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What would you say is the order of priority?

epitomaepitoma Member Posts: 10

New to keeping my books.

There are a few ways to add transactions to my account (listed below). What order would you say is more important for adding transactions because I want to make my Wave workflow efficient? For example, does an uploaded .CSV file import more information or better information than a bank connection? Etc.

Possibilities

  • Scanning receipts
  • Imported Bank account connection
  • Uploaded .CSV file
  • Manual journal entry

Again, for example, I'd like to know if I should update my bank transactions first, THEN scan/upload receipts, THEN manual entries for any oddballs, or any other variation.
Thanks!

in Accounting Feature Ideas

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    eliteacchkeliteacchk Member Posts: 31

    I would create Invoices and Bills myself, then update bank transactions and journal entries, scan receipts, followed by bank reconciliation at the end of each statement date,

    Having said that, I must stress that the last step (reconciliation) is not a low priority exercise. In fact, it is vital to any good accounting. I have many clients who handles their own accounting using various solutions, eg, QB, Sage, even MSEXCEL, but they are all lacking reconciling and checking bank statement movements with the bank ledger, leading to disastrous results. Imagine your ledger shows you have 1/10 of what you really have in the bank acc and after 12 months of business activities, it can be very taxing to find where it has gone wrong - in one case, the difference was over $1 million!

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    epitomaepitoma Member Posts: 10

    Thanks for the replay @eliteacchk . It's good to hear others' workflows, especially since I haven't developed one for myself yet. I'll try this ordering for a while and see if I run into any issues.

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