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.