Transfer explanation
anna
Member Posts: 1
In the transactions page, I assigned a transfer of money from a different account to Personal - Cash on Hand. Why won't this money come up in the income section? How can I add cash payments that go into my account as a bank transfer or cash at the bank to my income statement?
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When you transfer money between accounts, it won't show up as income because it isn't money you're receiving, just your own money that you're moving between accounts. I found this help article: https://support.waveapps.com/hc/en-us/articles/208621616-How-to-create-a-transfer-between-two-accounts-e-g-Categorize-a-credit-card-payment-
Yes, but to do that you have to have the two matching entries to hook them together as a transfer. What am I supposed to do when there is only one entry, and yet I know it's a transfer?? apparently I can't just check the box and then click transfer, unless I am clicking the boxes for two line items. Please help!!
@braelewis in that case you'll need to create the corresponding half of the transfer using the add income/expense buttons, and link them. It includes two items because it is a transfer from one account to another (a debit to one account and a credit to another). If you do not have the other account in Wave, you can add that as well.
For example, if you were paying your credit card balance but only had the withdrawal from your bank account, you could create an income transaction to your credit card account, and then link the two of them following the steps above to indicate that they're not income and expenses, rather a movement of funds between two of your accounts.
Follow up question. I have 1 Waze Account/Email but with several separate business/personal accounts. How do I categorize a transfer from my separate wave business account to my separate wave personal account and not categorize as income or sho up in the P&L as income/expense.
It feels wrong to categorize it as a Expense/Withdrawal when I do have an account connected to wave.