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Tracking expenses before starting the business

MicahMicah Member Posts: 6

Hi Wave Community...first post here. I invested in a software and training in order to start my LLC recently. I paid for this before starting the LLC. I paid with my own money. How would I track this to mark it as a start-up expense in Accounting?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @Micah ,
    You would make a journal entry (paid outside business). The entry would be debit expenses such as filing fees etc and credit owners drawings/contribution. Hope that helps!

  • MicahMicah Member Posts: 6

    Thanks Mike for the advice. I didn't see the "journal entry" option at first but then figured it out.

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