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How do I record expenses paid from my personal account that happened before I had a

detailingkingdetailingking Member Posts: 9

I have about 12 transactions paid from my personal checking account before I opened my business checking account. They total $484.99. What's the easiest way to record so that at the end of the year I have the proper revenue and expense listed? Thanks!

edited June 4, 2021 in Wave Discussion

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    BWilberBWilber Member Posts: 2

    Good Morning @detailingking. One way you can process this is to post the 12 transactions in your company books with offset being Owner contribution. (Debit to Expense and Credit to Owner Contribution). You can then choose to reimburse yourself from Company funds or keep it as an increase in your Owner's Equity. Hope this helps you.

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    detailingkingdetailingking Member Posts: 9

    Thanks @BWilber If these transaction got auto imported off my business checking (As I transferred the money from bus checking to "pay back" my personal account) The bank statement is showing as negative numbers from my business checking account. Should I delete those transactions and just key the JE manually instead?

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