double entry bookeeping
waikiki
Member Posts: 5
Hi, When we add income or expenses in the transactions page does wave automatically records it as double entry bookeeping? Or it only becomes double entry when it is added through journal transcations?
0
Comments
Hi @waikiki.
I moved your post from the Forum Rules category to Using Wave. In the future, please be mindful of the category under which you post your discussions. Posting them in the right category ensures your discussion has more visibility, which might get you answers to your questions quicker.
You're exactly right with your first guess. Wave takes care of turning everything into double-entry accounting in the background, making it so Wavers who don't have much in the way of accounting knowledge don't have to learn the nitty-gritty of double-entry accounting from the start. Journal entries allow you to do that manually as needed.
it is great that wave does the double entry accounting automatically.
However, is there a way to see both sides of the transaction?
I would sometimes like to see which account was debited or credited to help me figure things out.
i know when you make an adjusting journal entry, you can see what happened to each account.
I want to know if the same can be for regular transactions.
@Mrm____lv114,
The transaction page represents the credit. Your assignment of the category represents the debit. It will depend on the account being imported as to which account account is being credited. So for example if you are importing your American Express account on the transaction page then the credit is to that liability account.
To see the credit, go to reports/account balances/ pick you account and drill down.
@Mikeg
thanks! do you mean the account transactions report?
Because when I do that report, I can only obviously choose one account to look at at on time.
If I want to see for example -which account was debited against a specific credit, then the only way I can do that is to look at the accounts which I think may have the debit and look for a transaction for the same date and amount? Any easier way too this?
@Mrm____lv114,
I meant the Accounting/Transactions page. Those are all credits. There is no report used in accounting where you would see a debit, let's say in office expense and where the credit is in the same view. Each account only shows one side of the entry. The reports available in Wave are the typical reports that are used in accounting. There is always room for more.
If you are somehow able to include an account identifier in your description, then you would know where the credit is.
You can also just filter the transaction page for the account that you want to see. There is no printing process for the Transactions page but at least you could see it. Use print screen if you need it on paper.
@Mikeg So basically, wave automatically posts each transaction in the general ledger and the journal is only used for adjusting entries?
@Mrm____lv114,
That is correct. A journal entry is used to adjust accounts. Currently Wave does not allow the printing of journal entries.
@Mikeg ok I didnt need to print them. Thanks for your help!