Okay, I enter a bill for 'cost of goods' and pay the bill using Wise. The money is transferred from my business checking account to Wise that in turn pays this bill; ps, foreign currency transaction. The bill pay from Wise appears in my register under the account Cost of Goods, but so does the withdrawal from my business checking account that was used to transfer the money to Wise creating a duplicate in my Cost of Goods.
Should the money from my business checking account be listed as a transfer instead of cost of goods and if so, what is the category name? If not, how do I account for the duplication of the expense? Please help :)
