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quick link to see all the transactions in an account

GregVeresGregVeres Member Posts: 24

Hi

I am new to wave so I am going through things for the first time. For instance, my use case right now is a bill that one of the owners paid out of their money.

I have the receipt and I have uploaded it. I have categorized it (computer - hosting) and for the account, I used the only payment account I have access to that makes sense (Owner Investment / Drawings). I think that makes sense.

Since there are multiple owners, I have created accounts under "Due to You and Other Business Owners" with each of the owner's names. These accounts represent the money that the owners have loaned to the business.

My assumption is that I now need to create a transaction that transfers the money from the owner's loan account to the "Owner Investment / Drawings" account to represent that the one particular owner has paid the bill.

Now, my issue is that it is next to impossible to find out the list of transactions in the "Owner Investment/ Drawings" account. When I go to the Accounting / Transactions page, it only list bank accounts (why?)

Here is my suggestion. When I am looking at a receipt and I click on it, I get a dialog that pops up. The payment account should be a link to the transactions report for that account. This would allow me to get to the Owners Investment account quickly to then finish entering the details of this transaction. And later when I am looking at any given receipt, I can easily get to the account it was paid from to track the transaction.

Also, I expected a link to the transactions from the Charter of Accounts page. Right now when I am looking at the charter of accounts page, I see all these accounts that I have and a nice easy way to see the activity of the account would be to have the name of the account be a link to the report page that shows me the transactions of that account.

Hopefully, you guys can pass this along to the product manager for consideration of inclusion in the product. I feel these would really enhance the usability of the product.

Thanks
Greg

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @GregVeres.

    I can explain that. Receipts paid with "Owner's Investments/Drawings" won't appear on your transactions page. We are aware of this issue and are working towards resolving it, but as a simple solution, you can just choose a different payment account when processing the receipt and change it manually to "Owner's Investments/Drawings" after the transaction appears on your Transactions page.

    If you'd like a more detailed way to handle these transactions, you have two options. Both of these will prevent the issue mentioned above.

    1. Here's how we recommend handling business expenses from a personal account.
    2. Alternatively, you could treat those expenses like reimbursable expenses made by employees.

    Thank you for the feedback as well!

    You might also want to check out the Account Transactions report. Am I right to assume that this is what you'd like to see linked to your accounts in the Chart of Accounts?

  • GregVeresGregVeres Member Posts: 24

    Thanks @Alexia. I essentially ended up with your suggestion #2, except that I used a Loan account rather than a credit card account. Unfortunately, I can't convert the "Due to You and Other Business Owners" account to a credit card account. And I can't edit a receipt after it has been posted so I guess I am stuck with the "Due to ..." account types. Is there any drawback to using the "Due to ..." account instead of a credit card type account?

    BTW, it would be so helpful to be able to edit a receipt after it has been posted. I have deleted so many receipts just to change something simple.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @GregVeres.

    If you use "Due to..." accounts instead of credit cards, you won't be able to use them to pay for expenses directly. You won't have a payment account to choose for a given receipt. You'd be able to get around it with some complicated accounting gymnastics, but that'll be a lot of extra work for each of your those expenses.

    What you'll have to do is archive the account you created and re-create it as a credit card.

    As for updating a receipt transaction, you can, actually. You won't be able to do it on the receipt. The matching transaction on your Transactions page, however, is completely at your mercy. You just need to go find it and change it there as required.

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