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1 Personal Credit Card - Multiple businesses

UnCommonUnCommon Member Posts: 5

I have 3 businesses that use the same credit card. Is there a way to track how much each business owes the card? How do I set that up? It is paid back by reimbursements from each company as it is a personal card.

in Accounting Technical Support

Comments

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @UnCommon! This is definitely a great question. To be entirely honest, I'd say you might want to have three separate accounts that you use for each business, as accounting in the way you're thinking of can be a tricky one. No matter which business creates an expense for that card, the balance on the card will increase, making it very difficult to segment which business incurred the expense. With that said, you could have three businesses under the same Wave account, try to connect the card across each of them, and see how the workflow feels.

  • UnCommonUnCommon Member Posts: 5
    I have 3 businesses under the same Wave account currently. I haven’t been able to find how to connect them all to one card. I feel like if I link each business fully with my credit card account, I will have a lot of extra information on each account that looks like it’s never paid off.

    The other thought was to treat the card like a vendor that would keep track of only the expenses for each individual business instead of downloading an entire statement that can’t be split across businesses
  • UnCommonUnCommon Member Posts: 5

    Any other thoughts on how to best do this? Still lost

  • MikegMikeg Member Posts: 995 ✭✭✭

    @UnCommon,
    I would suggest getting a card for each. If that is not practical, then another suggestion would be sub-cards under the credit card. Many of my clients give their employees credit cards for business use. These cards are each unique but fall under one account. Each card can been seen separately within the credit card site. Third suggestion would require some manual work on your part. If you link the credit to each business profile you would be importing all credit card transactions. You could then go in to Accounting/Transactions and segregate just the credit card. Delete any transactions that do apply to that business. When you pay your credit card, each business should pay for their charges. They should sum to the total balance on the card, both payments and charges.

  • JamrJamr Member Posts: 37

    And how do we make payments on these three different credit cards? Three different checking accounts? This is ridiculous.

  • UnCommonUnCommon Member Posts: 5
    Mikeg
    Thanks for the advice. The sub cards sound easiest for Wave and best if I use points or sky miles.
  • UnCommonUnCommon Member Posts: 5
    Jamr
    Yes. Payments on either one card or 3 cards come from 3 different checking accounts as they are 3 separate and distinct businesses. Not sure that’s ridiculous unless I’m missing something
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