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Need some help getting started

SabineSabine Member Posts: 13

I'm an accounting novice.

Here is what I'm trying to do and hope I can get some advice on how to best keep track of these 3 things
Keep track of personal account
rental property and need to keep track of costs, income for that
Starting a small farm and will eventually need to show costs and income for that to apply for farm status.

Just starting with Wave and have connected by accounts to my personal bank accounts, At this point all income/expenses for the farm are running through my personal accounts.

I have setup a business for the farm but seem to be unable to assign anything for it from the personal account.
Should I abandon the business account and just setup categories under personal?

Thanks for the help :smile:

in Using Wave

Comments

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @Sabine

    I think the best bet here would be to create multiple businesses in Wave. One for the farm, and one for the rental properties.

    I'm afraid Wave doesn't currently offer job or project-based accounting. This is because we're focused primarily on being a financial management software rather than a project, time, or inventory management software. Wave does offer the ability to categorize transactions as a similar option. You can learn about those HERE.

    You also have the option to Open Multiple Businesses within the same Wave account treating each one like a different project. This is another common workaround some of our users do, so you can switch between them with just a few clicks. You could then run reports for each business as needed and manually add the totals but again, Wave is not explicitly designed for this.

    Keep in mind that your personal account doesn't have the ability to invoice. This account is primarily just for keeping track of any personal expenses. I would avoid any business transactions here.

  • SabineSabine Member Posts: 13
    Thanks I check this out
    I Have a business setup for the farm but the snag I was running into was that i was not able to assign any of the bank transactions to that business.
    All my bank accounts are attached to the personal account.
    Is there a way around that?
  • SabineSabine Member Posts: 13

    Well as I do more reading it looks like the functionally to transfer between multible businesses and / or personal accounts has been asked for since the beginning of 2019
    so I guess I'm not holding my breath to get this anytime soon

  • Bryson_BookkeepingBryson_Bookkeeping Member Posts: 1

    Hi Sabine,


    It's best practice to have business accounts be separate from personal accounts. Is it possible to open separate checking accounts for your rental business and your farm? If so, you can connect just the business accounts to their respective businesses within Wave. This would allow you to easily track business transactions separate from personal transactions.

  • SabineSabine Member Posts: 13

    My banking setup works for me for now so I'm not going to change everything there to make Wave work :)
    Its a shame, I would have loved to use it

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