Applying a payment to an asset (capex) using the receipting app

Ian_B

Hi, Im playing with the receipt app and can see its potential. I love that you can drive the accounting content at source when you actually make the purchase though it is frustrating when I get duplicate transactions when I download transactions from the bank but I think you are fixing that.

This issue aside I am trying to apply payments to an asset account but they dont seem to be available. An example of this is if I pay a builder to build an improvement on a property. The tax department requires this to be capitalised as an improvement and so it should not be assigned to an expense account but rather to an asset account.

I can do this in the web app but can someone tell me how to do it in the receipt app.

Thanks
Ian

JordanD

Hi @Ian_B! If I'm understanding correctly, you have created an asset account in Wave and are looking to assign it to a receipt that you have uploaded. Wave considers any receipt upload as an expense to a business, which is why you must assign an expense account (also known as a category to it). Additionally, you would be able to assign the bank account that this transaction occurred within. From the information you have shared, I'm curious to hear where in the chart of accounts you have created this additional account?

In the screenshot, you'll likely see multiple different sections within the Asset section of the Chart of Accounts. Some of which are considered "Payment" accounts. What this means is that you can actually use these accounts in real life to make or receive payments out of. I have a feeling that you may have created the account that you are referring to in a section that is not a payment account which may be part of the issue. In any case, let me know and I'll be happy to take a closer look!