Home› Community Chat› Wave Discussion › Using Wave

How to Categorize gifts given to the business?

MH_98MH_98 Member Posts: 2

Hi all,

The owners of the business recently had a family friend gift them $150, to put into the business account. What would be the best way to categorize this transaction in Wave? The person giving the gift is not a client.

in Using Wave

Comments

  • HelpIfICanHelpIfICan Member Posts: 16

    If the family friend gifted it to the business directly, it would be
    Debit Cash
    Credit Contribution Revenue

    However, it sounds like the family friend gifted it to the owners who then put it in the business so I can also see where it would be

    Debit Cash
    Credit Owner Investment/Drawings

Sign In or Register to comment.