Improvements to categorization
System
Posts: 412 admin
Improvements to categorization
Most often, the time you'll spend on the Transactions will be spent categorizing using the quick list view or the new Transaction Details View. This detail view expands when you add a new transacti...
1
Comments
What happened to the option to move each transaction to another business on Wave?
I use same bank account for my separate businesses so with old version I used to click on transaction and move it to specific business. Now I cant do that and also you cant use same bank account to import into separate businesses either...
Hi @Vas ! The ability to move transactions between businesses in this way isn't currently possible on the new platform. Can you give us an example of a transaction you are trying to record, and how often you are recording these transactions, so we can advise as to how you best to work around this? Thank you!
Hi @Charlotte , thank you for taking time to work with me. I manage rental properties , and my current system is set up so that each property is separate business . I import all transactions from my credit card and checking account in one business, and then transfer them to appropriate rentals (businesses). Probably around 20 transactions per month, Once property is being remodeled , then we are looking at over 100 transactions per month .
Right now I am stuck, I cant even import transactions to each business, and delete transaction that I dont need, as Waves only gives you option to link one bank account to only one business....
Please advice..
Hey @Vas, thank you for clarifying what your issue is here! I think a solution that may be just what you need is to us Wave Connect! Wave Connect is a Google Sheets integration that helps you:
To learn more about this integration, including how to set it up, I recommend visiting this Help Center article on the topic. I hope this helps!
I don't have those prepopulated options anywhere, When eg Uncategorised INcome is selected I then just have
Transfer from Bank...,
Refund for Expense
Sales Tax Refund...
Deposit from Personal
thats all folks
Is this a bug? Because I have spent HOURS trying to figure out how to reconcile transaction payments for invoices!
Some further tests on a dummy account. It seems that having different currency transactions is the problem. "Payment received for an invoice in Wave" (plus others) do appear when the txn is in the business currency. So much for multicurrency. Any fixes so I can manage the foreign currency invoice payments?
I am in the same boat as Vas - I have separate business setup for properties. Rental income comes into an account linked to Personal. Previously I was able to move the transaction to another business. Looks like with new way of handling transaction someone has missed to carry this feature forward.
Either implement this feature asap or give us a workaround please.
Thank you!
@Charlotte you asked for an example:
1. Have a personal account in waveapps
2. Have a separate business account for each property.
3. Bank account where the rental comes in is linked to personal account.
4. Previously I selected this income and did "Move to XXXX" business account and it let me select the category.
This feature is no longer available. My account got upgraded yesterday!
Hey @limaecho. We have quite a detailed discussion about these specific feature in Wave, and what the actual workflow expectation is: https://community.waveapps.com/discussion/comment/20269#Comment_20269 -- I feel as though you might get more insight on how to accomplish what you're looking to do in Wave.
The upgrade is a disaster. I can't find any way to add expenses in another currency. It seems the only way is to do the conversion myself and add them in my business currency.
I have the same issue: I can't mark transactions on my foreign currency account as an invoice payment. Any solution for this in sight?
Hey @thor
We understand that this is an issue with our system and apologize for the current workaround, but you will need to delete the transaction imported by your bank or statement and mark the invoice as paid to generate a transaction.
The "Payment Received for an Invoice in Wave" still doesn't even show up for me as an option when trying to mark an entry as an invoice payment in another currency. When will this be resolved? This is a significant issue.
Hi @joelg! Thanks for reaching out here. You'll have to follow the same process @Barsin mentioned above. In the case of multi-currency transactions, it is currently not possible to categorize them as as 'Payment received for an Invoice'. You will need to delete the transaction imported by your bank or statement upload and go to: Sales > Invoices > Record a Payment to mark the invoice as 'paid' and generate the payment transaction. We understand this is a limitation, but at the moment this is the best workaround to use.
It seems that the drop down list of Bills (when paying) and Invoices (when receiving) does not show up when the currency is different. Only my CAD Bills and CAD Invoices show up in the list, not USD Bills and Invoices. This makes it impossible to categorize my USD transactions - unless you have a temporary workaround that you can suggest. (Monthend tomorrow!)
Hey @PThompson! @EmmaP 's response from above would likely also be the best way to complete the workflow for bills as well. Since the amounts in the two currencies are different, I'm afraid that the categorizing workflow would not be able to be applied in this case.
This update is very disappointing. It is more work, than less! In my CAD account when I call up the Bills to match to in the Transaction the date no longer shows up. I have numerous Bills with the same dollar amount so I need to know the date to match it to the correct one (this showed up in the old version). I now have to go to the Bills to look and make sure I can identify the correct one. The USD account is more disappointing where I can't even pull up the Bills in the Transaction because "Refund Received for a Bill in Wave" doesn't even show up. It also took over a week for Wave to connect to my Bank after this update happened!
