[Wave Accounting Basics Video 2] How to Categorize Your Transactions
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[Wave Accounting Basics Video 2] How to Categorize Your Transactions
Categorizing your transactions allows you to better understand your income and expenses. It provides insights so you can make better informed decisions, and ensures all your entries are organized a...
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I have incoming membership fees which are all the same amount, however I need to split them into Membership Revenue and Payment processing fees. Is this possible to do with a bulk change? i.e. I have 150 transactions for $22.03. Each one of them needs to be split into $23 Membership Revenue and -$0.97 processing fee.
hey @BryceP I'm afraid it isn't currently possible to bulk split transactions, only individual transactions - I feel your pain of needing to manually split 150 transactions!
I'm wondering if this situation can benefit from a journal transaction - were you can record the full $22.03 into membership revenue, but then create a journal entry afterwards to allocate $145.50 (150 *0.97) into the processing fee account. An example of how the journal entry could look like:
CR - Membership Revenue $145.50
DR - Processing Fee $145.50
I recommend giving that a try to see if you're getting the results you want from the account balances/reports afterwards
Hey Nancy, I actually figured out a way that works just as well. My transactions were downloaded in paypal, which has a separate column for transaction fees and sales revenue. So, I just upload the same paypal file twice into Wave, once to import the transaction fee column and once to import the sales revenue column.
Is there a way to change the account an invoice / product gets credited to after I've recoded a payment against the invoice?
Hey @WesH !
If I understand your inquiry correctly, I believe you are looking to change the income account assigned to a product/service after an invoice has been paid. If so, you definitely can. First, head over to your Sales > Products & Services page and edit the product/service in question by pressing the blue pen icon. Next, change the income account to whatever you'd like and press Save. We're not done yet though. Now, to apply the new income account for the product/service on your existing invoice, you will need to edit the invoice in question (under Sales > Invoices), remove the item line containing the product/service you just edited, and re-add it. This will apply the new income account to the pre-existing paid invoice. I hope this helps!
Hi @JulianP Sometimes things are entirely too simple to see. That worked beautifully. Thank you for the help!
The bulk transaction dialogue used to appear automatically when I categorized a transaction that had multiple occurrences but now this is not happening in this most recent version. Is this a new thing? Or am I not seeing something.
I don't see the option to create a new category for my transactions. Has this option moved? Or is it no longer an option?
hi @DKPhoto_1 to create a new category, please click into Accounting > Chart of Accounts > Add a New Account.
Thank you!
My comment is the same as @DaLan that was posted back on April 6 and seems to have gone unanswered.
What happened to the automatic bulk categorization? I can't believe it gone, that feature alone is what drew me to WaveApps.
The bulk transaction dialogue used to appear automatically when I categorized a transaction that had multiple occurrences but now this is not happening in this most recent version. Is this a new thing? Or am I not seeing something.
I found my answer so this just needs to be deleted
Can we please have the automatic bulk transactions back? As Dalan mentioned below it is highly needed.
I would like to add my own category to a transaction. But I am not seeing that option at the bottom of the Category drop down. HELP????