Credit Cards issue

drpetr

Hello, I am struggling with one Wave feature which makes no accounting sense (migrated here from Simply Accounting).

1. Have an Account for a bank account.
2. Have am Account for a credit card.
3. Balance on the credit card is automatically paid/withdrawn from the bank account on a monthly basis.
4. In The Accounting>Transactions of the bank account, such payment is shown as an expense (in black) as well as income (green). I need it recorded only as an expense in the bank account and as an "income" in the credit card Transactions (where I categorize them).

Please either explain or suggest a solution!

Alexia

Hi, @drpetr,

You should be categorizing your credit card payments as transfers. To do this, find the expense on the side of your bank account and categorize it as "Transfer to..." and choose your credit card. Wave will try and find the matching transaction on the side of your credit card to categorize it automatically and show exactly as you want it to. If there is no matching transaction already in Wave, Wave will create one.

If you'd like a more detailed breakdown of the process, you can find one here.