If you do not have a business payment account (such as business checking), or you paid a business bill from a personal account, you still need to mark the bill as paid in Wave.
It is not possible to match a personal transaction to a business bill, but you can follow these simple steps to show your bill has been paid using money that came from outside of the business.
- On your Personal tab, you will see the bill payment that has been imported to your personal payment account. For example, let's say you paid $200 out of your Personal Savings. If you connected a bank account or uploaded statements, this will automatically appear on your Transactions page. If you are not seeing the transaction, manually add a new one.
- Categorize the transaction as Owner Investment / Drawings. This is so it won't show up as a regular expense in your personal reports.
TIP: You can change the description so you know this was a bill payment for a business bill.
- Select the top left area that says Personal and change it to your business.
- On your business tab, go to Purchases then Bills, select the arrow beside the bill you paid, and select Add a payment.
- When adding the payment, the payment account you choose is Owner Investment / Drawing. This is to indicate that you did pay the bill, but it was paid using money from outside of the business. Then, enter the date you paid the bill, the amount, and a description that will help you locate the transaction later (in case you need to).
You're done! Your personal account will have the correct amount and your business will correctly reflect a paid bill with money from outside of the business.
For screenshots and step-by-step guides, please click View original article below.