Adding accounts with a negative balance
hcall
Member Posts: 1
Good evening.
I'm sorry if this has been asked before but I tried to search with no luck.
I am adding some accounts to Wave and several of these have a negative balance, for example, a loan account has a balance of -£1402 and I'd like to track my repayments and the balance over time.
How can I add this account so it shows as a liability? I have added a withdrawal transaction under each loan/liability account and marked it as a miscellaneous expense for now, which I'm thinking I will change to 'old debt' or something similar. Is this the best way to do this?
Thank you
0
Comments
Hi @hcall . No need to apologize for asking a question. We actually have a really great article on how to enter Starting Balances, with a specific section on liability and loan accounts. Check it out in the link below:
https://support.waveapps.com/hc/en-us/articles/208622796-Starting-balances-What-they-are-and-how-to-enter-them-in-Wave