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What category to use for a business CC account on new Wave account?

desertrat75desertrat75 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?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    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
    Better Service - Better Pricing

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