I've moved your post to the appropriate thread to take a look at what other users are discussing regarding moving business expenses to personal or vice versa. Have a read through and check out the help center article at the beginning of this thread.
This is correct. You will need to make this adjustments manually. Though it seems like we are taking away a vital feature from Wave, we're actually trying to correct the accounting errors we made in our previous dated version of Wave. So now you will need to make new equity accounts to show that money is entering or exiting your business and create both sides of this transaction on both your business and your personal side. This is the proper way to show this type of accounting.
Our team is very aware of this thread and is looking into future updates on how to satisfy the user experience when it comes to moving business to personal or vice versa.
How do I transfer funds between two different Wave businesses (neither Personal) set up on the same account? They both have an equity account but unlike Business to Personal, there's no option available on the transaction coding page. Would I need to first move it from Business A to Personal and then from Personal to Business B or is there a more direct route?
This feature is completely broken for me. I have no transactions in my personal account since oct 31. When I set it to owner investment / drawings nothing appears in my personal account. I would like it to appear there again so I can categorize what it was spent for. The old system was functional and simple to understand and the main reason why I used wave in the first place.
I might have to move to quickbooks self employed just from the changes here. It's very sad, I was totally happy with wave until now. Is there a way to use the legacy program without any continued support? Or at least until the end of this year so I don't have to re-do this year's accounting on another program?
When the update was done there were lots of threads from unhappy people not able to move transactions like in the old version, on one of the now closed Discussions this was your reply;
"Hi guys, thanks for your valuable input on this. Our migrations to the new software have been happening on an on-going basis for some time now. With the future updates, our goal here is to get you back to a spot that will allow you to run your business successfully and easily. Stay tuned, as we will have more info on this coming in the future.
February 28, 2019"
Well its now almost December & this function has still not been reintroduced!
This is an absolute, utter catastrophe for me. The ability to move transactions between accounts was THE selling point of Wave. It allowed me to accurately track the chaotic way my wife and I use credit cards between business and personal. The fact you blew this feature to follow some arcane accounting rule without figuring out an accommodation first is beyond insane. The fact that you foisted it on me two months before the end-of-year tax season is doubly beyond insane. Please restore the feature -- I'm a paying Wave customer (payroll, tax filing, etc.) and really don't want to jump ship to the vastly inferior Quickbooks.
I also wish to protest about the changes Wave has n\made to the transfer of transactions between BUSINESS accounts without ev en consulting stakeholders. As I small business I have 6 separate business accounts and bank accounts to keep the transactions separate. But I need the ability to share the costs of the telephone and computer software I could do this easily before but not now.
I don't know why you have closed the previous thread it said:
" If this feels like a lot to consider, we agree and that's why we're committed to making it all elegantly simple in the next 3 months or so. If not all at once, we'll roll out many of these improvements as quickly as possible. More to come soon. While this will all help you perform the small business accounting you need more easily, Wave won’t be focused on personal financial management. We are not planning to expand into the world of personal finance management, so you’ll see these features gradually removed as we focus on improvements, optimizations, and new features in the small business toolset.
February 22, 2019."
It's now December 2019, have any of these promised changes materialised. Are you bringing back the previous functionality for transfer between separate businesses?
Hi @PaulJ . You're not seeing the Owner Investment/ Drawings account show up when trying to categorize but it's located in the Equity section under Chart of Accounts?
Hey @frustrated . The Owner Investment / Drawings account doesn't actually move the transaction over, it just accounts for it properly in the account you're moving it from. You do have to recreate the transaction in the appropriate account if you want it to appear there. If you have a fair share of transactions to move over, I'd suggest using Wave Connect so that you don't have to manually add each and everyone one.
Hi @John_Mac , @matteddy + @APlus . I totally understand your frustration with this lack of functionality. We're working on moving the remaining handful of users on Wave's old version to the new one, and when this is finished (hopefully by the new year), we'll be building out the move transaction functionality which addresses any sort of accounting issues when moving the transaction between businesses/personal accounts.
!) I just transferred funds from personal checking to business checking. I marked it on the business side. What do I do on the personal side?
