Help with Assets
midwest_kc
Member Posts: 12 ✭✭
I own a small catering/Food trailer business. Last year, (pre using wave), we purchased a new trailer. It was used, and a great deal, so I purchased it with my personal HELOC, and then looked for a business loan after I had purchased the asset.
Last year, I just took my BOS to my accountant and said "We did a thing" and she took care of it. This year I have been trying to have a better handle on the accounting, and be prepared for EOY, but I cannot figure out how I would show the asset in Wave, and then reflect the loan which refinanced the existing business debt (even though it was on my personal HELOC), and how to make all of that work so that I can input depreciation, etc before I give the tax lady my docs in a couple months.
Can someone teach me how to do this like you'd teach an 85 year old (I'm assuming a 5 year old would be able to figure it out instantly).
Comments
Hey @midwest_kc , don't get down on yourself for not understanding how to handle this because believe it or not, this is actually complex accounting. For that reason, I'd be more than happy to provide you with our Capital Assets Help Center article and our How to account for a loan Help Center article. Even with these though articles though, I'd highly recommend that you reach out to an accountant to get this sorted.