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How to make record in accounting.
Fakhrurazzi
Member Posts: 1
Hello everyone and I am Razi from Malaysia.. I have asked you about it.
I received a memorandum for payment of my daily meal costs but no invoice. Or do I continue to make payments first, after then the receipt must be from my supplier? What am I doing with that? I'd like to know what you think or suggest. Thank you very much!
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Hey there @Fakhrurazzi
I think what you might be asking if how to record a per diem (daily meal allowance) as well as record the receipts. If that is the case, there are some things you'd need to answer first:
Cash per diem
What you'll want to do is add an income to your "cash on hand account". Then when you receive an expense for a meal and get a receipt, head to the Purchases > Receipts > Add your receipt here and be sure to select the Cash on hand account so that it can show as a credit ↓ to your asset account.
Bank account per diem
If you given a transfer of funds into your bank account, you would do the same but use your bank checking account rather than the cash on hand account. If you have your bank account connected in Wave this will show up automatically and you just need to log the receipts under Purchases section in Wave.
Hope this helps!
@BarsinA I receive my per diem via wire transfer. How would I create/modify a record that shows the transactions but treats it as non-taxable income?
hey there @Khoi_N
That's a really goo question and I just want to preface that we as Wave community admins are not accountants, so I would hate to give you erroneous advice here. However I wonder if you could create a cash and bank asset account called "per diem" and allocate that amount to your asset account!
Thank you. That is what I did in the end.