New to organizing my finances
pickinsplinters
Member Posts: 1
Good afternoon, I plan on seperating from here on out but I have a bank acct that I was using for both personal and business, Im trying to seperate transactions in wave, but what would I catergorize my husbands paycheck that came from his own seperate job? secondly, I dont want it to show up as income for the business because it is not , so how do I figure that out? also what do I catergorize my morgage pmt under since i work from home?
after this point I plan on getting a seperate bank account for the business.
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@pickinsplinters,
You would categorize both as owners drawings. Not sure whether you are in the US, if so, you would just use a journal entry to record the allowable home office. Debit Office Expense and credit Owner Drawing/Contributions. Hope that helps.