So I had two properties. I had two separate accounts for rental deposits. For checks and debit card charges, I used my first account. I used excel. Worked pretty well the past few years.
I'm trying to get into wave though. I sold my first property a few months ago and now just have one property.
It's my new years resolution to get my accounting super solid. Still thinking how to do this though.
Going forward, should I have a separate credit card for each of my properties? Seems like a huge hassle if we're talking 4+ properties.
In wave, I'm thinking to get this done right I'm going to have two set up two separate "businesses", one for each property. The first one would just be linked to the first account, while the second one would be linked to both (to get the cc and checks to feed in from the first account.)
Not sure though.
I use Wave as well, creating a separate "business" for each property. I linked each business to a separate checking account. Then I have one credit card for all my properties. This credit card is not linked to Wave at all. Then, when I make a charge on the card, I follow that with a payment from the appropriate checking account to the credit card balance. If my charge applies to all the properties or a subset of the properties, I make a partial payment from each checking account it applies to. For example, if I paid $100 for a PO Box used for 2 properties, I could make a $50 payment from each of 2 checking accounts toward the credit card balance. This works for me because, in practice, I don't have that many charges to my credit card. This approach probably sounds tedious, but it has worked for me so far up to 5 properties.