2) And on a more complicated note, I use Tally to manage my credit cards. I have Tally as a business account. But one of the credit cards is now considered "personal". I pay Tally from business. Tally pays each card. How do I categorize this payment to the credit card on the personal accounting?
Our current update is more in line with international standard practice for bookkeeping. Simply moving a transaction from business to personal was not an ideal practice for bookkeeping. Our current method allows you to account for an investment into the account or drawing from your business account. Moving the transaction is simply doing just that, moving a transaction, not necessarily accounting for a loss or gain of that transaction outside of your businesses expenses/income.
I'll reiterate below how to show this transaction.
To show a payment from business A to business B, you would need to categorize it as an Owners Investment/Drawing depending on the account you're in.
Business A account pays for business B expense:
The transaction should look like this
Make sure your business payment account is selected under account then categorize as Personal > Owner investment/drawing.
On the other side of the transaction, business B, you'll want to format it as such:
The income came from an owners investment and was selected to an expense account. In my example I used office supplies.
We've learned that this is the proper method for showing this transaction, as opposed to the classic version which simply moved two transactions between two businesses, but never actually reconciled for both accounts.
2) Regarding your Tally account, I'm not 100% familiar with how Tally works, though I don't believe it would be possible in this update in Wave. But I would reach out to an accountant, or perhaps someone in the community might be able to shed a bit more light on what this payment would look like?
Please help. I've been trying to figure this out for a few hours now. I do not use Wave for personal accounting. However, I have some personal accounts linked to the Personal "side" of Wave because sometimes I am in a position where I have to pay for a business expense with my personal account. Obviously, I was a HUGE fan of moving transactions (and I never had an issue with "double recording" because I never used the personal side - except to import and move business transactions that were made on my personal account. I've tried following these instructions (but for the reverse) and it's not working. I'm not seeing the "owners contribution" anywhere on the Business side. Can you please explain in detail how I should categorize a "Personal" transaction to Business? While also being able to apply to the correct type (Example: Cost of Goods Sold, etc.)?
I don't actually "reimburse" myself for these... so there isn't a transaction on the business side for me to categorize.
Please note, I've read every thread I could find on this issue, but I'm still unable to get this to function correctly in my accounts.
Is there a way for us to revert to a previous version of Wave as I'd give up some all the new features to go back to having the ability to move transactions between personal and business. Thank you.
Please also note: I understand it's not best practice to mix business/personal accounts and for the most part, I don't, but it happens and even still... I need to have the ability to report my income/expenses accurately (regardless of what account they came from). And help is greatly appreciated!
Hey @Lolo! I'm sorry you've been having such a difficulty around this since the change. Definitely appreciate you taking the time to list out how this has affected your workflow, and I can appreciate that you'd like to go back to the previous version of Wave. Unfortunately, that's not possible, but I'd love to work with you to try to find out how we can make the most of our present situation. You'd mentioned you don't see 'Owner's Contribution' anywhere. When you use the category picker, do you see "Owner's" anything? It may be listed as Owner's Investment/Drawings. Looking forward to speaking further with you on this.
I totally agree with the others, that this "new" functionality is TERRIBLE! for moving transactions between accounts. I agree with matteddy below that you really made dramatically diminished the functionality for what reason - an arcane accounting principle? - when the previous functionality of moving transactions was simple, quick, and it worked! Please bring it back asap. This "new" way of doing it creates an incredible amount of extra work for no reason whatsoever, both in the cumbersome way it is implemented and in having to do double and triple work in recreating categories that had already existed!
When I try to categorize a personal expense (withdrawal) on a credit card account, it doesn't show me the "Business Owner Contribution and Drawings" accounts, just the liability "Business Owner Due to You and Other Business Owners" accounts. Is the documentation inaccurate?
Hi @Oded , can you check your Chart of Accounts to see if there's an Owner Investment / Drawings account under Equity? If so, you should be able to use that account.
