Best practice for bookkeeping individual expenses paid by business credit card

valeriem

Previously, I used my bank's debit card and it was easy to keep track of transactions with my bank connected to Wave.

I recently opened a business credit card and now I only see the credit card payments automatically appearing as it is paid through my linked bank account.

Should I import the credit card transactions and delete the auto-imported credit card payment my bank imports since it is one payment for multiple transactions? Is that the best bookkeeping practice?

KiahD

Hi @valeriem!

The best bookkeeping practice is to have all your business related transactions in Wave. What I would recommend is to also connect your credit card to automatically import transactions.

The withdrawals from your main bank account, and deposits to the credit card, which are paying it off, can be categorised as transfers between the accounts. This will keep your books balanced, so there is no need to delete any transactions here! This article explains the process

Let us know if you have any questions!