cash purchases

liz_mundee38

Our business takes cash & card. Card payments automatically update. Where do I log cash taken & any cash spent ?

SammyH

Hi @liz_mundee38, thanks for your question! Hope you find this helpful.

For cash taken from a customer, you can create an invoice in Wave and mark it as paid in cash by going into that invoice and selecting "Record A Payment", and selecting cash as the payment method.

For cash spent you can upload a receipt for an expense, either in Wave ( look under Sales in the left navigation bar), or through our Receipts by Wave mobile application.

Both of these options will automatically create a log of that transaction for you.

If neither of these fit with what you're looking for, you also always have the option of clicking Add Income or Add Expense in your Transactions page, and creating a log of those transactions manually in there.

Mike_85

I make a lot of purchases using my own cash.

Under Add Expense, the dropdown menu for Account shows Business Owner Contribution and Drawing - Owner Investment/Drawings.

Should I select that?

Barsin

Hey there @Mike_85

Typically the Cash on hand is where all cash is tracked. So when you make purchases you can simply categorize it to the same expense account, but it should come from your Cash on hand account. For example: you purchase $10 dollars worth of stationery. Categorize it to your office supplies expense account, from your cash on hand account which is where you should be adding any cash income to.

If however you mean using your personal funds to make purchases for your business, that will be categorized as owner investment/drawing. If you're investing into the business, the account which it comes from should be owners investment/drawing and the category should be what expense account you wish. See image below:

If however, your business makes a purchase not for your business, but for you, it will look this:

Mike_85

Thanks, Barsin.

(Sorry for the late reply but I've been away.)