With the new system I can't categorize expenses or income as personal.... but because my personal bank account is linked to my business I need to keep them separate. I work part time and receive paycheques, and I use my personal account for all my personal purchases and bills....how do I keep this separate from my business stuff now?? If its not as perfectly organized as it was in the previous system thats ok, but it is MY money not the business' and I need my accounting software to reflect this. Help??
@APlus said:
I also wish to protest about the changes Wave has n\made to the transfer of transactions between BUSINESS accounts without ev en consulting stakeholders. As I small business I have 6 separate business accounts and bank accounts to keep the transactions separate. But I need the ability to share the costs of the telephone and computer software I could do this easily before but not now.
I don't know why you have closed the previous thread it said:
" If this feels like a lot to consider, we agree and that's why we're committed to making it all elegantly simple in the next 3 months or so. If not all at once, we'll roll out many of these improvements as quickly as possible. More to come soon. While this will all help you perform the small business accounting you need more easily, Wave won’t be focused on personal financial management. We are not planning to expand into the world of personal finance management, so you’ll see these features gradually removed as we focus on improvements, optimizations, and new features in the small business toolset.
February 22, 2019."
It's now December 2019, have any of these promised changes materialised. Are you bringing back the previous functionality for transfer between separate businesses?
@gwendolyn You can categorize the amount necessary as Owner Investment / Drawings which although will not move the transaction, will categorize it appropriately so it doesn't show up as a business expense.
@Oded Instead of categorizing to Personal first, can you try categorizing directly to the account you're looking for? This should work for you.
No updates at the moment, @peacejade , but this is still something that we would like to have implemented in the software in the future to give our users a more robust accounting experience.
Does anyone know of another accounting system besides Wave or QB? I'm going crazy not being able to move transactions between accounts. Major loss. Thanks.
@AlexL I just categorized it against my Personal Expenses account, then created a transfer paying my Reimbursements account off in that amount, which offset my ultimate reimbursement for personal credit card use for business reasons. But my point remains, that the documentation is misleading if not simply wrong.
This seems like such an unnecessary "improvement". I wish you guys reached out to your customers for feedback before changing everything. It's very clear from all the comments that nobody needed the "new" functionality.
Does anyone know if there is a different software that does the same thing that Waveapps did earlier, i.e. easy way to move transactions from personal to business and vice versa? At this point, I'm willing to pay for the software too? And of course, this is super urgent. Thank you.
6-7 year user here, sometime in Nov or Dec I got screwed with the new upgrade, trying to simply get my 1099's out and now I'm faced with all of these issues. It's overwhelming and came WITHOUT WARNING. Over the past 6-7 years, albeit a slow back end, I had wave down to a slick working machine for my 3 businesses & personal accounting. HEEELP! I must be in a nightmare and clearly missing something!
Why do admin's keep saying transactions weren't properly account for prior? When moving they clearly were tracked properly in owner investment and draws AUTOMATICALLY!!! That IS (WAS) PROPER ACCOUNTING!
Why do admin's keep talking about double recording of transactions? Transactions should (DID) stay in their home account to accommodate reconciliation and review. Once a transaction was moved - it was clearly identified as moved. It could not be improperly allocated to some other category, just one. It's not like you could have moved something and still had it categorized as something in personal....
We have several LLCs setup to own rental property. As most small businesses in this situation, personal credit cards are used to pay for items. (CPA x 3 blessed). This is COMMON PRACTICE FOR YOUR CLAIMED MARKET SECTOR OF SMALL BUSINESSES, particularly with something like real estate investment. Small (even large) businesses CANNOT GET ACTUAL BUSINESS CREDIT CARDS. At best you will get a personal card with the company name on it. At that point, it's hit your personal credit, and you CAN ONLY USE IF FOR THAT ONE SMALL BUSINESS. With rental properties for instance, we do a lot of shopping at Home Depot. Using a personal card, we can get a 100k limit, and use it on whatever rental LLC needs it that month/year. If I had a 100k CC dedicated to one business, no company would give me another 100k for a different business (or if they did that's two hits on my credit). Most importantly, it would be unusable most of the time as you cannot use an account dedicated to a business for another business w/o piercing the LLC vale. You HAVE TO GO THROUGH YOUR PERSONAL ACCOUNT (IRS & CPA directions).
