How do I set up the spreadsheet to accommodate two different businesses?
Not sure of the official way, but this is how I would approach it. 2 separate spreadsheets - if the bank accounts are different might be the easiest. If it all flows through one account, or you don’t want to separate, then use categories and groups (If they are separate accounts). Bus A - Utilities, Bus B - Utilities, Bus A - Income, Bus B Income. Then for the groups, again if the accounts are different., checking A - group as Bus A and checking B - group Bus B. You can also use tags and there are reports for tags
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Thank you for your input.
Both businesses are under a sole proprietor LLC and use the same bank account. I was thinking creating a group and tags for each might work.
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Yeah tags would be best; i’m assuming you mean https://community.tiller.com/t/docs-tags-report-for-transaction-tagging/375 .
The main thing is that if you don’t have a separate CC or bank account there’s no way for the system to know what the charges and transactions are for. otherwise it’s as casilverthorn.96 said to use two different catagories depending on how you need it for final reporting as well.
Edit: just found 🏆 Tags Report v2 with Multi-level Tag Support
in case you need additional tag, functionally 3 formula changes for functionality with a few more for cosmetics
There’s some confusion here. LLC is different from sole proprietorship. Tax-wise, it can be a “disregarded” LLC. That’s probably what you mean.
Ideally, it’s best to have two separate businesses done via two separate entities, for liability and accounting purposes. Then you’d have two different accounts (and maybe two different credit cards also) and two separate tracking sheets. That’s a cleaner business separation avoiding co-mingling of funds, which could otherwise get you bad in case of a lawsuit.
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