Unable to assign asset 'category' to a bill?

sageacy

I have a receipt for business equipment that should be categorized as an asset. It appears Wave only allows me to categorize a purchase as an expense!? Sure I can categorize it as an expense and then go edit the transaction to change it to an asset, but that is a hassle when it would be so much easier if Wave let me select an Asset account.

Do I need to do a journal entry to turn the expense into an asset or something?

JamieD

Hey @sageacy! As of right now, there isn't a way to directly categorize a purchase (in bills) as an asset. What you would need to do in this case is create an asset account under the Chart of Accounts section and (as you stated) edit that specific transaction to reflect the asset account. Furthermore, this help centre article should give you a better idea on how to handle long-term asset accounts and what their value becomes in the future; https://support.waveapps.com/hc/en-us/articles/208623506-How-do-I-handle-depreciation-and-amortization-