managing bank account on Wave

John_Longland1

Good day all
I am starting my own business ( Trinity Drones ) and I have to get to grips with the accounting side of things. This is a challange as I am an engineer !

I have created an account and started entering transactions where I purchase inventory items. I can then enter the payment detail. With this being a sole proprieter business I am running it via my own bank account which makes in difficult with business transactions mixed with personal transactions.

Should I just make a deposit into my bank account on Wave to equal the money spent to make things balance ?

Please be patient as I have no accounting experience !!
Many thanks

Mikeg

@John_Longland1,
I would strongly suggest you have a separate account for business. That will make accounting much cleaner. If you are not able to do that, then all personal transactions (deposits and disbursements) would go through owners investment/draw account. You would not make any matching offsets. All business transactions would be categorized to the appropriate account.

John_Longland1

Thanks for the comment MIke ! Yes I have indeed in the meantime set up a separate account to handle all purchases.

Had a look at your website. Looks llike your in USA ?? I am in South Africa. Will it work of you audit
my books form there ?

The business I am starting is here : www.trinitydrones.co.za

Regards
John

Mikeg

John,
No problem. Unfortunately I'm only familiar with US accounting and tax standards. There is someone on the Wave Pro listing BevBen_61 who is in South Africa. Don't know anything about them or their quality of work.
Best of luck