"This function doesn't currently exist. " This is killing me. It was a year ago you said you were going to sort it.
So how can i transfer a payment made in one account to an account in a separate business.
and what does this mean 5️⃣Find the line matching the transaction for the other side of the transfer.
We need to be able to split a transfer back into its individual items. When ADP did a direct deposit in the past, it would show as an ACH from my biz account, and a direct deposit in my personal account. Now it just shows as a transfer. This is a problem, because it is not a standard transfer of funds.
Hey @PhilPeel I totally acknowledge that you have been waiting for a long time for this feature and I appreciate your patience. For some context, before we could start building more features on the accounting product, we were focused on getting all users onto the upgraded version where we aim to more innovation. Now that most users have been moved onto the upgraded version, I'm confident that you will start seeing some new features on the accounting parts of Wave and hoping that this is one of them.
In terms of your question about step 5, this is referring to finding the matching transaction for the transfer. For further clarity, when you complete a transfer in real life, it will look as funds leaving one account and entering another. Each account will have one of these transactions on their statement with one being an expense and other being an income. This step refers to categorizing one as a "transfer to X account" and then finding the corresponding transaction in the drop down list.
@EricB I'm not sure that I understand the issue here and I'm hoping that you can help me to! If you own both of the accounts, and you have them both in Wave, then this would look like a transfer between your two accounts. Are you able to help me understand if you pay yourself through owner's draws, a contractor or a W2/T4 employee for your business? This might change the way that you are bookkeeping for it.
In my case, ADP withdraws the money from the business account in separate amounts: one for taxes, one for the direct deposit to my personal account, and one for the service fees. Does Wave automatically link similar transactions (same amount on the same day) together as a transfer? I may have done this myself, but I don't believe so, because it doesn't make sense to confuse a movement of money which has already had tax withheld, with a taxable amount of money such as an owner draw. If Wave did this, then the machine learning process needs to be adjusted to exclude such transactions. Does this make sense?
@EricB I think it would be helpful if you included an example screenshot of the transaction you're looking at. In terms of how Wave generally handles payroll accounting is through journal entries (debiting the payroll expenses such as gross pay, and crediting payroll liabilities, think accrual accounting/accounts payable/receivable).
For transfers: Wave will generally find the corresponding transaction and automatically try to categorize it, however, for matching transactions that aren't automatically categorized you will need to select the 'transfer from/to' option and choose that corresponding transaction.
Either way, I might be getting a little off track in terms of what you're trying to accomplish in Wave -- but I think the best bet here is to send us an example of the transaction and what your ideal outcome of this is.
Hello, I'm a bit confused by Transfers. I have both a business checking account and a business credit card. I made a credit card payment with my checking account. I created two transfers: one transfer TO the credit card account and one transfer FROM the checking account. The result is four individual "transactions" (see picture). Am I doing this correctly?
When it comes to manually creating these transfers, it should be a bit simpler. If you're importing your transactions, you should be able to see the expense (black) transaction which is the money-out of the checking account and then the money-in (green) transaction for the credit card. All you'll want to do is select one of these transactions and select transfer from bank, credit, or loan. From there you can select the coinciding account and they should connect. You won't need to manually create any of these transactions again.
Now there may be additional transfers created if your credit card and checking account are not apart of the same bank. If the CC belongs to a different bank entirely than the checking account, you will see three transactions here.
But the four pictures above tells me it's just an unnecessary creation of additional transactions!
Transfers - no entries are appearing for me to link the bank transfer. Bank updating is no longer available and I have uploaded CSVs.I do not want to create an entry when there is already data in the system. It will not work on date from Sept 2019. Do I need to switch anything on to get the matching dates to find each other.
I may need a bit more information from you with regards to this. Is there any way you can upload some screenshots of what you're seeing in your account?
Typically if you upload transactions from both accounts (the credit card money in, and the checking money out payment for example) this will allow you to simply link the two but selecting one of those transactions > selecting the category "transfer from bank, credit or loan > then select the coinciding account.
I was caught out. It was a loan account I had to change all the entries into withdrawals and found the corresponding transaction. it corrected my balance as well. Bank statements import differently to loan accounts. it is all opposite
You may need to edit your statement before uploading. It depends on how your credit card statement appears. Check out this image on how debits and credits appear in Wave.
