Simplify? I did enjoy the previous version when I could easily change the expense to non business expense. Is there a straightforward way to move to a personal acct.? Most personal expenses are not equity or any other longterm expense. I find this solution most confusing.
I really need to be able to 'sort' transactions from a single bank acount into personal and business - It sounds like this is the way that it used to be? can we please have this back?!
Hey @AniaH ! When you deposit funds from a personal account into your business, this will be considered income for your business. When you record an owner investment/drawings transaction, you can record it as an expense or income. To record an owner investment transaction, it will need to be a deposit (income). Otherwise, if it is an expense, it will be considered an owner drawing transaction, meaning you are pulling funds out of your business.
Hi @WalkerD01 ! What you can do is remove your personal transactions from your business profile and move them to your personal profile. Alternatively, you can head over to your Accounting > Chart of Accounts page and create new specific personal accounts to reallocate your transactions into.
As far as the reporting goes, as long as you have your transactions all separated out into different accounts, you can monitor them individually from within your Account Transactions report.
My question is how to record a business transaction, an expense, from my personal checking account to my WAVE business account. The once was an article for how to do this, but it is no longer online.
Due to Covid, my business income has been crushed. As a result, I have been using my personal checking account to purchase supplies and pay for repair expenses. I know that I should have funded owner's equity in the business account. However, since I never know in advance what expenses will come up it has been spontaneous purchases from the personal account. At this time, I simple identify expenses paid from my personal account as "ABC Business". At some point, I need these expenses to show up in the business account.
Would this just be a simple journal transaction entry in my WAVE general ledger business account? That is asking as example, at the end of each month, I would add a journal entry for the business expenses from my personal checking?
@JulianP said:
Hey @AniaH ! When you deposit funds from a personal account into your business, this will be considered income for your business. When you record an owner investment/drawings transaction, you can record it as an expense or income. To record an owner investment transaction, it will need to be a deposit (income). Otherwise, if it is an expense, it will be considered an owner drawing transaction, meaning you are pulling funds out of your business.
Hi @WalkerD01 ! What you can do is remove your personal transactions from your business profile and move them to your personal profile. Alternatively, you can head over to your Accounting > Chart of Accounts page and create new specific personal accounts to reallocate your transactions into.
As far as the reporting goes, as long as you have your transactions all separated out into different accounts, you can monitor them individually from within your Account Transactions report.
Thanks @JulianP yup this is what i want to do (move to my personal profile) pls forgive my ineptitude but how do I do this in bulk?
Hey @Blade ! To record this in Wave, you can follow the instructions below:
In your business account, create an expense on the Transactions page. Select Owners Investment Drawings as the account. This is saying “The money was an investment from an outside equity account, not one of the business accounts I have setup in Wave."
Select whatever category you'd like that best suits the transaction
If you use your personal account in Wave to track your transactions as well then you can record the business expenses as follows:
Create an expense on your Transactions page. Select the account that was used for the purchase/expense.
Categorize the transaction as "Owners Investment/Drawings". This is the equivalent of you saying “Money came from my personal account, and was invested into equity outside of my personal expenses”
Hello @WalkerD01 ! No worries at all . To do this in bulk, you can export your transactional data through Settings > Data Export and import it into your personal account in Wave. When you export your data, please be sure to manually remove any non-personal transactions before importing your data.
So if these expenses have been added to transactions as a summary for this particular month I have catergorized it as accounts payable. but even if the expenses are paid back to personal account and a transfer has been created they still appear as current (short-term) liability in the report. It should be 0. What do I have to change here? Thanks.
I'm sorry to hear that you are having issues when recording personal transactions from your business account. To clarify, how you are recording these transactions? To record "income", you will want to make the transaction a deposit. Otherwise, if it is recorded as a withdrawal in the account, it will be an expense transaction.
How do I create an invoice from my personal account? I did it once already but can't workout to do it again. There is no Sales tab in the personal account.
Hey @GrahamD1980 , you can't create an invoice in your personal account as Personal doesn't support Sales in any capacity. The idea is that with personal expenses you're not making income, only purchasing things.
After reading this entire thread it seems that the simple button to move a transaction from the Personal side of this app to the Business side is long gone......
Does anyone know of a free accounting software that still has this function?
I have not got the time/patience to manually input all the transactions where I use my personal visa card to purchace goos and services for my business. Especially when they are all there documented in the Personal side and are frustratingly untouchable.
My business has an online bank account (no branches). We needed a cashier's check for a particular payment. I had to write a check to myself (LLC manager) so I could get a cashier's check at the bank where I have a personal bank account. I assume that I have to enter this check as an owner's draw, but how do I reconcile the cashier's check? The cashier's check was used to purchase inventory for the business. Should I reimburse myself for the purchase since I essentially paid cash for the inventory?
Hey @SuitedConnector , if this was a check that came from your Personal account, you can select the account as Owner's Investment/Drawing which would mean you wouldn't have to reconcile it.
