Where are shareholder loan totals?
HDS
Member Posts: 2
Hi, and thank you for your patience if this is a very newbie question, as I'm literally just getting started!
My business is brand new, no income yet, so all expenses are being paid out of my own (personal) account. However, I want to keep track of all business expenses so that when we finally get income, it is simple to reimburse myself.
First of all, I tried just using the "cash in hand" payment account when uploading receipts. But then I figured the way to do this better, is when uploading receipts, I choose "Shareholder Loan" as the payment account. Is this correct?
However, the problem is that I don't know where those totals then end up when I label them as "Shareholder Loan". I'm not seeing them in any reports, as a liability, etc, nor as an expense.
Can anyone suggest what I'm doing wrong? Or a better way to do this?
Many thanks.
Comments
There are multiple ways to achieve that. One of the common ways to do so is like this:
Create a bill in WAVE, the Vendor is yourself or Shareholder. Consider "your business" purchased something from "you", and your business hasn't paid you yet. This bill will just be a record of tracking your business' expense. Add item into this bill, each item represents the purchase you made on behave of your business. Set that bill due date as a future date. If you want, you can have multiple bills, each of which represents a single month.
When your business finally started collecting income and you decided to pay that bill, you can collect all those receipts and scan them into one PDF or image file, upload that receipt. Make a transaction from your business to yourself, merge the transaction with the receipt transaction, and mark the transaction as the payment to your bill.
Hi, @HDS.
I've also seen a few users treat Shareholder loans as credit cards on Wave. It's a simple solution that allows you to record payments directly to individual shareholder loan accounts. This also has the advantage of being really easy to keep track of.
Hi @Alexia,
This might be what I'm trying to do. How do you do this? How do I record payments to shareholder loan accounts?
Hi, @HDS.
Just go to your Chart of Accounts, under Accounting. Once there, click on "Add an account" on the top right. From that menu, you'll be able to add a new credit card. Simply add one for each of those shareholders accounts.