Investor · Norman, OK · Member since 2017 · 101 posts · 34 votes
Could you share your experiences with using the Wave Accounting application and how you configured it to use with multiple properties and multiple units in each property. I would like to allocate business expenses across the properties and track individual unit expenses within the multi-family homes. Thanks.
I have been using Wave Accounting for several properties. I create one "Business" for each property. I also have a separate bank account for each property, so each Business syncs with one bank account. I don't do anything to represent different units within a property other than using the Description and Notes fields. In general, it works well for me, but here are the things I don't like:
- Page loads feel a little slow
- No mobile app or mobile-optimized web site available
- Unable to build customized reports and graphs
- Unable to aggregate data across Businesses (Properties)
- Doesn't feel like Wave makes that many improvements. The UI rarely changes.
- No template for real estate property owners for creating Chart of Accounts
I have been using Wave Accounting for several properties. I create one "Business" for each property. I also have a separate bank account for each property, so each Business syncs with one bank account. I don't do anything to represent different units within a property other than using the Description and Notes fields. In general, it works well for me, but here are the things I don't like:
- Page loads feel a little slow
- No mobile app or mobile-optimized web site available
- Unable to build customized reports and graphs
- Unable to aggregate data across Businesses (Properties)
- Doesn't feel like Wave makes that many improvements. The UI rarely changes.
- No template for real estate property owners for creating Chart of Accounts
@Ken Weiner Thank you for the feedback sir. If you were to choose again, would you use Wave for your properties? I wanted to utilize an "accounting software" to get away from multiple bank accounts, but it sounds like that is the best format for using Wave for multiple properties. Could you get away with using one bank account and multiple "business accounts" in Wave and not introduce more clutter? Does the system produce financial statements (balance sheet, income statement, cash flows)?
@Jason Turo Yes, I would choose Wave for my properties if I had to choose again. Wave doesn't require you to use multiple bank accounts for multiple properties. That's just the way I chose to set it up. You can easily move transactions from a single account to any Business setup in Wave with one click. You just have to choose a default Business where the transactions will show up when Wave syncs with your bank.
The system does produce financial statements such as a Balance Sheet and Income Statement. You will find them in the Reports section. Other reports include General Ledger, Expenses by Vendor, and Income by Customer.
I have been using Wave Accounting for several properties. I create one "Business" for each property. I also have a separate bank account for each property, so each Business syncs with one bank account. I don't do anything to represent different units within a property other than using the Description and Notes fields. In general, it works well for me, but here are the things I don't like:
- Page loads feel a little slow
- No mobile app or mobile-optimized web site available
- Unable to build customized reports and graphs
- Unable to aggregate data across Businesses (Properties)
- Doesn't feel like Wave makes that many improvements. The UI rarely changes.
- No template for real estate property owners for creating Chart of Accounts
Hello,
I dont know if you are aware , but new update on Wave doesnt offer anymore to move transactions between companies.
@Vasa G. I wasn't aware that the latest update removed the ability to move transactions between accounts. Luckily this doesn't affect me because I use a separate bank account for each property.