What category to use for a business CC account on new Wave account?
desertrat75
Member Posts: 4
I've just moved over from QBO and have a balance on my existing business credit card. How do I categorize this liability?
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desertrat75
Member Posts: 4
I've just moved over from QBO and have a balance on my existing business credit card. How do I categorize this liability?
Comments
If it is your opening balance, then debit owners equity credit Credit Card Payable (liability). The balance represents past expenses and do not affect the current year
Mike G, CPA
www.mgfinancial.net
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