Help Needed - Account Setup - Vacation Rental Management Business

Stephen_QQStephen_QQ Member Posts: 4

Hi Community!

I run a boutique Vacation Rental Management Business and I want to set up my accounting correctly in Wave.

We currently manage 6 properties, and plan to grow to 30 in one year.

To be clear we do not own the properties, we are simply managing all aspects of them.

My expertise is with operations, not booking keeping therefore I need support with setting up my Wave account correctly.

Below are my 4 questions / concerns.

  1. Should I have one single asset, which would contain all the credits and debits of my business?
  2. Or should I have multiple assets, like 1 bank account asset, and each rental property would be an asset?
  3. If the rental properties are assets, should I categorize them as "Inventory", or as "Property, Plant, Equipment"
  4. If I create assets for each property, where do I account for common credits and debits?
  5. Final question, I think it was possible to speak to a Wave consultant about account set up. Do they still offer this service?

Thank you.

See screenshot below for more explanation.

edited March 26, 2020 in Find a Wave Pro

Comments

  • FuzionomicsFuzionomics Member Posts: 8

    If you don't have alot of entries for the properties you could structure "petty-cash asset accounts" for each property.
    Email me at [email protected] to chat

  • ClickbookkeepersClickbookkeepers Member Posts: 7

    I share with you one of my property management client. He has about 8 properties and he want to track each property expenses and incomes and some times transfer expenses between properties. What we structure is we make a 8 different organization in wave as we have 8 different bank accounts and credit card for this. In your case i think One main checking account and than the running expense cash account or say petty cash for each property. For more discussion on this please email me or contact me through wave

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