fairly new to accounting - seeking pointers to deal with personal purchases and loans for company
I'm fairly new to accounting so please don't shoot from the hip! Long story short:
- I started a small business recently;
- I made several (lots) of personal purchases on my own credit card or own bank account (with invoices showing my name and not the company's) for the company, i.e. currently I own them but I want to them transferred to the company to become company assets;
- I paid several of the company's invoices from my own bank account or own credit card (these invoices show the company's name);
- I loaned money to the company by transferring money from my own bank account to the company's.
- Other persons besides myself also did 3. and 4.
Although some of the above were truly unavoidable, I'm aware I could have simplified life for myself (and I'm happy to be chastised as such, as long I also receive some helpful pointers).
Can I use Wave to deal with the above scenarios and still keep auditors happy?
If yes, would a (very) kind soul out there provide some helpful pointers on how to do that in Wave? I'm a very technical person, but rather new to accounting.