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How to categorize test transactions from bank account linking confirmation

jdbjdb Member Posts: 2

I have an accounting question I have so far been unable to find an answer to online.

When I was linking my personal bank account to my business bank account to enable transferring money in/out of the business account (for "Owner Investment/Drawings"), I ended up with two "microtransaction" deposits ($0.03 and $0.15) in my business bank account that I had to enter the amounts of to confirm with my personal bank that I had control of the business account (with another bank).

I'm unsure how to categorize these two transactions now in Wave. It's been almost a month and my personal bank has not taken them back out (as sometimes seems to happen when linking bank accounts like this) so I think they're there to stay. Where should I categorize these transactions?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    jdb,
    Since they are such small charges, I would classify them as bank fees.
    Mike G, CPA
    www.mgfinancial.net
    Better Service - Better Pricing

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