I need to do the opposite. I use personal monies for business expenses(because I get money back from the Costco Card). So, I need to know how to move expenses from the personal account via personal credit card to an expense in the business account. And on the flip side, I send monies from the business account back to the personal account.
Hi @gmbakery , if you withdrew money for a business expense, you are able to categorize it in your Wave business account to the expense account that you feel is most appropriate for that transaction.
Hi @Kccool, it looks like our Support team was able to help you out with this over email! If you have additional questions, please feel free to reach out again!
I'm in the same situation as @Kccool ... "I need to do the opposite. I use personal monies for business expenses... So, I need to know how to move expenses from the personal account via personal credit card to an expense in the business account..." My business account did not have enough funds to pay for bills, so I used my personal debit card to pay some expenses. And now I don't know how to include these expenses in my transactions.
In these cases, (handling a business expense with a personal card, or vice versa), you will still want to make sure that you are categorizing these transactions as Owner Investment/Drawings. The reason being is because you are technically either investing funds into your business with a personal account, or drawing funds from your business to put into your personal account. I hope this helps!
So the transfers between the owners draw/investment are "synced", but the expenses are not. I made one personal expense at Sam's by accident on my business card, and I paid for a bunch of business expenses with my personal card.
I guess what I want is for the owners draw/investment on my personal account to be added to the report on my business account, plus the Sam's purchase. Anyone know how to do this??
To be clear, on my business account, I put my accidental Sam's club purchase into the owners draw/investment account, as well as a few transfers from my business account to my personal account, and one transfer from my personal to business. These were the "synced" transfers I was talking about.
On my personal account, my owners draw is filled with these same transfers (but with the opposite debit/credit amount of course) as well as portions of things like house rent, utilities, car payment, etc that I used journal entrys to account for.
So my owners draw/investments are organized, I just want a report on my business account that includes all these business expenses that are in my personal account.
I thought about adding transactions manually for each, but I think that will mess with the reconciliation, plus there's quite a few. Is my only option to account for this manually when I'm doing my taxes?
If I follow the above and move business expense paid from personal account... to Owner's Investment/Drawings, will I be able to categorize it when it appears in business account i.e. food, software, coaching???
To record a personal transaction in a business account in both your personal profile and your business profile in Wave, please refer to the instructions below:
In your business profile in Wave, record the personal expense on the Transactions page. Select Owner Investment/Drawings as the category. In the account section, make sure you select the business account you used to make the personal transaction. This will indicate that you withdrew funds from your business account for personal reasons. The transaction should look something like this:
Next, in your personal profile in Wave, create an income transaction on your Transactions page. Select Owners Investment/Drawings as the category as well and select the personal account of your choosing. The transaction should look something like this:
To record a business transaction in a personal account, the same workflow applies. When these transactions are recorded in your accounts, they will appear on your reports such as your Balance Sheet under the equity account "Owner Investment/Drawings". If you want to re-allocate these transactions to different categories or accounts, you can record journal transactions to do so. I hope this helps!
im not sure if this was helpful or not as i still question - is "cash on hand" money i moved - FROM - personal account into -business account (wave) or would i select owner/investment drawings?
Comments
Simplify? I did enjoy the previous version when I could easily change the expense to non business expense. Is there a straightforward way to move to a personal acct.? Most personal expenses are not equity or any other longterm expense. I find this solution most confusing.
Hey @BrandonG
I think you're correct on this! Sorry not the best with my debits and credits
My personal investment shows as income which is not.
I really need to be able to 'sort' transactions from a single bank acount into personal and business - It sounds like this is the way that it used to be? can we please have this back?!
Hey @AniaH ! When you deposit funds from a personal account into your business, this will be considered income for your business. When you record an owner investment/drawings transaction, you can record it as an expense or income. To record an owner investment transaction, it will need to be a deposit (income). Otherwise, if it is an expense, it will be considered an owner drawing transaction, meaning you are pulling funds out of your business.
Hi @WalkerD01 ! What you can do is remove your personal transactions from your business profile and move them to your personal profile. Alternatively, you can head over to your Accounting > Chart of Accounts page and create new specific personal accounts to reallocate your transactions into.
As far as the reporting goes, as long as you have your transactions all separated out into different accounts, you can monitor them individually from within your Account Transactions report.
My question is how to record a business transaction, an expense, from my personal checking account to my WAVE business account. The once was an article for how to do this, but it is no longer online.
Due to Covid, my business income has been crushed. As a result, I have been using my personal checking account to purchase supplies and pay for repair expenses. I know that I should have funded owner's equity in the business account. However, since I never know in advance what expenses will come up it has been spontaneous purchases from the personal account. At this time, I simple identify expenses paid from my personal account as "ABC Business". At some point, I need these expenses to show up in the business account.
Would this just be a simple journal transaction entry in my WAVE general ledger business account? That is asking as example, at the end of each month, I would add a journal entry for the business expenses from my personal checking?
Thanks @JulianP yup this is what i want to do (move to my personal profile) pls forgive my ineptitude but how do I do this in bulk?
