Personal account transactions on PnL?

Annette17

Since my personal account and my business account are both recording bank transactions into their respective bank accounts within Wave, how can I track my personal expenses without them showing up on my Profit n Loss Statement? If I categorize, lets say groceries pd from and for my personal account, as an "expense" it only lets me chose an "operating expense". In doing so, that will create an error in my profit and loss statement, as I am just trying to keep track of what I spend where to keep track of what is happening to the money from my personal account.

AlexL

Hey @Annette17 , you shouldn't be recording both your personal and business expenses under your business profile in Wave as there is no way to split these out from each other.

You'll notice that when you create your account that there is a "Personal" profile set up for you. This is where you would want to track your personal expenses so that they can be separate from each other come tax time.

Patom

In the real world sometimes those expenses are mixed, for example using a high rewards credit card (with those transactions posted (linked) in either in the business or personal account). I understand that ideally, only the business credit card should be used for business transactions, but in the real world it happens. When I worked for a corporation, personal expenses were charged to my corporate credit card. So, in my expense report I would identify and pay for those charges. Searching for "Expense Reports" in Wave returns null. It's like Wave don't understand this common business practice.