Expense questions

thee_demps

Hi, I'm new to Wave and... accounting. I have connected my credit card account to Wave now I'm left wondering whether I still need to supply a receipt with each marked purchase withing the credit card account. Adding receipt photos just creates duplicates, which I can merge but it seems redundant.

I was also wondering - is creating my own category for business expenses always tax-compliant? For example, I bought a camera lens for my business but there seems to be no applicable category.

Thank you

Barsin

Hey there @thee_demps

You're right in saying that the creation of a receipt transaction will create a redundant transaction that can be merged. People do this to document their receipts in the cloud for convenience. Our system does not automatically detect the transaction to merge them.

You can create as many custom categories as you like in your chart of accounts. I'd reach out to a CPA about whether or not they are tax compliant. I've moved your post to a more visible community thread where a lot of accountants look at!