Prepare your bookkeeping
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Prepare your bookkeeping
The biggest part of preparing for year-end is bringing your bookkeeping 100% up to date. This means catching up on all income and expense transactions, avoiding common errors, and performing thorou...
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Hello,
When we switched over to Waveapp at the end of the 1st quarter we decided to write checks to pay ourselves. We recently noticed that some of our hand written checks were deposited but cleared with a couple of cents off - I suppose the atm at our bank made a small error. Do we write a check with the difference or take off a couple of cents off the next check...whats the best way forward? Thanks
Hey @Joseph_DTC01 , you'll want to have the transaction identical to whatever appears on your bank statement. If your bank statement says a certain amount, your transaction should say that amount as well.
thanks for getting back to me. What if the payroll system from waveapp automatically creates the transaction? From what I am aware that cannot be modified. Payroll transaction > check > bank statement. If the check transaction matches the bank statement the balance will not equal the payroll transaction, how would we balance the payroll account? thanks
i did a profit and loss and why didn't my OWNERS DRAW come over in the Operating Expense column ?
Hey there @TPASUNRISE !
A transaction categorized as "Owner Investment/Drawings" wont show up as an operating expense if you categorize it as such. The reason being is because, "Owner Investment/Drawings" is an equity account, not an expense account.