You’re busy, and maybe you have some extra hands helping you out. How do you record reimbursements in Wave if someone else makes a purchase for your business? Follow the process below and you’ll be tracking reimbursements in no time!
When someone else makes a purchase for your business on your behalf, (i.e., using their personal funds, and not your business’s credit card or other accounts), your business has technically received a short-term loan from that person. This makes the money you owe them in reimbursement a liability.
Accounting for reimbursements is straight forward, and the first step is – you guessed it – to create a reimbursement liability account. For screenshots and a step-by-step guide, please click View original article below.