Comments
"This function doesn't currently exist. " This is killing me. It was a year ago you said you were going to sort it.
So how can i transfer a payment made in one account to an account in a separate business.
and what does this mean 5️⃣Find the line matching the transaction for the other side of the transfer.
We need to be able to split a transfer back into its individual items. When ADP did a direct deposit in the past, it would show as an ACH from my biz account, and a direct deposit in my personal account. Now it just shows as a transfer. This is a problem, because it is not a standard transfer of funds.
Hey @PhilPeel I totally acknowledge that you have been waiting for a long time for this feature and I appreciate your patience. For some context, before we could start building more features on the accounting product, we were focused on getting all users onto the upgraded version where we aim to more innovation. Now that most users have been moved onto the upgraded version, I'm confident that you will start seeing some new features on the accounting parts of Wave and hoping that this is one of them.
In terms of your question about step 5, this is referring to finding the matching transaction for the transfer. For further clarity, when you complete a transfer in real life, it will look as funds leaving one account and entering another. Each account will have one of these transactions on their statement with one being an expense and other being an income. This step refers to categorizing one as a "transfer to X account" and then finding the corresponding transaction in the drop down list.
@EricB I'm not sure that I understand the issue here and I'm hoping that you can help me to! If you own both of the accounts, and you have them both in Wave, then this would look like a transfer between your two accounts. Are you able to help me understand if you pay yourself through owner's draws, a contractor or a W2/T4 employee for your business? This might change the way that you are bookkeeping for it.
In my case, ADP withdraws the money from the business account in separate amounts: one for taxes, one for the direct deposit to my personal account, and one for the service fees. Does Wave automatically link similar transactions (same amount on the same day) together as a transfer? I may have done this myself, but I don't believe so, because it doesn't make sense to confuse a movement of money which has already had tax withheld, with a taxable amount of money such as an owner draw. If Wave did this, then the machine learning process needs to be adjusted to exclude such transactions. Does this make sense?
@EricB I think it would be helpful if you included an example screenshot of the transaction you're looking at. In terms of how Wave generally handles payroll accounting is through journal entries (debiting the payroll expenses such as gross pay, and crediting payroll liabilities, think accrual accounting/accounts payable/receivable).
For transfers: Wave will generally find the corresponding transaction and automatically try to categorize it, however, for matching transactions that aren't automatically categorized you will need to select the 'transfer from/to' option and choose that corresponding transaction.
Either way, I might be getting a little off track in terms of what you're trying to accomplish in Wave -- but I think the best bet here is to send us an example of the transaction and what your ideal outcome of this is.
Hello, I'm a bit confused by Transfers. I have both a business checking account and a business credit card. I made a credit card payment with my checking account. I created two transfers: one transfer TO the credit card account and one transfer FROM the checking account. The result is four individual "transactions" (see picture). Am I doing this correctly?
Hey @toothpix
When it comes to manually creating these transfers, it should be a bit simpler. If you're importing your transactions, you should be able to see the expense (black) transaction which is the money-out of the checking account and then the money-in (green) transaction for the credit card. All you'll want to do is select one of these transactions and select transfer from bank, credit, or loan. From there you can select the coinciding account and they should connect. You won't need to manually create any of these transactions again.
Now there may be additional transfers created if your credit card and checking account are not apart of the same bank. If the CC belongs to a different bank entirely than the checking account, you will see three transactions here.
But the four pictures above tells me it's just an unnecessary creation of additional transactions!
Transfers - no entries are appearing for me to link the bank transfer. Bank updating is no longer available and I have uploaded CSVs.I do not want to create an entry when there is already data in the system. It will not work on date from Sept 2019. Do I need to switch anything on to get the matching dates to find each other.
Hey @Margot
I may need a bit more information from you with regards to this. Is there any way you can upload some screenshots of what you're seeing in your account?
Typically if you upload transactions from both accounts (the credit card money in, and the checking money out payment for example) this will allow you to simply link the two but selecting one of those transactions > selecting the category "transfer from bank, credit or loan > then select the coinciding account.
Let us know if this works.
I was caught out. It was a loan account I had to change all the entries into withdrawals and found the corresponding transaction. it corrected my balance as well. Bank statements import differently to loan accounts. it is all opposite
Hey again @Margot
You may need to edit your statement before uploading. It depends on how your credit card statement appears. Check out this image on how debits and credits appear in Wave.