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.
I understand the frustration here. The issue was that the accounting was lost behind a language layer where transactions were not being moved as equity. All I can say at this point is that our team is looking to implement these types of transactions in the future and automating it as it once was. My apologies for this issue and again I totally understand your frustration. No ETA on this, but we are hoping to address this in future updates.
This is what you said in Feb 19
"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.
Hey @John_Mac . You're completely correct here, and this really is the truth from our end. We're finally almost all the way through moving all users over to our new accounting software. It took quite some time due to the vast amounts of complex data that some users have. When this is complete, the Accounting team will be looking at this feature as an upgrade to the software. As @BarsinA mentioned, we don't have an ETA but this is definitely one of the features we are prioritizing.
I see the "Personal Expense or Withdrawal" but can't figure out what you mean by "Select the relevant equity account." NOTHING comes up to select!!!!
WHY DID YOU CHANGE THIS!!! What's wrong with moving it out of personal & into business and vice versa?!?!?!? This is soooo confusing!!! AND has made your site completely useless!!!
Hi,
What do you recommend doing when you have a private credit card, where only some of the expenses are business related? What is the best way of importing these into Wave?
Thanks!
Svein
Any updates on this? I am pulling my hair out trying to figure out a solution that works for me. Having multiple business' set up and being able to easily move transactions between them was key for me and why I decided to use Wave in the first place. I would love this to get figured out with Wave soon.. In the meantime I'm starting to see if there are any better solutions for me in other software. Anyone figure out any good solutions to this problem?
Hi @kvog , no updates at the moment but thanks for checking in on this. We'll be sure to let everyone know as soon as soon as we have an update to share.
I am accustomed to conventional accounting in all sorts of software, but for the past 15 years in Quickbooks. I have a personal account in which I keep all my personal expenses and business accounts in which I keep all my business expenses. Straightforward. They don't mix in financial statements, and it works well for itemizing deductions and all tax situations.
When I have a personal expense, I draw it from my personal bank account.
When I have a business expense, I draw it from my business bank account.
Straightforward.
How is this supposed to work?
Thank you.
Michael Penny
Hi @hbwilson! Thanks for your feedback on this, I have passed this on to our team. In terms of looking for all transactions listed under 'Owner invest/Draw' you won't find this from the drop down list but you can find it if you use the 'filter' button from the Transactions page and under category select 'Owner invest/Draw'.
Hi @Michael_P! When you create a Wave account a 'Personal' account is automatically added. You can access it by clicking on your business name in the top left corner and then selecting 'Personal' from the drop down. You can use this account to track your personal finances and keep track of them alongside your business.
Hi @phitastic! If you are viewing 'Personal Expense' it might be an expense transaction that you are categorizing. You will only view the 'deposit from personal' category if it is an income transaction.
This page says I should choose "Personal Expense or Withdrawal" and an equity account.
However, when following the steps on this page, "Personal Expense or Withdrawal" wants me to choose a liability account.
Accounting is hard for me, and this info is just really confusing.
Should I use Equity or Liability?
Hey @itnavigate! When selecting 'Personal Expense' or 'Deposit from Personal' it should reflect any Business Owner Contribution Equity accounts you have set up. You can see what 'Business Owner Contribution' accounts you have and add new accounts under Accounting > Chart of Accounts > Equity.
Step 2 above states 'In the transaction detail view, select Deposit from Personal...'
I can't find that option. I recorded invoice payments and deposited in my personal account. Later, I transferred the money to my business account. I'm not sure how to record those transactions.
When I am at Step 2, this message pop out: "All personal transactions must flow through a liability account for proper bookkeeping. Learn more." And I cant seem to choose either Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions. Please help.
Hey @cwsink and @joyloo124! Can you post screenshots here of what those transactions currently look like within that Transactions page? Would love to see what you're seeing in order to troubleshoot this more effectively. Feel free to blur or cover any sensitive information when taking those screenshots.
Below is what I see, I realized just now that if I click "More Options", then that is where I see the "Deposit form Personal" selection. I think I've set it up correctly? (second image below)
The more options button is where you'll be able to view all of your categories here! You can search "personal" in the search bar to find the steps in this article. There you'll be able to deposit an owners equity account under the personal account.
I do not see Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions In the transaction detail view in the category drop-down.
I assumed that these were accounts that WAVE would designate, however, it looks like I just continue as I was - coding items to either owner's draw or owner's investment. Correct?
Hey @TDuvall! You're correct in that you'll want to continue to categorize those transactions as such. Depending on how your business is set up, Deposit from Personal would be synonymous with Owner's Investment/Draw.
I don't see this as an option in my transaction details view
"In the transaction detail view, select Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions from the category drop-down."
@KenCormier Are you able to provide a screenshot of your transaction details? Feel free to blur/redact any private information - we mostly want to see what you are seeing under Categories.
