How to add a bank or credit card account
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How to add a bank or credit card account
You'll want to create an account in Wave for every bank and credit card account you use in real life, so that your books accurately reflect what's going on. To add a new Bank Account, follow the st...
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Sorry but you did not specify what the Payment Account should be.
This seems the most important part!
Does the CCard draw from the Business Checking or from its own newly created payment account.
Please help as this is so confusing!!!
Thx
J
@jgc If I understand your question correctly, you are asking what you should select when adding a credit card account to Wave. Please follow these steps:
1. Navigate to Accounting > Chart of Accounts
2. Click the "Add a new account" button in the top right of the page
3. For the Account Type, select "Credit card" from list of options.
4. Enter a name for your credit card (e.g. "TD Travel Visa")
When you connect a bank/credit card account you are asked to select a "Payment Account". Like jgc said, this is not addressed anywhere and neither did @gabrieltomescu answer it you are just restating what the article says. Should Payment Account come from the account that I am withdrawing my money from in case when I pay for my credit card? or should it be the credit card itself
@jgc @rbtjd Thanks for clarifying your question. The "Payment Account" is your actual bank or credit card account in the real world. This is the account that transactions will be imported into. It is NOT where you will be paying your credit card from.
The term "payment account" is not very clear, so I will work with the team to update the language and provide more education. Stay tuned!
We've updated the in-app copy to reflect this change (see screenshot). Additional feedback always welcomed.
Is it possible to change the Account Type after it has been created? I accidentally created a credit card account as Cash and Bank. Or will I have to re-enter transactions in a new Credit Card account?
Hey @azzilr! You should be able to edit the payment account your bank connection is mapped to by selecting the pen icon on the connection itself. Updating this will impact future transactions that are imported but will have no effect on existing transactions, you will need to manually edit these if needs be.
Wave should really auto create a new credit card account in chart of accounts when you connect a new credit card as a bank feed. Or at least give you the option to do it. It's confusing what "Import transactions into account" means still.
This is good feedback @jk108! When connecting a bank account or credit card, the mapping section should allow you to have the imported transaction funnelled into a pre-created Wave account, or generate a new one. I've included a screenshot below to illustrate what I mean (ignore the bad pun business name, this is a test account).
My Company credit card is automatically paid by direct debit each month, so when I download from my bank account one dollar amount will show for 6-10 individual transactions. I would like to list each item ( fuel, stationery, donations, Norton charges etc) in the transaction list so can this be done, and if so, what is the best way to handle this?
Hey @philm326
You can split the withdrawal expense transaction from your debit account using the split withdrawal tool. For example; you have 3 credit card transactions for $50 = $150. Then you have a $150 withdrawal from your debit account to pay for those three transactions. You can select the $150 expense transaction and then choose the split withdrawal button to select three different transactions.
Replace the info with the SAME info ???WHY ????
Hi @unusual1 , welcome to the Wave Community! Could you please clarify what you mean in your comment above? With some further details, I'd be happy to answer any questions you may have!
I seems to have done everything asked for and yet I cannot connect my Santander private UK bank account with Wave
Hey @Offshorekaj500 , I've taken a look on my end, and it looks like the third party data provider that we use for bank connections is reporting that Santander UK connections are currently unavailable. They're working through some technical issues on their end to get it back up and running, but there's no set ETA at the moment.
In the meantime, there are still three available methods to get your transactions into Wave:
Hey, I am having an issue registering my bank account due to the fact that the bank change there platform and your system is not recognizing the new platform. What can be done?
Hey there @MariaG
So typically what happens is that your bank may make some major updates to their website or their back end API. When this happens our third party banking aggregator loses the connection and may need to establish a new one. You can imagine with thousands of banks making these updates our third party aggregator has a bit of a difficult time keeping up.
With that being said, I have a bit less visibility with looking into your account so it might be best to file a support ticket so that one of our agents can look deeper into your account!
You'll be asked a series of questions when reaching out about a bank connection issue, so please follow up with those answers and our team should be able to tell what the issue is
https://support.waveapps.com/hc/en-us/requests/new
How do I delete credit card accounts I listed but no longer exist?
Hi @JH01 . You can archive any accounts in your Chart of Accounts by selecting the account with the pencil icon and ticking the "archive this account" box. The account will become unusable but still exist if it has transactions in it, and if it doesn't have any transactions, the account will be deleted permanently.
Trying to add a new outlet to move money from Wave to. This doesn't seem to allow that.
Hey @Kevin_C_Acheson . I'm not quite understanding. Please give me a detailed breakdown of what you're looking to accomplish in Wave and I'd be happy to offer my expertise
@BarsinA following up on your answer here, how do I associate my credit card transactions with my vendors? Right now I am categorizing them as accounts payable and so don't have the option to associate them with a vendor.
Hey @dodolinski! Wave offers online payments (credit card & bank payments) for users located in North America. Outside of North America we partner with Stripe to offer Credit Card payments as an option to your Wave account. Stripe do not process bank payments, so you would have to process these outside of Wave.
Hey @brian_e! If you create a bill for the expense first and then categorize the expense transaction as 'Payment sent for a bill in Wave', you can select the outstanding bill and the 'vendor' will be automatically added. I've added a screenshot from my test account below. If you are categorizing straight to Accounts Payable you will not have the option to add a vendor.
I'm brand new to Wave and just connected a business checking account that I recently opened. I got a debit card to use with the business checking account as well. Do I need to create a separate account in Wave for the debit card, or are debit card transactions just considered part of the checking account itself?
Hey @Shotster! Those debit card transactions should just be considered part of that checking account itself
Have you seen those transactions pull into Wave at this point?
Thanks, @ConnorM, that's that I thought. Just opened the account and just getting started, but I expect they will.
Hi Everyone,
I had open a checking, savings and credit card account with Wells Fargo. In the beginning of using Waveapps, I was able to set it up and from that point on it has been smooth sailing. Up until now, when I went to Wells Fargo and opened another Savings account (to separate my capital savings and taxes savings). and I had to give the accounts nicknames (in wells Fargo) to easily recognize my accounts. I came back to Waveapps thinking it was going to login and know that I had added a savings account and update account names. To my surprise, waveapps has not found the new account neither has updated the names of the accounts (nicknames). I can see how it may not update nicknames but it should at least recognize a new account, shouldn't it?
I do not want to disconnect the link to Wells Fargo since I do not want to reconnect and get double entries or have some kind of weird stuff happening. I wish there was a way to reload, refresh this connection and make waveapps recognize that new account. Anyone with this kind of situation?