Bookkeeping and bank account - credit cards

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Bookkeeping and bank account - credit cards

Stephen P.
Member since 2026 · 23 posts · 15 votes

I have a single bank account for my LLC. It has 3 properties. It was complicated to have a separate account for each property. However, I have credit cards that give me points and benefits. They are personal. This results in comingling. I have to manually type in these expenses. Is the answer to get all business credit cards (more costs and points don't accumulate) or is there a way to keep track of this more simply keeping the personal cards?

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Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
2mo
Quote from @Stephen P.:

I have a single bank account for my LLC. It has 3 properties. It was complicated to have a separate account for each property. However, I have credit cards that give me points and benefits. They are personal. This results in comingling. I have to manually type in these expenses. Is the answer to get all business credit cards (more costs and points don't accumulate) or is there a way to keep track of this more simply keeping the personal cards?


 You do not want to comingle expenses, as it could pierce your corporate shield.  Keep everything separate.

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  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 978 votes
    2mo

    @Stepehen P. 

    There are business credit cards that give cash back. Check out Wells Fargo, Chase, and Capital One. 

    Good luck. 

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  • Stephen P.
    OP
    Member since 2026 · 23 posts · 15 votes
    2mo

    Right..  Thanks. 

    I can't get any new ones right now anyway since I will soon be closing on a property.  The lender said, "NO NEW CREDIT until this closes!"

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    • Christo Wilken
      Member since 2026 · 9 posts · 1 vote
      2mo
      Quote from @Stephen P.:

      Right..  Thanks. 

      I can't get any new ones right now anyway since I will soon be closing on a property.  The lender said, "NO NEW CREDIT until this closes!"


       On the card question, you're not really choosing between the points and clean books. Deductibility follows the documentation rather than which card paid, so the personal cards can stay where they are for now, and not opening anything new is what your lender wants from you until you close anyway.The veil point is worth separating from the card, though. As far as I understand it the usual test is less about which card earned the miles and more about whether the entity is being run as its own thing, so the account the money actually moves through, and the paperwork behind it, carry much more weight. An owner paying a business expense personally and reimbursing themselves is ordinary, as long as each one gets recorded as a reimbursement instead of sitting there as a personal expense.Since you already tag by category and property in Stessa, I'd keep an eye on the running total of what the business still owes you back. That number tends to live in people's heads rather than in the books, and it is the one that gets awkward at tax time, or if anyone ever does look closely at how the entity was run.

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  • Jon Martin
    Member since 2022 · 1k+ posts · 1k+ votes
    2mo

    There are business credit cards that give the same airlines miles and points. 

    You are welcome to keep doing what you are doing, however you will have a mess to untangle come tax time. Or you can set it up right with separate checking accounts and credit cards for each property, that way you know what properties the transactions belong to. Export the transactions as CSV, categorize and be done with it. 

    Also- keep in mind that properties within the LLC are all exposed to each other. Have a slip and fall at one, and all are at risk. Best for each property to have its own LLC, checking account and credit card.

    Disclaimer: I am not a tax or legal professional, just a guy who juggles several properties, so this is not legal or tax preparation advice. 

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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    2mo

    I would recommend getting business credit cards. I would argue many of the business credit cards can have more rewards. But yes, stop commingling. Not good if you get sued as this pierced the corporate veil. 

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  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    2mo

    I am a big points and miles enthusiast - and yes you can get points and miles credit cards for business (Amex, Cap One, and Chase to name a few).  MOST do not report to personal credit unless you default.  Beware Capital One does.  Hope this helps.

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  • Raul Alcazar
    Member since 2026 · 4 posts · 0 votes
    2mo

    Stephen, one thing I don't think anyone's mentioned yet. You already said the hard part isn't really the card, it's that everything is running through one account for three properties. That same problem is going to show up on the income side too if it hasn't already, since your payouts are landing in that same single account without being split by property either.

    The fix that's worked for me doesn't require new cards or new accounts. Pick one short tag for each property, something like the street name or unit number, and put it at the start of every transaction memo, on the expense side and the income side, no matter which card or account it came from. When you categorize later, you filter by that tag instead of trying to remember which property a Home Depot run was for three months after the fact. It sounds almost too simple, but it's the difference between reconstructing your books once a year and just pulling a filtered report.

    On the card question itself, Jon and Aaron already covered the liability reason to eventually separate things out, so I won't repeat that. The only thing I'd add is don't let "eventually separate everything" stop you from tagging consistently right now. The tagging habit is what actually saves you time at tax prep, the card structure is more about protecting yourself if something goes wrong.

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  • Stephen P.
    OP
    Member since 2026 · 23 posts · 15 votes
    2mo

    I use stessa.  I can tag each transaction by category and property.  Thanks.

    0Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    2mo
    Quote from @Stephen P.:

    I have a single bank account for my LLC. It has 3 properties. It was complicated to have a separate account for each property. However, I have credit cards that give me points and benefits. They are personal. This results in comingling. I have to manually type in these expenses. Is the answer to get all business credit cards (more costs and points don't accumulate) or is there a way to keep track of this more simply keeping the personal cards?


     You do not want to comingle expenses, as it could pierce your corporate shield.  Keep everything separate.

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    1Reply
  • Scott Dinan
    Property Manager · Saint Petersburg · Member since 2026 · 7 posts · 2 votes
    2mo

    Hey Stephen, yes, as soon as you have the opportunity, I would definitely switch to business credit cards. On a separate note, from an expense management standpoint, I highly recommend looking into TopKey. It's the best expense management tool out there, in my opinion, and there's a lot more you can do with it in addition to managing your expenses. It syncs with QuickBooks, and you can also open high-yield checking accounts within their platform. You can connect external credit cards from your existing banks, and you can qualify for a TopKey charge card with a credit limit directly from TopKey (with the ability to earn points). I own a short-term rental management company, and TopKey has been a game changer for us. Feel free to reach out anytime, and good luck out there!

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