How to set up a "multiple entity, multiple project, entity" to track project expenses.

Florida_Trust1Florida_Trust1 Member Posts: 4

Yes... I am brand new, and yes... this has probably been asked before, but I can't find it.

We are a real estate Brokerage, and also do rehabbing as a separate entity.
Cost of sale for the Brokerage is easy...
Cost s of our rehab entity has me stumped...
We need to have the rehab side be able to track expenses by "project"... which can be something as simple as the property address, so we can figure out what the rehab of that property actually cost.

Has this already been done before?

Thank you,
John Rogers

edited August 2018 in Wave Features

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @Florida_Trust1.

    There are no dedicated features to do this in Wave right now. Your best option would be to have separate expense accounts covering those different properties. I recognize that, if you deal with many different properties, or if you want to divide those expenses in categories as well as by property, it'll mean extra work and a lot of expense accounts in your Chart of accounts.

    Alternatively, you could use vendor tags. You could treat each of those properties as a vendor and assign them to expenses as the vendor. You would lose the ability to track your expenses by actual vendor, but it would allow keeping track of expenses by property without having to create a large number of expense accounts.

  • Florida_Trust1Florida_Trust1 Member Posts: 4

    So, lets see if I "get it". I have a Company that rehabs (SIR Properties, LLC... It is already set up. I am about to start a house rehab. To track it, can I set up another "new business" that is the property address and scan receipts into that so I can see the expenditures?

  • Florida_Trust1Florida_Trust1 Member Posts: 4

    If yes... Just use the same bank info, categories, etc?

  • Florida_Trust1Florida_Trust1 Member Posts: 4

    Also, if through unfamiliarity, I load a receipt into the wrong account, is there a way to simply move it? Or do I have to delete and reenter?

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @Florida_Trust1.

    When I mentioned "Accounts" in my last reply, I meant accounts in your Chart of Accounts. Basically, different expense categories for different properties.

    You can treat different properties as different businesses, but that will cause other problems. Namely, you won't be able to accurately reconcile your account balances with your bank statement, since you'll have to separate your transactions between those businesses.

    You can't currently move a receipt or a transaction from one business to another, but we're working on a feature to make that possible. You can find a workflow to do that here, which will allow you to move transactions while keeping your transactions matching your bank statement, but it is a fair amount of work. The article is specifically to pay a business expense from a personal bank account, but paying the expenses of one business from another business' bank account follows the same process.

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