDJamieD Administrator Posts: 1,156 admin

    Hey Brad! @brazmus. What you are saying does make sense -- bank connections are added at the account level, and you can always edit the accounts within that bank connection to import directly into your business. In this case, you would technically have two separate accounts importing into your Wave account and you can track all data that goes into those specific accounts (for income/expense).

    If you want to have importing on for both bank accounts into both businesses, this is also possible -- but you will want to make sure any unwanted data that's associated with those businesses in particular gets removed so the reporting isn't skewed.

    Hope that helps!

  • brazmusbrazmus Member Posts: 6

    I see. When you say importing, do you mean being able to move transaction data associated with the bank details of one business over to the other business?

    "you will want to make sure any unwanted data that's associated with those businesses in particular gets removed so the reporting isn't skewed" - Yep I get that. I guess that is against the whole purpose of why I've decided to move on from Excel spreadsheets to Wave though so I can reduce my workload!

    Brad

  • EmmaPEmmaP Member Posts: 639 ✭✭✭

    Hi Brad! @brazmus I see you also have a Support ticket with us on this topic. Just to clarify, we use two different data aggregators for Bank Connections in Wave. The data aggregator will be selected depending on your location. In this case, the instructions in the Support ticket will apply to your situation so I would refer back to this! If you do have any further questions about the process, reply to the email and we would be happy to help you from there :)

  • SoulBeSoulBe Member Posts: 5

    Hi Brad,

    I am in a similar situation - one ABN but two different businesses and income streams. I use one set of accounts, however, I have different income accounts, so that way I identify for what 'business' the income is for. That also helps me to just have the one bank feed for the ABN. Very simple, and my accountant is happy with this setup.

    Hope that helps!
    Bianca

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