Paying part of a receipt along with wrong bank reconciliation info

stokie21

Hi all, first off thanks to Wave and the development team for building this platform and making it so users like me can have this for free, with such a minimal amount of trading I do it's nice not to have to pay for this very useful service.

First off, I am a UK user

Second I have never done ANY accounting so my knowledge is beyond low!

I have simple handy man and computer repair business where I might work one weekend a month sometimes more if I can be bothered, so for tax reasons I have opened a LTD company as I have a normal 9-5 job during the week.

I am coming up to my 1st year of trading and I have a total of 10 invoices, 13 receipts and 10 lots of millage and that's my books for the year!

Back in December I purchased a laptop for the company, I didn't have enough funds in the company account to pay for it, so I paid it in full out of my own personal account. A few days later when I got home I emptied the business account to pay the initial chunk back to myself, and to this day it still owes me £17.01 for that single purchase.

Now I found the Wave platform last week and have started to use this for my accounts, so have uploaded the receipt in the last few days for that purchase. I have entered the paid date as the 1st Jan, as this is the date I took the initial reimbursement back, and it matches my bank statement DATE, but the amount I paid myself back don't match the invoice, as I didn't pay myself back in full due to lack of funds.

I wanted to know is there a way to split the dates AND payment amount for a receipt, so I could then merge the two payments into one as I have not managed pay the full amount back as yet, and when I do it will be wrong again

I have also uploaded my remaining 12 receipts, they automatically go to the transactions section of wave with their dates, I have not yet reimbursed myself for these as yet so again it's messing up my bank reconciliation and causing a bit of a mess

is there a way to fix this

I hope that's clear

Thanks for any help / reply's

CallieP

Hi @stokie21 , thanks for your message & welcome to the Community! There's a number of things going on here, so I'll do my best - but please feel free to reply if there's anything missing!

There's not a way to split the date & amount in this way, but I can show you how to record this personal investment, how to show it partially paid back, and which transaction would be the receipt-associated transaction.

In this example, I'll say the expense was $100, and the business only had $83.

1. First, if you haven't already, ensure that you enter a starting balance for the business bank account. It is categorized to the equity account Owner's Investment/Draw because it is the initial capital added to the account; if the initial investment into the bank account came from a different equity source, feel free to choose/create that equity account and choose it instead.

• Head to Accounting > Transactions > Add Income.
• Under Account, choose the bank account to which the investment was deposited.
• Under Amount, enter the balance of the bank account on that date.
• Under Category, choose the equity account.

2. Next, record the expense as coming from a personal account, and as categorized to the relevant expense account.

• In Accounting > Transactions > Add Expense (or select existing receipt-associated expense).
• Under Account, choose the equity account.
• Under Amount, enter the full amount of the expense.
• Under Category, choose the expense account.

3. Next, record the 'paying back' of this personal expense.

• In Accounting > Transactions > Add Expense.
• Under Account, choose the business bank account.
• Under Amount, enter the amount the business was able to pay at that time.
• Under Category, choose the equity account.

4. Later, let's say the business gets paid, and has the funds to completely pay back the personal expense.

• In Accounting > Transactions > Add Income.
• Under Account, choose the business bank account.
• Under Amount, enter the full amount of the income.
• Under Category, choose the income account or Invoice.

• Click Add Expense.
• Under Account, choose the business bank account.
• Under Amount, enter the remaining amount owed to personal.
• Under Category, choose the equity account.

All transactions:

If you head to your Reports, you should see that the expense is listed as the full $100 to the business, the equity moved in and moved out, and your personal equity is paid out as a result.

If you have the receipt you want to upload and have associated with the expense transaction, you would want it associated with the transaction which the personal account paid for in full, from step 2.

Hopefully that helps!