Accounting for more than 1 rental

[Bruce C.]

Greetings BP. I've started using Wave Accounting recently for our 2 rentals. We're looking for our third as we speak. Curious if others have used Wave, and if so, is each rental set up as it's own business, or accounts for each expense and income per property? Trying to make things as easy as I can for our tax guy. Thank you.

[Nicole A.]

I do not use Wave, but typically to make things easier for your tax guy, you want to categorize expenses not only by type (repair, legal, taxes, mortgage interest, ect), but also by the property. So each property has it's own expenses categorized as things like repair, legal, taxes, mortgage, interest, etc. Some expenses might not fit into any certain property, though, such as paying for a PO Box/mail box. That might just be a miscellaneous overall expense.