Options
Question on Paypal intergration
MatthewJ
Member Posts: 1
HI I have connected my PayPal account to wave and now have 3 entries in my transactions tab, 2 from PayPal with the same amounts. One with money received from my bank account and one paying for whatever has been purchased through PayPal.
Then I have an entry from my bank account saying a payment was made to PayPal with the transaction number etc. I thought wave, maybe would work all this out for me, but how do I sort this out? Can I merge them together somehow? as they are all the same thing with just a day or so difference between them?
1
Comments
Hey @MatthewJ, it's a bit of a work around, but bare with me!
I would advise that you do not disconnect and then reconnect the PayPal integration. Doing this will result in a new PayPal category getting added to your chart of accounts every time you reconnect the PayPal account, and you'd have to then manually move all your old PayPal imports over to the new account.
Now, unfortunately there isn't a super straightforward way to simply merge the information from these two accounts, but I can definitely help you get this sorted out.
What you'll want to do first is go to your Accounting Tab > Chart of Accounts, and click the pen icon to the right of one of those duplicate accounts, then just add a distinguishing feature (eg. Account1) so you can tell the two apart. Once this is done, go to your Transactions page and filter for each Account in order to figure out which is the currently active connection (the one with the most recent transactions).
You then will have two options for transferring all the information from the old account to the new one.
You can filter your Transactions screen by the old account, then manually change the account on each transaction to be listed as the new account. You can do this by clicking the transaction Account dropdown to change it to the new PayPal account.
If you have many transactions in the old account and changing each individually sounds wholly unappealing, you can instead filter by the unwanted account then click the box to the left of 'Date' to select all associated transactions then Delete. You would then want to manually upload a statement for that specific date range, ensuring that when you upload the statement you are choosing the desired Account to have them listed under!
If you choose the second option, a couple things to keep in mind is that the system will only want to see 3 columns in the file you are uploading; Date, Description, Amount where expenses will be shown with a negative sign in front of the amount value (unless it is a Credit Card statement, in which case you'll want to make payments to the credit card with a negative sign!) and Dates will be formatted as mm/dd/yyyy.
Here is a basic example of this format:
01/01/2018, Description 1, -250
01/02/2018, Description 2, 550.50
01/02/2018, Description 3, -120.75
Once you have all your transactions successfully associated with the currently active account you will be able to go to the Accounting Tab -> 'Chart of accounts' and click the trash can icon to the right of the unwanted account to delete it from your Wave profile. I hope this helps!
"Once you have all your transactions successfully associated with the currently active account you will be able to go to the Accounting Tab -> 'Chart of accounts' and click the trash can icon to the right of the unwanted account to delete it from your Wave profile. I hope this helps!"
Where might this "trash can icon" be?
PayPal is an asset account and the only thing I have is a pencil and I can only archive the account, which I admit, I have no idea what it does but it does go away.
Hey @MHMS you're right, thanks for catching that! It is in fact pencil icon in the version of Wave you're using; it used to be a trash can in the previous version, although the edit > archive account function accomplishes the same thing while still leaving you a paper trail of all of the activity in your account.