Best practice for importing purchases made on personal credit card to business account
RoBeCo
Member Posts: 7
When we set up our banking a friend suggested a bank to us and after a few months dealing with us the experience as been terrible. The card they offered us rejects 90% of transactions we make as fraud, so we had to fall back on our personal cards most of the time.
This week I moved our accounting from an excel sheet to Wave and am looking what the best practice is for importing and adding all the transactions made on our personal cards.
Current situation:
I've imported all transactions from our personal cards, removed all the personal items and only left the business ones. But what do I do next?
What I was thinking is changing the account of all transactions to "Owner Investment / Drawings" and change each item to a "Deposit" (they're imported as Withdrawals) Is this a correct way of doing this? And I would then categorize the the transaction with something like "Computer - Hosting" It becomes a "refund" and that's still an issue.
Second part to this, how do I connect these transactions to the invoices/receipts I'm going to upload. If I upload a PDF it will just create a duplicate entry, and I haven't found a way to add a PDF to an existing CC transaction.
Edit: so after reading the forum here it's all becoming more and more confusing.
Do I import the business expenses on my personal credit card and mark them as account: "Owner Investment / Drawings" as a Deposit - Category: Personal card
Then on my Transactions list, I add a Journal Entry for said transaction and balance it with the "Owner Investment / Drawings"
Upload the receipt and merge that one with the imported credit card transaction?