How to manage multiple businesses with one bank account without classes

Well, honestly this one is hard for Cheqbook to do, but if you can change how you work we can save you a lot of time.

Cheqbook was designed to automatically categorize everything.  This led to tough choices about features vs auto-categorization, and because it saved the most time auto-categorization almost always won our debates. 

You may be familiar with other accounting software that provides the opportunity to sub-categorize expenses into classes.  Classes are most often divisions of the same business or separate small businesses using the same account.  For example, a person who owned a number of rental properties might only have one bank account.  When they had a repair expense, they would first categorize it to repairs, then pick the class they'd established that represented that property address.  

Seems great, but there's no realistic way for Cheqbook to know which property that repair expense was for, so if Cheqbook had classes the revolutionary automatic categorization would be pointless.  Classes work in an accounting system where you expect to have to enter every transaction manually, but not in one which categorizes for you.  

So, how do you fix this?  Well, if you can change how you work just a little, then Cheqbook can still auto-categorize everything for you.  Here's how using the multiple property example:

  • Set up a separate bank account with a debit card (or similarly with a credit card) for each property
  • Open a Cheqbook company for each property 
  • Link each bank account to the appropriate Cheqbook company.
Now when you spend money on repairs by using the debit card or checks for that property Cheqbook will be able to automatically categorize those transactions for you!
Keep in mind a few things here: the property owner in the example is probably keeping one bank account because for their the old manual system that saved the most time: one less account to reconcile, one checkbook to carry around, etc. 
Now that dynamic has changed: so strongly consider giving Cheqbook the best chance to do you work for you.  We've even designed our pricing to encourage multiple companies. 
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1 Comments

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    Eze Ogueri

    Seriously, all Checqbook has to do to improve this is to add a field in the transaction register for Classes or Tags and also provide a report where you can run the profit and loss or expenses by classes. Classes can also be used as projects. I am an accountant and I cant refer my clients who require project or class accounting to cheqbook. If you want to compete with Quickbooks you need to have this feature. It is financially wasteful to ask a client to open up another bank account to track a project or class .

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