In the past, I would look through my personal transactions, often categorized into 'repairs and maintainance' (although not by business - you just know Home Depot, or Lowes, or Target, or Amazon will have some or all transactions for business. I would then take my receipts, find the transaction on my personal account, split it as necessary (sometimes between multiple businesses, sometimes between categories, sometimes between business / personal) I could then MOVE the transaction to the appropriate business and categorize at the same time. This approach also had the benefit of easily finding which transactions I may be missing the receipt for (those left over) - which would make it easier to then search for in email, scans, or a paper folder, or call the store.
As previously stated, this was then properly AUTOMATICALLY tracked in my owner investments/draws for end of year equity accounting.
Now, my understanding is (from a similar closed thread for the opposite direction) I need to move that to an owner investment/draw in my personal account, then MANUALLY create a matching transaction in the business, then categorize that? I have at least over 1000 transactions a year that would need to now be manually created. In addition to the tedious work (We're talking over a thousand transactions a year) Even at only 1 minute a piece, that's over two full days of data entry that I did not need before. In addition, THERE IS NO CHECK AND BALANCE ANYMORE! what if I miss one, what if I mistype the amount, what if I want to see what CC it was originally from? Prior, there was no room for error aside from maybe selecting the wrong category or moving to the wrong business - something that was quickly checked and corrected at the end of the year. What am I missing?
I've always imported everything into personal account then moved business transactions to the appropriate business account (I have 2). Apparently that's no longer an option. My only complaint about WaveApps was that it was so SLOW (from the time I clicked "enter/submit" or paging back & forth for it to complete the action so I could move on to the next transaction). Now you've made a slow process slower because I'm having to import bank info into the business account, then transfer it to the personal account or the other business account. There are a LOT more transactions to move now! Thanks for messing up a good thing. Well... a half-way decent thing.
@Samanmoran said:
Does anyone know of another accounting system besides Wave or QB? I'm going crazy not being able to move transactions between accounts. Major loss. Thanks.
Have you looked at Mint? I hate anything intuit-related and it is an intuit owned tool...
Wave is now owned by HR block. They are very obviously now gearing towards paying business customers and leaving their personal customers who built their brand, behind.
I am a small business owner. I was using google sheets to keep track of my income. I do not pay bills from my business checking account so I need to transfer my income to my personal checking account to pay my personal bills. How do I notate all my personal transfers of my money into my personal checking account. This whole system seems complicated. Anyone know of a very simplified accounting format ...I don't need all these bells and whistles. I need to keep track of my income, I use a credit card for my expenses and I pay my vendors/1099 with a check or venmo. I am really confused.
Comments
Hey there @ROA
I've moved your post to the appropriate thread to take a look at what other users are discussing regarding moving business expenses to personal or vice versa. Have a read through and check out the help center article at the beginning of this thread.
Hey there @Maple111
This is correct. You will need to make this adjustments manually. Though it seems like we are taking away a vital feature from Wave, we're actually trying to correct the accounting errors we made in our previous dated version of Wave. So now you will need to make new equity accounts to show that money is entering or exiting your business and create both sides of this transaction on both your business and your personal side. This is the proper way to show this type of accounting.
Our team is very aware of this thread and is looking into future updates on how to satisfy the user experience when it comes to moving business to personal or vice versa.
How do I transfer funds between two different Wave businesses (neither Personal) set up on the same account? They both have an equity account but unlike Business to Personal, there's no option available on the transaction coding page. Would I need to first move it from Business A to Personal and then from Personal to Business B or is there a more direct route?
This feature is completely broken for me. I have no transactions in my personal account since oct 31. When I set it to owner investment / drawings nothing appears in my personal account. I would like it to appear there again so I can categorize what it was spent for. The old system was functional and simple to understand and the main reason why I used wave in the first place.
I might have to move to quickbooks self employed just from the changes here. It's very sad, I was totally happy with wave until now. Is there a way to use the legacy program without any continued support? Or at least until the end of this year so I don't have to re-do this year's accounting on another program?
