Two businesses - One credit card

ryanAryanA Member Posts: 4

Hi looking for some advice. I have two businesses setup in Wave. These two businesses are just additional branches but have their own journals, debt and are located in different locations. They also deal with some different location based expenses and vendors. It is essential to have them setup as two businesses so that we also have accurate reporting for our balance sheet and general ledger etc. Both businesses are setup in wave under one account.

My challenge is that we have one company credit card. Each business pays for its expenses on the card within our bank account. However, within wave, I am unable to complete a "transfer" to another business under my account. This makes it impossible to balance my books since there are payments that have no corresponding transfer. Any advice on a workaround?

Comments

  • CharlotteCharlotte Administrator Posts: 644 admin

    Hi @ryanA thanks for reaching out! This is something that we're working to improve but you're correct to identify that in the meantime this is a tricky situation for you. I wonder if in your case it might be easier to export your transactions from your bank each month (or any period you typically reconcile at a time) and split them into two sheets, one for each business. You could then upload the transactions to each business.

    Let me know if this isn't clear and we can discuss other ways to get around the problem.

  • ryanAryanA Member Posts: 4

    Hi Charlotte, yes your instructions are clear and have been considered as a workaround. Thank you for your feedback.

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