Journal Entry

DB_myL

We have an overseas contractor we've been working with for the past several months, paying him in US$ from a US bank account to his US bank account....all outside of Wave as we've only recently started using WAVE. We would like to now 'add' these past payments into WAVE. I'm told these past contractor payments can get added to Wave with a journal entry Debit: Expense (Professional Services, or whatever expense account I've set up for this), Credit: Due to Shareholder (In our specific case), and that I use the Canadian $$ equivalent at a reasonable FX rate option. While I understand all of this part, I am unclear specifically where in Wave to do this. Next a helping hand pls.

JulianP

Hey @DB_myL !

If you want to record previous bills into your Wave account, all you need to do is create your bill(s) under Purchases > Bills and apply the appropriate currency, item-lines, etc. Once the bill is recorded, you will then have to "Record a payment" beside the bill under the Actions column. Once this is done, a bill payment transaction will automatically be generated on your Transactions page. If you already have an existing bill payment transaction in Wave, you can either delete or merge it. To learn more, check out this Help Center article: Foreign Currency Invoices and Bills