How to split the accounts used to purchase an asset?

Farmer_FrankFarmer_Frank Member Posts: 5

My partner and I split the cost of a new rake for our farm. How do I split the accounts to show half came from my owner investment account and half came form his?

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  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @Farmer_Frank! Do you and your partner both have your own Owner Investments account? If so, you should be able to simply split that expense transaction within Wave and categorize each half to your accounts!

  • MikegMikeg Member Posts: 790 ✭✭✭

    @Farmer_Frank,
    I'll add here that since this transaction did not run through the business account, you will need to record as a journal entry. Go to Accounting/Transactions/ More. You will debit Equipment for the cost of the rake and credit owner contribution splitting the amount. For example, lets say the rake cost 1600. You would debit Equipment for 1600 and credit Owner Contribution - Frank 800 and Credit Owner Contribution - Bill 800. Assuming your partners name is Bill. :) . Be sure to select the correct date for the entry.

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