Balance Sheet Transactions
RitaAbogaa
Member Posts: 7
I want to buy assets and prepay purchases but Wave doesn't seem to allow direct purchases into balance sheet accounts? It isn't good practise to use a journal entry.
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RitaAbogaa
Member Posts: 7
I want to buy assets and prepay purchases but Wave doesn't seem to allow direct purchases into balance sheet accounts? It isn't good practise to use a journal entry.
Comments
Hi @RitaAbogaa.
A journal entry would work. For buying an asset, you could simply record an expense to one of your payment accounts against the appropriate asset account.
For prepaid purchases, I'd start with creating an asset account called "Prepaid goods" or something along those lines, and making a bill for the item under that account. Once you receive the item, you would need to use a journal entry to change take the value of the item from that "Prepaid goods" account and add it to the appropriate account.