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splitting personal/business

shadowshadow Member Posts: 4

Hi again ... why is there not option (or how do you) split percentage of personal to business ... as is allowable expenses in the UK?

in Using Wave

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  • James_HudsonJames_Hudson Member Posts: 121 admin

    Hi @shadow, depending on what you're trying to account for, there may be a way to account for a percentage of business expenses made with a personal account.

    If, for example, you worked from home you wanted to account for part of your rent as a business expense, you could record part of your rent expense in your business profile as an investment in your business. To do that, you'd want to take whichever part of your rent you want to record as a business expense, and enter it in the business profile as a transaction whose account is set to "Owner Investment/Drawings" and whose category is set to the most appropriate Expense Category.

    If you're accounting for personal expenses in Wave as well, the rent withdrawal transaction in your personal profile could be split into the personal amount, whose category would be set to "Rent Expense" or something similar, and the business amount that could be set to "Owner Investment/Drawings."

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