New to accounting and loving Wave!

JacobJacob Member Posts: 4

Hey everyone! I have been working on building my custom woodworking business over the last year as I prepare to get out of the army. I am new to accounting and trying to figure out everything I can to get a good initial start. Most of my work thus far has been under the table, help a friend out kind of stuff. So I have not tracked income. But now I'm a fully licensed business finally and need to not only track my income but also all my previous startup costs. I have been funding all the equipment purchases out of my personal funds and still do not have a full on business banking account. I will be getting one tomorrow though.

Some of the things I hope to figure out with this app is how to reflect this in my business history. I don't think having a negative transaction history within Wave and having a very small account balance (minimum required to open) is the right answer to this problem. So hopefully with continuing my research within this community I can figure out what to do.

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edited August 30, 2018 in Introductions

Comments

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Welcome to Wave, @Jacob! And congratulations on starting your woodworking business! If you have a website you'd like to share, you're more than welcome to do so.

    I'm really pleased to hear Wave is a good fit for your needs. If you haven't looked at it already, I recommend you check out Fearless Accounting. It's our guide to best practices using Wave. We're pretty proud of it!

    We also have an article on the Help Center explaining exactly how to handle paying for business expenses with a personal account. You can find it here. The short version is that you'll be using "Owner's Investments/Drawings" as a payment account for those purchases.

    If you decide to pay yourself back, you'll make an expense transaction from your business' bank account and categorize it to "Owner's Investments/Drawings".

    Reach out if you have any questions. Welcome to the Community!

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