For example, here's a screenshot from my test account for a deposit transaction I created. When I scroll down, there's an option to declare this as a "Deposit from Personal".
When you categorize an item as "personal", there are NO SUBCATEGORIES. There is only the one option, and the transaction does not appear in the "Personal" account, as far as I can tell. What the point is supposed to be, I don't know. But I am afraid that lack of this feature is a deal killer. I'm still searching, but I suspect I will have to delete the account I just created. (A damn shame. It was SO easy to set up, and the interface is SO good in every other respect.) But as this thread shows, the organization spent a year coming up with this "new and improved" way of doing things (as if!): https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal-bank-account
I'm confused about what "Account" to use when accounting for a business expense paid with personal VISA. My business is a corporation. I occasionally use my personal VISA for business purchases.
I have been importing personal VISA transactions into the Personal profile in Wave to keep personal and business bank and credit accounts separate. After categorizing business expenses made with personal VISA transactions to a Shareholder Loan on the Personal profile, the transactions do not appear on the Business income side. I need to be able to zero-balance the Shareholder Loan by each fiscal year and this method is clearly not working.
I only have business accounts set up on the business side at the moment, and it's not possible to use "Shareholder Loan" as the deposit Account and also as a Category. So, given current set up, I don't know how to get business expenses paid with personal VISA to appear as transactions on the Business Shareholder Loan. Whether it's a journal entry, transaction generated from a receipt or just a new manual income entry made in the Business profile, I still have to assign an "Account" from which the transaction was made (eg. my personal VISA).
So, what do I do?....
(1) Do I download my personal VISA transactions into a Bank account on the Business profile, and assign the personal Bank account as the account for the transaction (eg. Personal VISA), and then categorize it as a Shareholder Loan or an equity account?
(2) Do I need to reconcile all of the personal VISA transactions because it's in the business profile? Or, do I leave only the business-related transactions that I am accounting for?
(3) Will the presence of personal account balances in the business profile affect the company's Retained Earnings totals?
Comments
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.
Hey @Waterl @Danni @Jennywi123
I understand the frustration here. The issue was that the accounting was lost behind a language layer where transactions were not being moved as equity. All I can say at this point is that our team is looking to implement these types of transactions in the future and automating it as it once was. My apologies for this issue and again I totally understand your frustration. No ETA on this, but we are hoping to address this in future updates.
This is what you said in Feb 19
"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"
So nearly 1 year now & still no update !!!!
Hey @John_Mac . You're completely correct here, and this really is the truth from our end. We're finally almost all the way through moving all users over to our new accounting software. It took quite some time due to the vast amounts of complex data that some users have. When this is complete, the Accounting team will be looking at this feature as an upgrade to the software. As @BarsinA mentioned, we don't have an ETA but this is definitely one of the features we are prioritizing.
I see the "Personal Expense or Withdrawal" but can't figure out what you mean by "Select the relevant equity account." NOTHING comes up to select!!!!
WHY DID YOU CHANGE THIS!!! What's wrong with moving it out of personal & into business and vice versa?!?!?!? This is soooo confusing!!! AND has made your site completely useless!!!
Hi,
What do you recommend doing when you have a private credit card, where only some of the expenses are business related? What is the best way of importing these into Wave?
Thanks!
Svein
Any updates on this? I am pulling my hair out trying to figure out a solution that works for me. Having multiple business' set up and being able to easily move transactions between them was key for me and why I decided to use Wave in the first place. I would love this to get figured out with Wave soon.. In the meantime I'm starting to see if there are any better solutions for me in other software. Anyone figure out any good solutions to this problem?
Hi @kvog , no updates at the moment but thanks for checking in on this. We'll be sure to let everyone know as soon as soon as we have an update to share.
Based on Waves' Sophia C update to this page Feb 14 2020 15:04:
Better! Halfway there. Thank you.
Now can you please set up the "opposite" to occur from a Personal profile? That way when I split the shared cel phone bill, I can move the business portion to the Business profile. As far as I can tell, this still has to be done manually as described here: https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal-bank-account. (page Updated Feb 07, 2020 15:27)
Until then, could you please cross-refer this page with that one? It has taken weeks to find/figure this out.
Now, can you please explain why I can't see all transactions called "Owner Investment/Drawing" ? In Transactions, it doesn't show in the account list.
I am accustomed to conventional accounting in all sorts of software, but for the past 15 years in Quickbooks. I have a personal account in which I keep all my personal expenses and business accounts in which I keep all my business expenses. Straightforward. They don't mix in financial statements, and it works well for itemizing deductions and all tax situations.
When I have a personal expense, I draw it from my personal bank account.
When I have a business expense, I draw it from my business bank account.
Straightforward.
How is this supposed to work?
Thank you.
Michael Penny
"Deposit from Personal" does not appear in my menu, only "Personal Expense or Withdrawal". Is this something that is still being rolled out?
