Sure, no problem. When you pay for items outside the business the following entry would be appropriate.
Debit (appropriate expense)
Debit (appropriate asset)
Credit Owners Equity
So let's say I bought some office supplies for $500 and a slicer for $750. I used my own credit card and kept the receipt, I paid for it with my personal account on October 15, 2019. My business started on 11/30/19 and I opened a bank account.
(Expense) Debit office expense 500
(Asset) Debit Equipment 750
Credit owners Equity or Loan 1250
(To record owner paid items prior to start of business)
Journal entry date would be 11/30/19
Not really, they look at it from an individual item or a group of similar items. Many start ups have losses in their first year. It is not unusual. So long as you have a bank account and all business transactions are captured there, no written statements are needed. Yes it is fine to have more invested in equipment than cash. For example, let's say you re-titled your car in the business name that cost 25k but only invested $500 to cover office supplies and business cards etc.
Dear Wave Team!
I feel that I have to give you the feedback on your upgraded system. My foreign bank account does not reconcile because there were many system adjustment posting. Suddenly I have more money in the bank (in foreign currency) then I actually do have. So now I have to go back 7 years backwards and reconcile item by item hundreds of bank postings to understand and reverse your system posting. What I noticed so far is that some transactions were posted in the wrong period , some amounts are incorrect, some are missing. Luckily I am a qualified accountant with many years of experience so I hope I will manage it but it will take few days or weeks to do it! However I am wondering how users who are not accountants can manage to reconcile their transactions. So far I was a big fun of WAVE. I must say that what happened with the upgrade is very frustrating. There are of course some positive changes but unfortunately WAVE is no longer a reliable software.
Thanks for passing it onto the Team and although it would be nice it is not essential. Keep up the good work and pass on our appreciation to the team for the excellent system they have developed.
Thanks @AlexL ! Yeah, I've started copying the share links and emailing those (I like to know when they've seen the invoice) with plain ol' email for now. I prefer Wave's beautiful designs though, so as soon as I can use Wave to send these again, that's what I'm going to do. Thanks!
This must be a joke right? YOU CANNOT REMOVE A FEATURE THAT PEOPLE IS USING. Also, an UPDATE should not be treated as a new product. If i;m going to learn to use a new product, i can choose the product my self right? You understand that you push people away. This update is not working for me. This and the new Transactions page is too much. Wave is free, we appreciate that, but we also invest time and effort during the years.
No other option but to move to another product.
I have only recently been migrated over to the new system to experience this issue. However like most people my BAS is due and I need this function and did not have warning I would lose it. I can see that people have been bringing up this issue of transferring transactions between the business and personal profiles since December 2018. Is there nothing Wave has done in all of this time to rectify the issue?
@Ferdaus Typically, changes to transactions would automatically flow into the way that your reports and reconciliation work. In some cases though, on the backend, all of the information doesn't move into all of the right places. I have run a diagnostic on the back end and it looks like the issue should be resolved. Can you take another look and let me know if I'm correct?
@JK2416 From the screenshots provided, this seems like expected behaviour. Essentially, the only time the individual transactions will show up is in the event that you are not reconciled. In the cases that you have explained, it seems as though your Wave balance and statement balance match, which means that there is no need for you to actually need to verify anything because the balances match. It sounds as though you are running into a good problem here, but if I am misunderstanding, then please let me know and provide some further context as to why you believe this is incorrect!
Hey @babaleighty! If you don't have a receipt to upload, you would log into your Wave account and enter the purchase on your transactions page! Go to: Accounting > Transactions > click 'Add Expense' and then enter the details for the purchase & save. This Wave guide goes into a bit more detail on the process - adding expense transactions.