New transactions page overview
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New transactions page overview
Your transaction page is your accounting home base. It’s where your data lives and where you can view, modify, and manage the transactions in your various accounts. We'll run through the upgrades a...
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I do not see this change on my transaction page. Did my account not update?
How do I view the invoice from the paid transaction without going into invoices separately? It could be done on the previous version.
Hi @Epathways, it looks like your account has not yet been updated to the version described in this article.
@3horsedesign_TB this element isn't possible right now, but I'll pass this feedback on to our team. Was this a feature you found yourself using often?
In the old Transactions page, I was able to enter a negative value when splitting a withdrawal while reconciling a statement from a supplier.
IE. a credit for a returned item. I don't seem to be able to do that on the new Transactions page.
How do we get access to the update? I really need to search my transactions but it seems like I still have the old version which doesn't have the search function.
Hey @BMO we're currently working on getting everyone migrated over, and I'm sorry there is no ETA at the moment. We're looking to improve upon and make the migration as seamless as possible, so we're updating some of the features on our end to facilitate this. You'll be notified when your account is scheduled to be migrated though!
Once again, not seeing this or any upgrades
do I have to do anything to see these new designs and features?
Hey @Phoenix . Just to reiterate Sam's previous comments, we're working on migrating all of our users over to the new software as soon as possible. We want to ensure that when the migration takes place, all of your data stays untouched and remains in tact which is why this is taking longer than previously expected. As soon as this does happen though, you'll have full access to all of the new features!
How do I assign a payment to an invoice? I used to do it on the transactions screen but now I can't see an option.
Hey @CedarHeights . If you go into the transaction itself, you can choose Payment received for an Invoice in Wave under the category. This will allow you to select an unpaid invoice to associate it to.
Hi Alex, I don't have that option on the dropdown. Thank you
Hi @CedarHeights Interesting! Are you able to send a screenshot of the drop down menu you get when you select for a specific income transaction in your Transactions page? That option should be there...let's investigate!
Hi. I can't capture them all in one screenshot so I've pasted them to word. I actually go on holiday today but would be great if we can get sorted for my colleagues for month end.
@CedarHeights Oh cool! Where are you going on holiday? It's always good for hardworking business owners to take break!
Why don't you send me a Direct Message when you get back from your holiday? Let's work it out from there.
I run 2 businesses in my Wave account, and I need to transfer transactions between them - but the function has disappeared. Do I need to go to a different provider for my online software?
Hey @GlendaleUser, while the "move to" feature no longer exists in the updated version of Wave, you can still recreate the accounting that was happening in the background whenever it was used.
To give you some context as to the accounting in the previous version of Wave, whenever a transaction was moved from one business to another, Wave would bookkeep the movement like an owner's investment/draw. Basically, two journal transactions would happen, one in either business.
As an example, let's say you had a travel expense that was made with the bank account for business #1, but was made for business #2. If you selected "Move to business #2" and selected "Travel Expense"as the destination for the transaction, the debits and credits would work as follows:
Business #1:
Debit Owner Investment/Drawings
Credit Bank Account
Business #2
Debit Travel Expense
Credit Owner Investment/Drawings
These same account steps can be used in the updated version of Wave, and you don't even have to manually enter them in as journal transactions. Instead, the money leaving Business #1 can be categorized as a Personal Expense or Withdrawal, and the expense in business #2 can be added with Owner Investment/Drawings as its account.
I know this is more complex than simply selecting "Move to" and selecting a business, but I hope it provides a bit more context as to what was happening in the background with the previous feature, and how it can be accomplished in the updated version of Wave.
That's good to hear - but I don't see how you can do this. In business 2 you surely have to enter them as manual transactions in that account because there seems no facility to send transactions, unless you are a bank account - and that for not much longer.
Hey @GlendaleUser . You're correct, that's what James is actually eluding to above. To further clarify, you can add an expense to Business #1 and categorize it as Personal Expense or Withdrawal, and then add an expense transaction in Business #2 which can be added with Owner Investment/Drawings as its account. This will complete the same function as what was happening automatically previously.
Hi - Can you please reinstate the (printed) line in the transaction detail that used to always show the description from the statement? All my older transactions were given meaningful descriptions about what the payment was for, so I could see at a glance in the list what I'd fully processed and a quick note about what was what (with helpful things like *Train instead of Train means I haven't yet sorted out the receipt for that one but need to find it) - but this was based on always being able to view the original transaction detail which otherwise is hard to read and often pretty meaningless but can be useful if needing to go back through bank statements.
Why has the Vendor field been hidden? I get that maybe not everyone uses it, but to hide it penalises users of the field by adding an extra tedious click to every single transaction, whereas if it was always visible, non-users can just skip it, as they've presumably always done. If you really want it to mostly be hidden, can a user preference at least be added so that us users can specify it always be visible? Seriously driving me nuts, especially with all the extra submenus under Categorisation now. SO much clicking...