Hi @hbwilson! Thanks for your feedback on this, I have passed this on to our team. In terms of looking for all transactions listed under 'Owner invest/Draw' you won't find this from the drop down list but you can find it if you use the 'filter' button from the Transactions page and under category select 'Owner invest/Draw'.
Hi @Michael_P! When you create a Wave account a 'Personal' account is automatically added. You can access it by clicking on your business name in the top left corner and then selecting 'Personal' from the drop down. You can use this account to track your personal finances and keep track of them alongside your business.
Hi @phitastic! If you are viewing 'Personal Expense' it might be an expense transaction that you are categorizing. You will only view the 'deposit from personal' category if it is an income transaction.
This page says I should choose "Personal Expense or Withdrawal" and an equity account.
However, when following the steps on this page, "Personal Expense or Withdrawal" wants me to choose a liability account.
Accounting is hard for me, and this info is just really confusing.
Should I use Equity or Liability?
Hey @itnavigate! When selecting 'Personal Expense' or 'Deposit from Personal' it should reflect any Business Owner Contribution Equity accounts you have set up. You can see what 'Business Owner Contribution' accounts you have and add new accounts under Accounting > Chart of Accounts > Equity.
Step 2 above states 'In the transaction detail view, select Deposit from Personal...'
I can't find that option. I recorded invoice payments and deposited in my personal account. Later, I transferred the money to my business account. I'm not sure how to record those transactions.
When I am at Step 2, this message pop out: "All personal transactions must flow through a liability account for proper bookkeeping. Learn more." And I cant seem to choose either Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions. Please help.
Hey @cwsink and @joyloo124! Can you post screenshots here of what those transactions currently look like within that Transactions page? Would love to see what you're seeing in order to troubleshoot this more effectively. Feel free to blur or cover any sensitive information when taking those screenshots.
Below is what I see, I realized just now that if I click "More Options", then that is where I see the "Deposit form Personal" selection. I think I've set it up correctly? (second image below)
Hey @cwsink
The more options button is where you'll be able to view all of your categories here! You can search "personal" in the search bar to find the steps in this article. There you'll be able to deposit an owners equity account under the personal account.
I do not see Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions In the transaction detail view in the category drop-down.
I assumed that these were accounts that WAVE would designate, however, it looks like I just continue as I was - coding items to either owner's draw or owner's investment. Correct?
Hey @TDuvall! You're correct in that you'll want to continue to categorize those transactions as such. Depending on how your business is set up, Deposit from Personal would be synonymous with Owner's Investment/Draw.
I don't see this as an option in my transaction details view
"In the transaction detail view, select Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions from the category drop-down."
What am I missing????
@KenCormier Are you able to provide a screenshot of your transaction details? Feel free to blur/redact any private information - we mostly want to see what you are seeing under Categories.
For example, here's a screenshot from my test account for a deposit transaction I created. When I scroll down, there's an option to declare this as a "Deposit from Personal".
When you categorize an item as "personal", there are NO SUBCATEGORIES. There is only the one option, and the transaction does not appear in the "Personal" account, as far as I can tell. What the point is supposed to be, I don't know. But I am afraid that lack of this feature is a deal killer. I'm still searching, but I suspect I will have to delete the account I just created. (A damn shame. It was SO easy to set up, and the interface is SO good in every other respect.) But as this thread shows, the organization spent a year coming up with this "new and improved" way of doing things (as if!): https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal-bank-account
I'm confused about what "Account" to use when accounting for a business expense paid with personal VISA. My business is a corporation. I occasionally use my personal VISA for business purchases.
I have been importing personal VISA transactions into the Personal profile in Wave to keep personal and business bank and credit accounts separate. After categorizing business expenses made with personal VISA transactions to a Shareholder Loan on the Personal profile, the transactions do not appear on the Business income side. I need to be able to zero-balance the Shareholder Loan by each fiscal year and this method is clearly not working.
I only have business accounts set up on the business side at the moment, and it's not possible to use "Shareholder Loan" as the deposit Account and also as a Category. So, given current set up, I don't know how to get business expenses paid with personal VISA to appear as transactions on the Business Shareholder Loan. Whether it's a journal entry, transaction generated from a receipt or just a new manual income entry made in the Business profile, I still have to assign an "Account" from which the transaction was made (eg. my personal VISA).
So, what do I do?....
(1) Do I download my personal VISA transactions into a Bank account on the Business profile, and assign the personal Bank account as the account for the transaction (eg. Personal VISA), and then categorize it as a Shareholder Loan or an equity account?
(2) Do I need to reconcile all of the personal VISA transactions because it's in the business profile? Or, do I leave only the business-related transactions that I am accounting for?
(3) Will the presence of personal account balances in the business profile affect the company's Retained Earnings totals?
Thanks in advance for your feedback.