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Connected *personal* bank account - what do I do with the personal "transactions" in Wave?

ElizabethHElizabethH Member Posts: 5

I just created a sole-member LLC in Texas for my brand-new business. I am familiar with Wave in general, but have not actually used it. I don't have a business bank account yet, but will have one soon.

I connected my personal bank account to Wave as I have quite a few expenses for the business that I want to start tracking. Naturally, most of the "transactions" in Wave are my personal income and expenses and have NOTHING WHATSOEVER to do with the business. What do I do with these "transactions" in Wave? Just delete them?

(I am aware of the "Personal Expense or Withdrawal" --> "Owner Investment / Drawings" option but - from what I read - that is for personal transactions made from a business bank account. But my situation is a personal bank account that includes business expenses.)

Thanks for your help!

edited April 5, 2021 in Accounting Technical Support

Comments

  • ElizabethHElizabethH Member Posts: 5

    Are there any Admins who can help? I really do need an answer. :) Thanks!!

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @ElizabethH , first off, anything that doesn't pertain to your business can and should be deleted. You don't want those mixing in with your real business expenses.

    For your business expenses which came from the personal account, you can mark the account as Owner Investment/Drawing and categorize the transaction as you normally would. This should cover how you're looking to handle it.

  • ElizabethHElizabethH Member Posts: 5

    Thanks, @AlexL!

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