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Home office expenses paid with personal funds

n0stress4men0stress4me Member Posts: 9

I e-mailed Wave support but never got a response so I thought I'd try asking here. I'm trying to figure out how to do the journal transaction in Wave to correctly account for my situation.

I have an LLC in the US which I run from home. I have a portion of my house allocated as my home office so on my taxes, I'm able to right off that percentage for certain expenses like utilities.

So a sample situation is my electricity bill.
If I pay a bill for $100 out of my personal checking account and need to allocate 10% of that ($10) as a business expense, how do I enter it into Wave?
I don't track my personal checking accounts in Wave and don't really want to either. What I'm trying to figure out is how to enter the journal transaction so it correctly shows on my accounting reports.

Any help would be greatly appreciated.
Thanks,
Ali

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @n0stress4me,
    For my clients we post a journal entry to Office Expense. Go to Accounting/Transactions/Top right More drop down - Journal Entry. You would debit Office Expense and credit Owners Draw/Contributions. You can break it down into different categories if you wish such as electricity can go Utilities etc
    Hope that helps.

  • n0stress4men0stress4me Member Posts: 9

    @Mikeg ,
    Thank you, that was exactly what I was looking for!

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