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Recording receipts from before I had a bank account

MHSMHS Member Posts: 2

I began to purchase supplies and materials for my business about 6 weeks ago with my personal funds, but I finally got a business checking account and credit card yesterday. I want to be able to write off these expenses on my taxes so I've started to upload the receipts. I'm wondering how to record these transactions so that everything balances out. I don't want to connect my personal credit card (that I used to buy the supplies) with the Wave app. Right now those receipts appear as unpaid expenses. (But in fact, I've already paid for them out of personal funds). This is all new to me - hoping someone can recognize the dilemma I'm in. Thanks!

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edited March 10, 2021 in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @MHS , if I'm understanding your situation correctly, the purchases that you made with your personal card are now represented by your receipt uploads? If that's the case, you can assign the account as Owner Investment/Drawing. This will mark them as being from a personal account.

  • MHSMHS Member Posts: 2
    Thank you! This is a big learning curve for me, so I appreciate the help.
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