Startup Initial Capital Contribution

Anson578Anson578 Member Posts: 9

New business and new to accounting and Wave. I have my startup receipts in a simplified excel and initial start up costs came from several personal accounts and CC's. I also have expenses on the business account ( new ) but those are also in my start up spreadsheets. If I load my business acct info into wave, the transactions will import into wave essentially creating a double entry in. looking to chat with someone on how transaction from several personal resources and business account can be entered without double entry.

edited October 26, 2020 in Accounting Technical Support

Comments

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @Anson578 ! To clarify, are you importing your spreadsheet data via Wave Connect while also having a bank connection for automatic transaction imports? If so, you don't need to manually import any transactions that your bank connection is pulling in. If you have any redundant data, you can either merge or delete it. You can also delete your transactions in bulk if you'd like to speed up the process.

    For more information on resolving duplicate transactions issues in Wave, check out this Help Center article: How to resolve duplicate transactions

    edited October 16, 2020
  • Anson578Anson578 Member Posts: 9

    No, I entered 1 total number as the first capital contribution. 6156.
    The second capital contribution is 2593.87. those are in with the bank imported transactions.

    For some reason the report is showing the amount as 11,343.74 as if its doubling the 2593.87 figure.

    On another note, how do I categorize the actual number of the 2 contributions of 8749.87 to subtract as I pay myself back for the personal contributions to my personal account.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @Anson578 , can you send us a screenshot of your report showing this number being duplicated?

    In regards to the capital contributions, this is considered complex accounting so I would highly recommend reaching out to a CPA so they can advise on the best way to handle this within your books.

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