How to edit transfers, payments and journal transactions
System
Posts: 412 admin
How to edit transfers, payments and journal transactions
Transfers, journal transactions, and invoice or bill payments require additional action to re-categorize them, because they are already "categorized" as their respective transaction type....
0
Comments
It woulod be really helpful if you could edit multpile transactions at once when you want to edit the transaction, name, and customer. It is great that you can do this for category but need the other features too. It's so time consuming going into each transaction.
Hello @AnnaMM thanks for your suggestion! It sounds like you spend a fair amount of time updating your transactions in batches. We’re always on the lookout for ways we can streamline your workflow and make your time in Wave as efficient as possible, so we really appreciate your feedback on this.
The information about deleting information is incomplete. I appreciate the warning. I would like to know alternatives for deleting accounts and or transactions. For instance, mark as "ignore" a transaction or set an account to "closed"... or something.
I have some transactions that were made in error, and so later on they were refunded. How should I categorise them? On excel I simply use Contra but would it be best just to delete those transactions on Wave? However I am slow to delete my transaction details as this can confuse things. What would you recommend?
Thanks
Hey @JustinaEdit, depending on the timelines, and how much data you want to show, you could delete the transactions that were made in error. If you wanted to leave yourself a paper trail, you could record the initial transaction, and throw in a note that it was made in error. I'd still recommend categorizing it into the appropriate categories however (for instance, if you purchased too many office supplies by mistake, I'd still categorize it as an Office Supplies expense). I'd also throw a note into the transaction explaining it was made in error.
You should then be able to generate an 'opposite' transaction to balance out - so if it was an expense made in error, a refund categorized to the same expense account, and if it was an income transaction made in error, a refund from the same income account. In the notes of all the relevant transactions, it would still be a good idea to include details: "Transaction made in error" "Transaction made to correct error on mm/dd/yyyy for $..." etc.
Hi, I have journaled loan payment installments but the installment expenses are still on my banking transactions. Do I delete those payments because I have created a journal entry for them? I was told to delete the loan deposit because I set up a journal entried loan. Thanks
I am having difficulty recording journal transaction to show assets on my balance sheet. I am also having difficulty recording a trade of services between my business and a vendor/customer. I want the bill to offset the invoice. The option is available to offset the invoice but it won't save. I keep getting an error message.
@SandyP You're totally correct! Since you are manually creating the journal entries, the imported expense transactions would serve as duplicates, so you can go ahead and delete them
@Zahna In terms of the issue with recording journal entries, can you explain the situation that seem to be running into? In terms of offsetting the invoice, am I right in thinking that you are trying to create a credit note of some sort?