Few accounting questions for a newbie

GirnGirn Member Posts: 3

Hi there, I run a small decorations business (creating balloon decorations, cake toppers, party favors etc)

I’m new to accounting and been trying to get my head wrapped around it. For all my supplies that I buy I post them as “office supplies” in the dropdown box in wave apps. I haven’t been able to figure out a proper designation for them.

Also, I accidently bought a personal item on my company’s credit card, how do I fix this? Should I e transfer from my personal account or refund the item?

One last question, my company has been posting a loss and every once in a while I e transfer money from my personal account to pay off my company’s credit card. What do I designate these transaction under accounting in wavesapp?

Thank you!

edited May 3, 2021 in Using Wave


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