Hey @Blade ! To record this in Wave, you can follow the instructions below:
If you use your personal account in Wave to track your transactions as well then you can record the business expenses as follows:
Hello @WalkerD01 ! No worries at all
. To do this in bulk, you can export your transactional data through Settings > Data Export and import it into your personal account in Wave. When you export your data, please be sure to manually remove any non-personal transactions before importing your data.
To bulk categorize or bulk account edit your transactions, we have a great Help Center article you can follow here.
So if these expenses have been added to transactions as a summary for this particular month I have catergorized it as accounts payable. but even if the expenses are paid back to personal account and a transfer has been created they still appear as current (short-term) liability in the report. It should be 0. What do I have to change here? Thanks.
Hey @kazzer !
Just a heads up, I replied to your other discussion on this issue here.
I followed these steps to add personal drawings but Wave still shows it as expenses, making the earnings lower. How do I change that?
Hello @Tamar !
I'm sorry to hear that you are having issues when recording personal transactions from your business account. To clarify, how you are recording these transactions? To record "income", you will want to make the transaction a deposit. Otherwise, if it is recorded as a withdrawal in the account, it will be an expense transaction.
How do I create an invoice from my personal account? I did it once already but can't workout to do it again. There is no Sales tab in the personal account.
Hey @GrahamD1980 , you can't create an invoice in your personal account as Personal doesn't support Sales in any capacity. The idea is that with personal expenses you're not making income, only purchasing things.
After reading this entire thread it seems that the simple button to move a transaction from the Personal side of this app to the Business side is long gone......
Does anyone know of a free accounting software that still has this function?
I have not got the time/patience to manually input all the transactions where I use my personal visa card to purchace goos and services for my business. Especially when they are all there documented in the Personal side and are frustratingly untouchable.
That was 'goods' and services!
My business has an online bank account (no branches). We needed a cashier's check for a particular payment. I had to write a check to myself (LLC manager) so I could get a cashier's check at the bank where I have a personal bank account. I assume that I have to enter this check as an owner's draw, but how do I reconcile the cashier's check? The cashier's check was used to purchase inventory for the business. Should I reimburse myself for the purchase since I essentially paid cash for the inventory?
Hey @SuitedConnector , if this was a check that came from your Personal account, you can select the account as Owner's Investment/Drawing which would mean you wouldn't have to reconcile it.
When you withdrawal money for the business for an event, how would you categorize that when it was not for personal use.
I need to do the opposite. I use personal monies for business expenses(because I get money back from the Costco Card). So, I need to know how to move expenses from the personal account via personal credit card to an expense in the business account. And on the flip side, I send monies from the business account back to the personal account.
Hi @gmbakery , if you withdrew money for a business expense, you are able to categorize it in your Wave business account to the expense account that you feel is most appropriate for that transaction.
Hi @Kccool, it looks like our Support team was able to help you out with this over email! If you have additional questions, please feel free to reach out again!
I'm in the same situation as @Kccool ... "I need to do the opposite. I use personal monies for business expenses... So, I need to know how to move expenses from the personal account via personal credit card to an expense in the business account..." My business account did not have enough funds to pay for bills, so I used my personal debit card to pay some expenses. And now I don't know how to include these expenses in my transactions.
Hey @HeidiP !
In these cases, (handling a business expense with a personal card, or vice versa), you will still want to make sure that you are categorizing these transactions as Owner Investment/Drawings. The reason being is because you are technically either investing funds into your business with a personal account, or drawing funds from your business to put into your personal account. I hope this helps!
I guess what I want is for the owners draw/investment on my personal account to be added to the report on my business account, plus the Sam's purchase. Anyone know how to do this??
On my personal account, my owners draw is filled with these same transfers (but with the opposite debit/credit amount of course) as well as portions of things like house rent, utilities, car payment, etc that I used journal entrys to account for.
So my owners draw/investments are organized, I just want a report on my business account that includes all these business expenses that are in my personal account.
I thought about adding transactions manually for each, but I think that will mess with the reconciliation, plus there's quite a few. Is my only option to account for this manually when I'm doing my taxes?
If I follow the above and move business expense paid from personal account... to Owner's Investment/Drawings, will I be able to categorize it when it appears in business account i.e. food, software, coaching???
Once the charges are in our business account under the heading Owner Investment/Drawings, how can they be categorized i.e. new printer, etc.?
Hey @Alex0000 and @Kccool !
To record a personal transaction in a business account in both your personal profile and your business profile in Wave, please refer to the instructions below:
To record a business transaction in a personal account, the same workflow applies. When these transactions are recorded in your accounts, they will appear on your reports such as your Balance Sheet under the equity account "Owner Investment/Drawings". If you want to re-allocate these transactions to different categories or accounts, you can record journal transactions to do so. I hope this helps!
im not sure if this was helpful or not as i still question - is "cash on hand" money i moved - FROM - personal account into -business account (wave) or would i select owner/investment drawings?
The category 'Owners Investment/Drawings' must be added to the Chart of Accounts... it does not come pre-populated, correct?