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How Do I Categorize Money Received From An Account That Is Not Linked To My Wave?

BV00BV00 Member Posts: 13

How can I categorize a deposit transfer to one of my accounts from a bank account that cannot be linked to my Wave? The funds were transferred to me from an bank account which does not belong to me or my business, hence my inability to link it in Wave and represent it as the source from which the funds came from in the transfer. The funds transferred in this case were not income earned from running my business, but merely transferred monies for personal use. Any help would be appreciated.

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  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @BV00

    I think the best way to document this is to follow the screenshot below:

    1. Identify which account the funds have landed in.
    2. Identify the date of the income.
    3. Categorize it to a owners investment/drawing. This account says "This money is an investment from an outside account not connected to Wave. It's not income based on the services I offer" and therefore should not appear in your Profit and Loss.

    Hope this answers your question!

  • BV00BV00 Member Posts: 13

    Thanks. This does shed more light on my situation. However, maybe I'm getting confused by the terminology of "Owner Investments/Drawings" but won't this mean that I have specifically made a withdrawal for such use? Can this also be attributed to monies received? Thank you for your help.

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey @BV00

    Depending on whether it's an income transaction or expense (debit or credit) then it will increase or decrease the balance accordingly.

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