Two Businesses, Separate Invoices, One Bank Account
RoKa
Member Posts: 39 ✭✭
I read about this on some other thread, I am trying to find out more. Please help!
Say we have CarsCo (main), FlowersCo (secondary)
The "real" accounting is done in CarsCo, with expenses and everything.
(1)Can I add the same bank account to both businesses? Although I tried, probably because it's TD and there's some problems connecting , I can't quite record a payment, the TD accounts don't show on the second business. I still want to receive CC and Bank Payments.
(2) I can't quite wrap my head around recording some transfers in the Jurnal Transactions.
Any chance someone could give an example on how that would look like ? That would be in the CarsCo only ?
It seems that creating a duplicate invoice in CarsCo for the ones in FlowersCo is the easiest way.
(3) Is there a way of sharing clients between companies so I don't have to create the customer profile twice ?
Am I missing something? The Invoice in FlowersCo will be matched with a payment automatically, would there be any problem matching the duplicate invoice from CarsCo again with the same payment?
Thanks!
Comments
HI @KaPo.
Can you give me a bit more information as to why you'd want to go that route? It's not impossible, but it will be an extreme amount of extra work for you. You would have to create quite a few extra transactions and journal entries every time you get paid on that secondary business. It might be easier to just change the layout of your invoices when you're invoicing as your secondary business. If I have a better idea of exactly what you want to do, I'll be better able to suggest a path to follow.
I'll answer your first question right away. You will be able to set up multiple businesses to receive payments to the same bank account. The issues with TD Bank won't effect receiving payments either, as the bank connection system for automatically uploading transactions and the payment processing system are completely independent.
Seems that creating duplicate invoices is the easiest way.
There was a note on another thread about Jurnal Transactions.
I hope sharing customer profiles between businesses becomes a feature at some point.
Since TD doesn't sync properly, I guess adding the bank acc. FlowersCo doesn't quite work. Maybe it's because the Accounts are turned OFF ?
The banks accounts seem to be shared between businesses from Wave's perspective. Maybe the screen caps will help.
Hi @KaPo.
I think that's the case as well, but I would recommend talking to an accountant about it before proceeding. They would be in a better position to advise on that end.
Although you can't share customer profiles, you can extract your customer list by doing a Global Export, and then upload that same customer list to a second business. The two lists won't be synced, but it will still save you quite a bit of time when first creating that second business.
As for the bank accounts, you can create those accounts manually from your Chart of Accounts. When you connect your bank, you have the option to link your bank accounts to accounts from your Chart. Even if you can't upload your transactions automatically, this will allow you to go around the issue and continue managing your payment accounts.