wave accounting for multiple rentals

0

“We have consulted with an accountant that works for Wave, and he recommended creating separate companies for each property, all under the same Wave account. So we have multiple companies like this:

Acme Rentals
(our main bank account for transactions that can't be allocated to any one property)

Acme Rentals (123 Main Street)
(checking and savings bank accounts for property located at 123 Main Street; rent and maintenance expenses use the checking account and get recorded as income/expenses in Wave, security deposits use the savings account as per state requirements and get recorded as liabilities in Wave)

... and so on for each property.

Each "company" has tenants set up as customers so each transaction can be assigned to a customer. This is helpful for when a property changes tenants (after a lease ends) as well as for properties that have multiple units (such as duplexes)“

https://community.waveapps.com/discussion/3084/real-estate-investment-property-management-statement-tracking-in-wave

  • 0 posts
  • 0 subtopics
  • 4 months ago by vince