Mixing Business with Pleasure (on a cc and bank stmt)

Genivar

If you have a personal purchase on your business credit card or in your business bank account, how do you reconcile without having it impact your income statement? I mark the transactions as Personal in the description and treat them as a withdrawal in Owner investment/drawings... is that enough?

JulianP

Hey there @Genivar !

It sounds like you're on the right track. Essentially there are 4 steps that you need to take to record a personal transaction from a business account:

1. Navigate to Accounting > Transactions and locate the transaction you want to indicate as personal.
2. In the transaction detail view, select Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions from the category drop-down.
3. Select the relevant equity account.
4. Click Save.

A personal transaction can be categorized as any account listed under Business Owner Contribution and Drawings such as the Owner's Investment/Drawings account. If you want to see all of your current Business Owner Contribution accounts in Wave, just head over to your Chart of Accounts page and select the Equity tab. If you'd like, you can create new accounts as well.

For more information on recording personal transactions from your business account, feel free to check out our Help Center article here: How to record personal transactions from a business account