When the update was done there were lots of threads from unhappy people not able to move transactions like in the old version, on one of the now closed Discussions this was your reply;
"Hi guys, thanks for your valuable input on this. Our migrations to the new software have been happening on an on-going basis for some time now. With the future updates, our goal here is to get you back to a spot that will allow you to run your business successfully and easily. Stay tuned, as we will have more info on this coming in the future.
February 28, 2019"
Well its now almost December & this function has still not been reintroduced!
This is an absolute, utter catastrophe for me. The ability to move transactions between accounts was THE selling point of Wave. It allowed me to accurately track the chaotic way my wife and I use credit cards between business and personal. The fact you blew this feature to follow some arcane accounting rule without figuring out an accommodation first is beyond insane. The fact that you foisted it on me two months before the end-of-year tax season is doubly beyond insane. Please restore the feature -- I'm a paying Wave customer (payroll, tax filing, etc.) and really don't want to jump ship to the vastly inferior Quickbooks.
I also wish to protest about the changes Wave has n\made to the transfer of transactions between BUSINESS accounts without ev en consulting stakeholders. As I small business I have 6 separate business accounts and bank accounts to keep the transactions separate. But I need the ability to share the costs of the telephone and computer software I could do this easily before but not now.
I don't know why you have closed the previous thread it said:
" If this feels like a lot to consider, we agree and that's why we're committed to making it all elegantly simple in the next 3 months or so. If not all at once, we'll roll out many of these improvements as quickly as possible. More to come soon. While this will all help you perform the small business accounting you need more easily, Wave won’t be focused on personal financial management. We are not planning to expand into the world of personal finance management, so you’ll see these features gradually removed as we focus on improvements, optimizations, and new features in the small business toolset.
February 22, 2019."
It's now December 2019, have any of these promised changes materialised. Are you bringing back the previous functionality for transfer between separate businesses?
Hi @PaulJ . You're not seeing the Owner Investment/ Drawings account show up when trying to categorize but it's located in the Equity section under Chart of Accounts?
Hey @frustrated . The Owner Investment / Drawings account doesn't actually move the transaction over, it just accounts for it properly in the account you're moving it from. You do have to recreate the transaction in the appropriate account if you want it to appear there. If you have a fair share of transactions to move over, I'd suggest using Wave Connect so that you don't have to manually add each and everyone one.
Hi @John_Mac , @matteddy + @APlus . I totally understand your frustration with this lack of functionality. We're working on moving the remaining handful of users on Wave's old version to the new one, and when this is finished (hopefully by the new year), we'll be building out the move transaction functionality which addresses any sort of accounting issues when moving the transaction between businesses/personal accounts.
!) I just transferred funds from personal checking to business checking. I marked it on the business side. What do I do on the personal side?
2) And on a more complicated note, I use Tally to manage my credit cards. I have Tally as a business account. But one of the credit cards is now considered "personal". I pay Tally from business. Tally pays each card. How do I categorize this payment to the credit card on the personal accounting?
Appreciate the reply, however given that digital tax returns are due the update will be too late!
hey @Lbrashear
1) See
2) Regarding your Tally account, I'm not 100% familiar with how Tally works, though I don't believe it would be possible in this update in Wave. But I would reach out to an accountant, or perhaps someone in the community might be able to shed a bit more light on what this payment would look like?
Please help. I've been trying to figure this out for a few hours now. I do not use Wave for personal accounting. However, I have some personal accounts linked to the Personal "side" of Wave because sometimes I am in a position where I have to pay for a business expense with my personal account. Obviously, I was a HUGE fan of moving transactions (and I never had an issue with "double recording" because I never used the personal side - except to import and move business transactions that were made on my personal account. I've tried following these instructions (but for the reverse) and it's not working. I'm not seeing the "owners contribution" anywhere on the Business side. Can you please explain in detail how I should categorize a "Personal" transaction to Business? While also being able to apply to the correct type (Example: Cost of Goods Sold, etc.)?
I don't actually "reimburse" myself for these... so there isn't a transaction on the business side for me to categorize.
