New to accounting, few questions.

Girn

I run a small decor business and everything I purchase I list it under "office supplies" because I can't find anything else that relates to it in the dropdown box. Is their anything that pertains more to the supplies I buy for my decorations business? (we make balloon designs, rent out arches etc, make cake toppers among other things)

Also, I accidently bought a personal item on my company's visa. How can I reverse this, should I just get a refund on the item or deposit money to compensate it from my personal account?

One last question, my business is new and operating at a loss. I e transfer money over from my personal account every once in a while to pay off credit card. How do I categorize this transaction?

I appreciate any help.

Peter

JulianP

Hey @Girn !

To address your first question, if Wave's default expense categories don't suffice when allocating your expenses, you can create new categories or accounts by heading over to your Accounting > Chart of Accounts page and selecting the blue "Add a New Account" button in the top right hand corner of the page.

For your second question, if you purchased personal items with your company's Visa card, you can use the workflow outlined here to accurately record this in your Wave account.

Finally, if you are depositing personal funds into your business, you will want to categories these deposit transactions as "Owner Investment/Drawings" since this would be considered an investment into your business. The Help Center article I attached above sheds some more light on this account if you're interested in learning more.

I hope this helps, Peter!