Home› Accounting› Bank Connections

Individual Imported CC Transactions vs CC Payment

JourneyElevenJourneyEleven Member Posts: 1

I'm new to Wave and to accounting really. Need help understanding something.
I've connected my business cc and bank account to Wave. It is currently importing transactions from my credit card which is great. But eventually it is also going to import a credit card payment when I make one. Wouldn't that be deducting the same transactions twice? Once when it logs the individual transactions and once when I make the payment to cover all the transactions?

in Bank Connections

Comments

  • KirkKirk Member Posts: 25 admin

    @JourneyEleven good question - it shows that you are staying on top of your books! I think you will find that this article can help. If not please let me know. support.waveapps.com/hc/en-us/articles/208621616-How-to-create-a-transfer-between-two-accounts-e-g-categorize-a-credit-card-payment-

  • EmilyLEmilyL Member Posts: 3

    Thanks for asking this question Kirk! I have the same question. I read the article and now have this question:

    If this Transaction is a "Withdraw" from my Checking Account - wouldn't this be a "Credit" to my Credit Card? I notice it's marked as a Withdraw above.

  • jwalter007jwalter007 Member Posts: 10

    @Kirk This seems to be a problem for many people. I am struggling to find a solution as well.

  • JamieDJamieD Administrator Posts: 1,156 admin

    @EmilyL In the help centre article listed above (the example) it shows that the withdrawal is actually coming out of the bank account not the credit card account (a transfer/payment from a bank account would show the bank account being debited and the credit card account being credited).

    @jwalter007 Could you please elaborate a little more on exactly what you are experiencing here? I would be happy to further investigate.

  • jwalter007jwalter007 Member Posts: 10

    @JamieD Ill attach a screen shot to help, but there are 2 transactions that show up for a credit card payment. I can set one to be a transfer from the bank account to the credit card. I assume that is correct, but not sure what to do with the other. It doesnt seem to make sense to set them each to transfer to the other. Should I be able to just click on both and they cancel each other out?

  • SophiaSophia Member Posts: 147 ✭✭

    Hi @jwalter007, if you select one of the above transactions (say, the payment transaction from your bank account), you can select Transfer to Bank, Credit Card, or Loan as the category, and the system will automatically identify the other half of the transaction and create a transfer. This article describes the process in detail: https://support.waveapps.com/hc/en-us/articles/115004964143

Sign In or Register to comment.