Best way to set up categories with duplicates for personal, business and rentals?
I have my personal accounts in the same data file as my business and rental accounts and I use a separate Accounting software for financial statements. That said, I'm wondering how others structure their Category list when you have duplicate items that need to be separated because of the tax schedule where they are reported. For example, I have "Bank Fees:Bank Fees (Business)" that is reported on Schedule C, "Bank Fees:Bank Fees (Personal)" not a taxable event, and "Bank Fees:Bank Fees (Rental)" that is reported on Schedule E. I have all three of them sub-categorized under an overall "Bank Fees" Category. My thought process on that was so I could see "Bank Fees" overarching as a total, then be able to break it down from there into Business, Personal, Rental, instead of having three separate "Bank Fees" categories that don't roll up into the broader category. Maybe it's 6 of 1, half dozen of another, but it looks weird at times when you have repeating categories, sub-categories.
This discussion has been closed.