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Transfers between businesses

mariannemarianne Member Posts: 2

The changes to the transfers between businesses process (no longer being able to simply click and select transfer to company A, etc) has made Wave an nonviable accounting option for me now. I can't possibly do the multiple steps for every transaction (I have 3 businesses on 1 credit card and one bank account). I really don't want to switch but don't have a choice if this is not going to change. Is there any chance this functionality will be brought back soon?

in Accounting Feature Ideas

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  • UnknownUnknown
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  • CharlotteCharlotte Member Posts: 671 admin

    Hey @marianne ! So sorry it took some time to get back to you. This issue is being discussed across various sections of the forum, and the majority of the conversation - including the updates from our product team - is concentrated in a few threads.

    In short, yes, we do have plans to simplify this process. In the meantime, we can also walk you through handling your transactions using uploads or integrations to minimize the time it will take you to get each business up to date. If I can help, please let me know.

  • Hisham_AHisham_A Member Posts: 6

    Hi @Charlotte,
    1- I am in a similar situation and need to copy transactions between multiple businesses. You mentioned the feature is under development. Is it available yet?

    2- Is there a way to duplicate the business all together, including all accounts, HST, transactions with detailed description, memos, etc.? I mean a real mirror image!
    I have read this article: Move Transactions Between Accounts
    but it does not mention how the transactions are being copied between accounts.

    For example, I can export the data globally using the export function. Can that data be imported back into a new Wave account directly?

    Thanks.

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @Hisham_A , thanks for reaching out!

    I'm afraid that no changes have been made to this feature during this time. As you may know, our old accounting system allowed users to "move transactions" between businesses which was problematic from a bookkeeping stand point and wasn't the ideal accounting practice. With our new accounting system, the process is a bit more manual. However, it is a better process accounting wise.

    Moving forward, what you can do is import your transactions into the correct businesses and remove any incorrect transactions not affiliated with your respective businesses. If you want to transfer funds between your businesses, you can do this by creating owner investment/drawings transactions in the accounts that are sending/receiving funds. I recommend checking out Jamie's comment in this thread if you haven't already for some more context.

    While we at Wave Support are able to tell you how to do something in Wave, we aren't able to necessarily tell you the right way of doing it when it comes to the principles of accounting since we are not CPA's. I would highly recommend reaching out to a registered CPA to ensure that get the best advice on your accounting needs.

    When it comes to duplicating your business, you can't simply duplicate it with a button per-say, but you can create a new business profile, export your data from your old business profile and import it into your new business. You can learn more about this here: How to Move Your Data Between Wave Accounts or From Another Accounting System

    edited December 11, 2020
  • Hisham_AHisham_A Member Posts: 6

    Thank you @JulianP .

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