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Contra Asset

PuiyeePuiyee Member Posts: 2

Hi, I'm new to wave and just trying to figure this out :) I'm trying to create a contra account, but I don't see anything that says "contra" in the Chart of Accounts. How do I create this account in Wave and make sure that it's marked against the correct asset account where the money actually is?

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edited October 5, 2019 in Accounting Technical Support

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    MikegMikeg Member Posts: 995 ✭✭✭

    @Puiyee,
    Why cash?
    The only contra asset account in Wave is accumulated depreciation. You could use that section or any asset account you create can go negative.

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    bluejeantaxbluejeantax Member Posts: 2

    How would I create a contra-asset account for Gain/Loss on Vehicles? I'm hoping not to have to create a liability for the account, but I guess I can.

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