Help Needed - Account Setup - Vacation Rental Management Business
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.
- Should I have one single asset, which would contain all the credits and debits of my business?
- Or should I have multiple assets, like 1 bank account asset, and each rental property would be an asset?
- If the rental properties are assets, should I categorize them as "Inventory", or as "Property, Plant, Equipment"
- If I create assets for each property, where do I account for common credits and debits?
- Final question, I think it was possible to speak to a Wave consultant about account set up. Do they still offer this service?
See screenshot below for more explanation.