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Handle transactions with multiple businesses using the same accounts
rosemaryhitchens
Member Posts: 3
How do I handle transactions if I have multiple businesses but are using the same accounts (credit card and bank)? For example, I imported my credit card to both businesses/accounts in Wave. Do I delete the transaction in one account, keeping it only in the appropriate account? Or, do I refrain from deleting and categorize them appropriately?
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Hey @rosemaryhitchens , you'll want the transaction to appear in the appropriate business that it belongs to. From there, you'll also then want it categorized appropriately as well.
@AlexL I'm not exactly sure how to do that. So, if I'm only using one business credit card, how do I make sure the appropriate transactions are accounted for in the appropriate business? If I create two different Wave accounts for each business, and then DELETE the credit card transactions that don't apply, won't that mess up my reconciliation?
Hi @rosemaryhitchens! Thanks for reaching out here! If you have one account for multiple businesses it can get a bit confusing. In order to keep transactions so you can reconcile correctly, any transaction that does not belong in the 'business' you are bookkeeping should be recorded to an equity account. This article will offer more insight into how to 'move' transactions in Wave.