bank account reconciliation

beyatlibeyatli Member Posts: 1

I just started using wave and so far I am very happy with it. One think I am having trouble with to reconcile accounts. I own a vacation home rental business and have 10 properties. I own 4 of those properties and operate them from 1 bank account, 1 own the remaining with two different partners and operate those from two bank accounts. I will have to show profit/loss of each property separately with their expenses in schedule E of my tax return. For that reason, I have created 10 businesses and started tagging receipts per business (which means per property). I can however link a bank account (or credit card) to one business (property) only. Since I manage 3-4 businesses with one bank account, account reconciliation is not possible with current setup. Is there any other way to setup my properties and still be able to do account reconciliation?

Comments

  • EastWestAlphaEastWestAlpha Member Posts: 1

    I have the same issue. Since you can't categorize transactions based on 'project', I started setting up my properties as customers in Wave, so that at least I could pull reports for them. That doesn't help with reconciliation though.

  • Katie_SilkinaKatie_Silkina Guest, Unconfirmed, Applicant, Member, Administrator, Moderator, Employers Posts: 73 admin

    @beyatli @EastWestAlpha great ways to setup your property bookkeeping in Wave to ensure your reporting is kept separate! But you are correct - in this format the bank account reconciliation feature is not possible to use. The only (very) manual solution you might be able to try is exporting your separate businesses, merging the excel sheets & performing manual spreadsheet reconciliation outside of Wave.

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