Hey @L4C_Admin and thanks for providing your candid feedback. I hear you when you talk about your frustration in regards to the need for more granularity for the drop down options when linking a transaction to a bill in Wave. I definitely can see how adding a date or bill number would be helpful, so I have gone ahead and passed your feature idea on to the team here for their consideration.
In terms of the refund for bill issue, are you able to explain the steps that you are currently doing? If this is a multicurrency type situation (jn which the bill is in one currency and the refund is in another), then this is a known challenge at the moment. Handling foreign currency is especially challenging because of the conversion considerations. In saying that, the team is actively looking into more robust features for multicurrency handling as we understand that many Wavers find themselves in similar situations.
I understand that this is not ideal, however, this is definitely version one of the transactions page on our upgraded platform, and once all customers are migrated shortly, the team will be able to shift focus to work on some of these known problem areas coming soon. Thanks for sticking with us while we work through the kinks, but your feedback is super valuable as we continue to plan where the most impactful changes can be made.
My business account is in BRL, but all of my invoices are in USD. I have bank accounts in USD and BRL. Invoice payments are received in USD in the USD account, and then transferred to the BRL account. Since the "upgrade" I can no longer match these USD transactions with the USD invoices; the "Payment received for an Invoice" option doesn't show up, despite this NOT being a multi-currency situation, since the invoice and transaction are both in USD. Please confirm that this regression (I have been doing exactly this for 3 years) will be fixed. Claiming this is "multi-currency so it's hard" is just incorrect; please don't do that.
Hey @benlangfeld . This feature is definitely on the team's radar to be added to Wave as we've received a lot of feedback on how much this was used. In the meantime, you can mark a payment to the invoice itself and then merge the created transaction with your bank transaction.
I have just found and downloaded Wave (already GREATLY impressed) over the weekend. I am in the process of trying to import my bank accounts, and although it shows me the information from the accounts, I don't have any ability to view or edit any transactions. The "Your transactions are being imported from your bank account...." has been running about 5 minutes (I may have a total of 50 transactions in all the accounts. no way it can take this long) so I need to be able to TALK with someone please.
I found this support article because I was trying to apply a transaction as a bill payment to an invoice. The "Payment Received for an Invoice in Wave" drop-down menu item was missing. My business base currency is CAD, the invoice and the payment account where the transaction was posted are both USD (I do most of my business in USD). If the currency of the invoice and the bank account match, is this considered a multiple currency transaction because the company base currency is different? I created a fake business to play around with the newer Wave system. I am wading through other difficulties in getting used to the new Wave and will comment on other support articles as well.
I feel their migration has disabled their ability to track multiple currencies the way they used to pre-migration. I would steer clear if you deal in multiple currencies.
Their system now tracks in a single currency and all foreign gain/losses are up to you to report. I can no longer get my bank connections to pull in foreign currency accounts properly.
Hey @Revelation2122
Sometimes bank transactions can take 24-72 hours to import! Hoping that your transactions are in your account by now otherwise there may be an issue with your bank connection. If so please reach out to our support team with as many details about this bank connection issue as possible.
@ericpoppleton
I think you'll benefit greatly from posting and reading in this thread regarding the issue you're having
https://community.waveapps.com/discussion/6290/foreign-currency-invoices-and-bills#first
Payment received for an invoice in Wave is not available since the update. I can not get any help.
Hi @daschn2 , is your invoice or your transaction in a foreign currency?
@KPS If you're looking for more detail on where your income is going, because it is based on a product/service level (each product/service that you add is associated to an income account), it's automatically tracked this way for you so you don't have to add any additional categorizations.
Multi currency support was not perfect before, but now it is even worst. Most of my transactions are in different currency than my business. After update and following @BarsinA suggested process my workload multiplied. Are you going to do something with this? This is not going to work in the long term. End of year is near and would be good timing to switch to an alternative... should i wait that you solve the problem or focus on searching an other solution?
Multi currency support was not perfect before, but now it is even worst. Most of my transactions are in different currency than my business. After update and following @BarsinA suggested process my workload multiplied and is very error prone.
Are you working on a solution to solve this? This is not going to work in the long term. End of year is near and would be good timing to switch to an alternative... should i wait that you solve the problem or focus on searching an other solution?
Hi,
I tried to put an transaction into the category "Deposit from Personal" - “Owner investment /drawing”. However, I couldn't save the option. It remained as "uncategorized income". Can someone help me solve the problem? Many thanks!
Problem solved! Thanks