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in a muddle ...

ramtopsramtops Member Posts: 8

I've just had to pay an invoice that is on the purchase ledger with my personal bank account (waves fist at customer who hasn't paid their huge bill yet).

How can I account for this? If I mark it paid, there will be no accompanying entry on the bank statement. Should I submit an expense claim, and zero it out somehow?

Thanks for advice!

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @ramtops.

    You'll just have to use "Owner's Investments/Drawings" as your payment account for this bill. If you intend to pay yourself back later, you'll just make an expense from your bank account to "Owner's Investments/Drawings".

    If you want a more a more detailed explanation, you can find that here. The example uses a receipt instead of a bill and involves the Personal page on Wave, but it's essentially the same thing.

    Let me know if you have any questions!

    With all of this said, I'm sending all the empathy I can muster over cash flow issues because of late payments. That's always stressful!

    edited August 9, 2018
  • ramtopsramtops Member Posts: 8

    Thank you!

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Happy to help out, @ramtops!

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