change from Uncategorized to Transfer To/From

Bicoastal

Hi There. I'm new to doing my own accounting and I need some direction. I automatically set my bank statements and my credit card statements to import into waveapps and it worked great. I had to manually enter older statements which I already did but I'm having one issue. I don't know how/what to classify my AX payments from my bank account. The statements that were auto download are great. They say transfer from business advantage +700 transfer to AX Business Gold Rewards, Then transfer to business gold re -700 Transfer from Business advantage. I don't know how to manually do this for the transactions that I have entered. Right now they are classified as Categorized Expense.

Thanks in advance for any help.

Bicoastal

I still can't figure how the software automatically did it and I can't do it manually. Please help.

Samd

Hey @Bicoastal - we should be rolling out a way to do this manually on your account very soon. Essentially when categorizing, you'll just need to select Transfer as a transaction type, and Wave will generate the requisite Transfer to/from for your accounts.

In the mean time until this update is rolled out, you can head over to Accounting > Journal Transactions, and create a transfer this way, which will move the money from one account to the other in Wave. This will prevent it showing as income/expense on your reports, rather than just a move between accounts.

Bicoastal

Thanks for the response Sam. I'm new to doing my own accounting. I went to Accounting > Journal Transactions and it says "You have not added any journal transactions yet." Can you please dumb it down and give me some info on how to adjust the existing adjustments that I need to make for 2018? Right now the payments to my AX account is named "Uncategorized Income"

JamieD

Hi @Bicoastal. When you click on Add a Journal Transaction (from that screen) you should be able to select specific accounts in Wave (ex a bank account) that will allow you to move money from one account to the other (similar to making a credit card payment). For example, let's say I have a personal bank account in Wave and need to move funds from this to owner's equity. I can simply add $1000 from my personal bank account (as a debit) and then credit my owner's equity account the same amount (again, these are accounts in the Chart of Accounts section). I hope this helps!

zigi

Following up on this. I have a paypal account and my bank account. The bank account is connected, the paypal is manual (I can't seem to connect to paypal; if someone knows how, let me know; but thats not my main question).

So in my bank account, i have expense to paypal as "uncategorized". When i try to set it to "Tranfer to bank acount, credit ard or loan", I select paypal. The paypal account gets updated with a tranfers in (as expected), but the bank account now has a new entry as income for the same amount. If i try to delete the newly created income entry, then the paypal tranfer goes back to uncategorized.

So why does categorizing an expense in my bank account to transfer automatically create income entry in my bank account?

Update: ok, so it looks like that when the screen is updated with the category, the extra transaction is added. but if i wait a few seconds and refresh, the extra income transaction is gone; so it looks likes is only a transient. But initially confusing.