Categorizing Debit Card Fraud
Kyle_P78
Member Posts: 1
Hey Everyone,
I am a single person LLC and brand new to Wave and Bookkeeping/Accounting in general. I just found out that I have been a victim of debit card fraud from my business checking account. How should I categorize those expenses? For example , should it be under liabilities (Other Short Term Liability) or under expenses (Operating Expense) or other?
Thanks for any advice.
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Comments
@Kyle_P78,
Sorry to hear that happened to you. If after working with your financial institution and determined the funds are not being replaced you should create an expense under operating expenses called Casualty Loss and classify the fraudulent charges there.
Best of luck recovering funds