Credit card connection creates an entry called starting balance with a category of owners equity
scolesworthy
Member Posts: 2
I created a connection to my AMX credit card and put in date to start of 1-1-19. All it did was create one entry called starting balance with a category of owners equity. This entry is dated 12-31-18. Two questions.
1 What is this owners equity entry? I don't think it is correct to have this? (I pay the amx bill personally and reimburse me for company expenses on the card. I was told the correct procedure for how to account for this in Wave.)
2 Why don't the 2019 transactions download? (I cleared cache and disconnected/re-connected the AMX account several time.) On line support from Wave said I should just wait 2-3 days to see if the data comes?? Still don't have an answer to #1 above
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Comments
Hi @scolesworthy ! It sounds like what you're looking at is a starting balance transaction for your newly added credit card. A starting balance records the funds in an account at the beginning of a new fiscal period. This should have your account up to date for the start of the period so that you don't need to add all of the individual historical transactions. You can learn more in this article. If you have any questions, I or someone on our team would be happy to field them.
@Charlotte I have a similar issue i was hoping you could help me with. I recently connected a new credit card that only had one purchase of $39.99 for an Amazon Seller account fee. When i connected my new credit card to Wave, the $39.99 charge imported in along with a $79.98 transaction that was brought in as a starting balance and categorized as owners equity. Do you know why this is? There was no payment made to the card, no other charges, no annual fee or any other charges or payments. Why is the $79.98 transaction showing up on my account? Thanks in advance for your help.