Transferring from business to personal - reporting as double income?
Julia
Member Posts: 1
This financial year I created a business account, to divide expenses from a personal account.
Each week I transfer an amount to my personal account.
When allocating transaction type it comes up as income for my personal account, but I believe overall Wave is adding this as additional income, not transfer across accounts - skewing my figures drastically.
Is there a way to designate a payment coming into my personal account as a transfer, not income?
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Comments
@Julia, do you still use that personal account for your business at all? It actually shouldn't appear on your business' accounting at all. That account should be linked to your Personal Wave page.
You would just have to make sure you categorize both sides as a transfer, but it still doesn't feel like your personal account should appear on your business' accounting at all. I know there's an article on the Help Center somewhere that explains how to cover business expenses with a personal account, it might help out.