Please note, I've read every thread I could find on this issue, but I'm still unable to get this to function correctly in my accounts.
Is there a way for us to revert to a previous version of Wave as I'd give up some all the new features to go back to having the ability to move transactions between personal and business. Thank you.
Please also note: I understand it's not best practice to mix business/personal accounts and for the most part, I don't, but it happens and even still... I need to have the ability to report my income/expenses accurately (regardless of what account they came from). And help is greatly appreciated!
Hey @Lolo! I'm sorry you've been having such a difficulty around this since the change. Definitely appreciate you taking the time to list out how this has affected your workflow, and I can appreciate that you'd like to go back to the previous version of Wave. Unfortunately, that's not possible, but I'd love to work with you to try to find out how we can make the most of our present situation. You'd mentioned you don't see 'Owner's Contribution' anywhere. When you use the category picker, do you see "Owner's" anything? It may be listed as Owner's Investment/Drawings. Looking forward to speaking further with you on this.
I totally agree with the others, that this "new" functionality is TERRIBLE! for moving transactions between accounts. I agree with matteddy below that you really made dramatically diminished the functionality for what reason - an arcane accounting principle? - when the previous functionality of moving transactions was simple, quick, and it worked! Please bring it back asap. This "new" way of doing it creates an incredible amount of extra work for no reason whatsoever, both in the cumbersome way it is implemented and in having to do double and triple work in recreating categories that had already existed!
When I try to categorize a personal expense (withdrawal) on a credit card account, it doesn't show me the "Business Owner Contribution and Drawings" accounts, just the liability "Business Owner Due to You and Other Business Owners" accounts. Is the documentation inaccurate?
Hi @Oded , can you check your Chart of Accounts to see if there's an Owner Investment / Drawings account under Equity? If so, you should be able to use that account.
With the new system I can't categorize expenses or income as personal.... but because my personal bank account is linked to my business I need to keep them separate. I work part time and receive paycheques, and I use my personal account for all my personal purchases and bills....how do I keep this separate from my business stuff now?? If its not as perfectly organized as it was in the previous system thats ok, but it is MY money not the business' and I need my accounting software to reflect this. Help??
@AlexL There are owner equity accounts for both myself and my wife (50/50 owners) under
Equity->Business Owner Contribution and Drawing
Neither of these appears when following the instructions and selecting "Personal Expense or Withdrawal". The only accounts that appear are those under
Liabilities->Due to You and Other Business Owners
I maintain that the instructions are incorrect or unclear.
@AlexL @BarsinA @ConnorM , any updates on @APlus' comment above?
@gwendolyn You can categorize the amount necessary as Owner Investment / Drawings which although will not move the transaction, will categorize it appropriately so it doesn't show up as a business expense.
@Oded Instead of categorizing to Personal first, can you try categorizing directly to the account you're looking for? This should work for you.
No updates at the moment, @peacejade , but this is still something that we would like to have implemented in the software in the future to give our users a more robust accounting experience.
Does anyone know of another accounting system besides Wave or QB? I'm going crazy not being able to move transactions between accounts. Major loss. Thanks.
@AlexL I just categorized it against my Personal Expenses account, then created a transfer paying my Reimbursements account off in that amount, which offset my ultimate reimbursement for personal credit card use for business reasons. But my point remains, that the documentation is misleading if not simply wrong.
That feature was THE reason I chose Wave. Not sure whether MY bad call or WAVE's...
This seems like such an unnecessary "improvement". I wish you guys reached out to your customers for feedback before changing everything. It's very clear from all the comments that nobody needed the "new" functionality.
Does anyone know if there is a different software that does the same thing that Waveapps did earlier, i.e. easy way to move transactions from personal to business and vice versa? At this point, I'm willing to pay for the software too? And of course, this is super urgent. Thank you.
I dont like this change at all. I want the ability to move transaction to personal again please.
6-7 year user here, sometime in Nov or Dec I got screwed with the new upgrade, trying to simply get my 1099's out and now I'm faced with all of these issues. It's overwhelming and came WITHOUT WARNING. Over the past 6-7 years, albeit a slow back end, I had wave down to a slick working machine for my 3 businesses & personal accounting. HEEELP! I must be in a nightmare and clearly missing something!
