Accounting transactions - Transfer woes

RRTS

Hello Wave admins! I have another question for you, regarding marking a transaction as a "transfer".
I have a slightly complex situation where I used personal credit card to pay for a business transaction at a retail store. I imported the receipt into Wave and it's now sitting in my transaction log with the account "Owner Investment / Drawings". That night I pay $$ on that credit card from my business checking account.
Fast forward a few days later, and the bank transaction now shows up. I'd like to mark it as a "Transfer" to the account "Owner Investment / Drawings" but when I select "Choose a category" and "Transfer to bank, credit card, or loan" the "Owner Investment / Drawings" account does not show up.

As a work around, I also tried manually creating a credit card account "Owner's Farm Card" to represent my personal card (not importing anything, just manually creating the account in Chart of Accounts). I also change the account name in my existing transaction from my imported receipt to "Owner's Farm Card". Now when I attempt to link the bank transaction to the receipt transaction, the new "Owner's Farm Card" will show up in the "Transfer to bank, credit card, or loan".

I would like to create the transfer to the Owner Investment / Drawings account instead of creating a dummy Owner's Farm Card account. Is this possible now?

Please advise.
Cheers!

Samd

Hey @RRTS ,

I'm going to submit that feature request now! At the moment it isn't an option to transfer to or from Owner Investment/Drawings because it is more of a category or status, rather than an account itself. It is used most often to exclude a transaction from income/expense reports so that a business investment you make directly won't be lumped in with your earnings. So, at the moment, the workaround you've found is the best option.

Here you are essentially categorizing the initial payment you made on your personal credit card as a 'loan' you've made from your personal account to your business account. You can access an article here going over for accounting for credit card payments/loans. But it sounds like your workaround perfectly suits the situation.

RRTS

@Samd I suppose my "workaround" is sufficient for now. But, the workaround implies that the "Owner's Farm Card" is a business account and that it must be included in the business's accounting books - which is not the case. It is not an account that is owned by the business, and the business has no business tracking that account's transactions. In fact, tracking some but not all transactions in a dummy credit card account can lead to accountant - are those transactions tracked in my business books or my personal books? Surely not both, that wouldn't be very consistent.
Instead, I do believe that "Owner Investment / Drawings" is a more suitable account to track these types of transactions - because the investment or drawings can be from any number of personal accounts, none of which are to be tracked by the business's books.

Thanks for submitting the feature request.