Accounting for use of personal accounts/monies to pay for business expenses
VicPicMark
Member Posts: 3
I use my personal visa/bank accounts or cash to pay for business transactions. What is the best way to account for these in Wave? All expenses need to be repaid to our family account as this is where the above visa accounts are paid from. Any help greatly appreciated. Just spent half a day uploading receipts for April/May and now think I've done it completely wrong! Thanks.
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Comments
Hey @VicPicMark! In situations like these (handling a business expense with a personal card, or vice versa), you will want to make sure that you are categorizing these transactions as Owner Investment/Drawings -- since you are technically either investing the business with a personal card, or drawing funds from the business to put into your personal account. I only post this thread to show some of the detailed responses from our community administrators that give more insight of what this looks like in Wave; https://community.waveapps.com/discussion/comment/15682#Comment_15682 -- hope that helps!