Why do admin's keep saying transactions weren't properly account for prior? When moving they clearly were tracked properly in owner investment and draws AUTOMATICALLY!!! That IS (WAS) PROPER ACCOUNTING!
Why do admin's keep talking about double recording of transactions? Transactions should (DID) stay in their home account to accommodate reconciliation and review. Once a transaction was moved - it was clearly identified as moved. It could not be improperly allocated to some other category, just one. It's not like you could have moved something and still had it categorized as something in personal....
We have several LLCs setup to own rental property. As most small businesses in this situation, personal credit cards are used to pay for items. (CPA x 3 blessed). This is COMMON PRACTICE FOR YOUR CLAIMED MARKET SECTOR OF SMALL BUSINESSES, particularly with something like real estate investment. Small (even large) businesses CANNOT GET ACTUAL BUSINESS CREDIT CARDS. At best you will get a personal card with the company name on it. At that point, it's hit your personal credit, and you CAN ONLY USE IF FOR THAT ONE SMALL BUSINESS. With rental properties for instance, we do a lot of shopping at Home Depot. Using a personal card, we can get a 100k limit, and use it on whatever rental LLC needs it that month/year. If I had a 100k CC dedicated to one business, no company would give me another 100k for a different business (or if they did that's two hits on my credit). Most importantly, it would be unusable most of the time as you cannot use an account dedicated to a business for another business w/o piercing the LLC vale. You HAVE TO GO THROUGH YOUR PERSONAL ACCOUNT (IRS & CPA directions).
In the past, I would look through my personal transactions, often categorized into 'repairs and maintainance' (although not by business - you just know Home Depot, or Lowes, or Target, or Amazon will have some or all transactions for business. I would then take my receipts, find the transaction on my personal account, split it as necessary (sometimes between multiple businesses, sometimes between categories, sometimes between business / personal) I could then MOVE the transaction to the appropriate business and categorize at the same time. This approach also had the benefit of easily finding which transactions I may be missing the receipt for (those left over) - which would make it easier to then search for in email, scans, or a paper folder, or call the store.
As previously stated, this was then properly AUTOMATICALLY tracked in my owner investments/draws for end of year equity accounting.
Now, my understanding is (from a similar closed thread for the opposite direction) I need to move that to an owner investment/draw in my personal account, then MANUALLY create a matching transaction in the business, then categorize that? I have at least over 1000 transactions a year that would need to now be manually created. In addition to the tedious work (We're talking over a thousand transactions a year) Even at only 1 minute a piece, that's over two full days of data entry that I did not need before. In addition, THERE IS NO CHECK AND BALANCE ANYMORE! what if I miss one, what if I mistype the amount, what if I want to see what CC it was originally from? Prior, there was no room for error aside from maybe selecting the wrong category or moving to the wrong business - something that was quickly checked and corrected at the end of the year. What am I missing?
I've always imported everything into personal account then moved business transactions to the appropriate business account (I have 2). Apparently that's no longer an option. My only complaint about WaveApps was that it was so SLOW (from the time I clicked "enter/submit" or paging back & forth for it to complete the action so I could move on to the next transaction). Now you've made a slow process slower because I'm having to import bank info into the business account, then transfer it to the personal account or the other business account. There are a LOT more transactions to move now! Thanks for messing up a good thing. Well... a half-way decent thing.
Have you looked at Mint? I hate anything intuit-related and it is an intuit owned tool...
Wave is now owned by HR block. They are very obviously now gearing towards paying business customers and leaving their personal customers who built their brand, behind.
I am a small business owner. I was using google sheets to keep track of my income. I do not pay bills from my business checking account so I need to transfer my income to my personal checking account to pay my personal bills. How do I notate all my personal transfers of my money into my personal checking account. This whole system seems complicated. Anyone know of a very simplified accounting format ...I don't need all these bells and whistles. I need to keep track of my income, I use a credit card for my expenses and I pay my vendors/1099 with a check or venmo. I am really confused.