Non-Income Deposit...How to track
durwoodghib
Member Posts: 4
Good Day,
I am in my first year using Wave. I don't have a ton of cash flow but have enough I wanted to track it. There are times where I need some money out of my personal (home) checking account and deposit it into my business account to cover a purchase. I set up an "account" Called Owner Income in Other Income category. I thought this would be the best way except on the cash flow report it is including it as income. Is there way that anyone uses to track an owner's deposit that is not income to keep the Wave balance matching the bank account?
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Hey @durwoodghib, you could use the owner equity category to remedy this! This then shows as an 'investment' you've made rather than profit.
We have a guide you can checkout here that goes through it a little more thoroughly as well, and covers how you'd account when you purchase a business item directly from a personal account.
Thank you Samd, That is exactly what I was looking for. Much appreciated.