Expenses

NicoForza

I am sure I am overthinking this. I need a walk through to do the following.

1. I have Hotel and gas expenses for the month of April. How do I log them in as separate expenses and associate them with the credit card payment total at the end of the month so that it doesn't register 2X as debits from my overall balances.

2. Under account do I add the credit card that will be paid or do I leave it as my Bank account associated with the Wave account?

3. I do not see where to add Hotels as a expense.

NicoForza

Disregard #3 I figured that out.

motorambler

Hi @NicoForza , I'm no expert, so I'd advise you to confirm my suggestions with your accountant.

1. You might want to consider using only one expense category for your business travels. I use "Travel" for just that -- my travel expenses. This includes my hotels, flights, taxis/trains/Uber/etc. I do not include meals/entertainment in this category -- I use the "Meals & Entertainment" expense category for that. Depending on your tax setup, you might or might not have to add sales tax(es) to each of your expense line entries.
2. When you pay your credit card you will simply set it as a "Transfer" because what your'e doing is moving money from one account to another. For example, you paid $500 from Account A against your Credit Card A. In Wave Transactions, select one of the $500 entries & then under "Categories" select "Transfer from bank, credit card, or loan" and choose the other $500 line entry that pertains to this specific transfer.

I hope that helps.

Barsin

Hey @NicoForza

1. Were these two expenses paid separately from your account? How does this look in real life? You can create all of your custom categories in Accounting > Chart of accounts. If you have two separate payments for hotel, you can create something called lodging, or stay or however you wish to categorize it. Then regarding how to log your gas, you can create a separate account for this too if you care to log them separately. As @motorambler mentions, you can also lump these into one account called travel. But essentially, all of your custom categories can be created under Chart of accounts > Add a new account.
2. Check out our article on Transfers in Wave. As Motorambler mentioned, your payments should be categorized as transfers! This will connect the two payments.