Also, please return proper pagination! One doesn't always know what the date was and at least one could just wander vaguely from "about 3 pages back" rather than having to click "more more more" to get there. Was MUCH more efficient and easier if something happened and the page needed to be reloaded, which resets all that extra data you requested and you have to start again.
And if you want us to navigate primarily by filters or search, why does the search not allow search by amount? Or vendor? Such basic things...
Hey @minim, thanks for your use case with how you were using the printed line in the transaction details screen. As it is, if you're importing transactions from your bank, the description of that transaction within Wave should still be, by default, a matching description to your bank statement. Can you give me some examples of this not being the case in the new platform? I'm not sure if I follow.
Also, as far as the vendor field being hidden, I'm not sure what you're referring to. There's a section within every single transaction that says 'Add Vendor', whereas in the previous version of the accounting software, that didn't exist. Am I misunderstanding?
As far as your further feedback goes, I hear you, and I thank you for the honest input. Feedback like this is what helps Wave continue to strive to do better.
Why can't we choose a currency for a new transaction? Sometimes I pay some expenses personally while travelling and want to add them to the Shareholder Loan. Before I could add them and choose the currency. Now this drop down menu option is missing. Do I have to convert myself before adding these expenses?
There used to be a detailed description for each uploaded transaction from a bank.
Can this information still be found on the transaction page?
Hey @Andrew25
So it depends on how the transaction appears in your bank statement. Since accounting is a real world depiction of what is happening in your account. If you connected your accounts to import your transactions (or if you import them manually using our CSV uploader) then your bank should have done the conversion for you. So inputting the amount in a foreign currency doesn't seem necessary are your bank doesn't show this type of conversion either. When it comes to expenses paid in cash that need to manually imported, this is where creating a cash asset account in USD could come in handy in your chart of accounts.
I am however curious what exactly may be going on regarding your shareholder loan as I'm not quite sure how this works. Could you share more about this and why a USD submitted transaction would help you?
@Mrs_HMVickrey Our system pulls in the data from your bank descriptor. No additional notes are attached unless you manually decide to upload any further information in the notes section.
My business currency is in Canadian dollars so my shareholder loan is in this currency. I use a shareholder loan to account for expenses I pay personally often in cash and often when travelling. If I am in a foreign country and want to pay something, say a taxi ride, in cash then in the past I could add the expense to the shareholder loan and choose the currency. So if I was in the UK I could add let's say £10 for a taxi and choose the currency as GBP. Now it seems that I can only add expenses in CAD as the drop down box to specify currency isn't there. At the moment I am using the workaround to calculate my own conversion at the time of the transaction, but why did you remove the currency option when adding expenses manually? I don't really want to create cash asset accounts for every currency I expense in when I am traveling.
Yes you are right that when expenses are imported from a bank statement the currency is automatically adjusted to the currency of the account. That is an answer, just not the answer to my question though.
Hi @Andrew25 . A transaction to your CAD account should always be listed as CAD. Because your accounting in Wave should represent what's going on in the real world, because the transaction on your statement is in CAD, the transaction in Wave should be in CAD as well.
In the old version of Wave, we allowed users to do a lot of things that were not the best accounting practices. We've changed this in the new upgrade, and although some of these cases don't make the workflow easier on the user's end, it's definitely a more compliant way of handling your accounting.
I'm having the same problem. When going through the Uncategorized list I don't know what the purchase was for other than "PayPal". I can't log into PayPal for each transaction to find this information. The "categorizing" is very clunky too now, not sure how to easily put things in the proper category. I like the old Wave better!
-Tom
I'm no longer able to sort my transactions list based on Description and Amount. The only available options are Dates - Newest to Oldest and Dates - Oldest to Newest.
Hi Tom @tegwilym! Thanks for reaching out. The upgrade has come with a lot of changes in workflow. We understand that learning a new interface is a bit daunting! Your transactions should be importing as they were before. When you are on the new Transactions page, if you click on a transaction to expand it, do you find it easier to categorize it? The transactions should still be importing the same information. Do you have your bank set up to import transactions automatically? Or, do you upload bank statements?
Hey @Lanessa! If you click the 'filter' icon on the transactions page, you can filter for the: category, status, types or dates of transactions. You can also search for a transaction description. Can you let me know why searching by amount or description previously was useful to you? I'd be happy to pass on feedback to our team.
We currently do all (most!) of our business using PayPal. When we buy something business related, it use to say "Carton Services [Payment, Completed]" or something showing the place we purchased from. Very easy to assign the uncategorized items and keep track of our accounting. It also made it very easy to track down fraudulent activity - I actually caught several thousands of dollars from "amazon" that we didn't do. I was able to clear that up with PayPal easily,
Now it just says "PayPal Inc. [Payment, Completed]" and nothing more, that simply won't work!
Is this something in PayPal that changed? I looked back a the old version of the page, and I see that there too. Seems it started showing up maybe around early October?
I expanded it, but nothing there. :-(
Tom