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Not yet trading; recording expenses

MatthewOMatthewO Member Posts: 3

Hi, I'm new to Wave and new to business.
I have not yet started trading, so whilst I set up I have been recording my expenses as owner's investment through the receipt scanning app. However, my question is, should I have recorded an opening balance before doing this, or is this something I can record at a later date? If I have started out doing this incorrectly, is there a way to rectify the problem?

Just to add - I have been buying assets using a personal bank account until later when I will use a business bank account closer to the time I will start trading (September 2018)

edited June 18, 2018 in Accounting Technical Support

Comments

  • MatthewOMatthewO Member Posts: 3

    Many thanks.

    edited June 18, 2018
  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @MatthewO.

    That isn't actually the most detailed way to handle receipts like that one. We have an article in the Help Center suggesting a better way to handle paying for business expenses through a personal account. You can find it here.

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