Payments to credit card not importing as Transfer
C_Money
Member Posts: 7
Normally payments out of my business checking account to a personal credit card (both linked to wave) are automatically imported and recorded as a transfer. But some months back this changed and they are since being recorded as 'uncategorized expenses' on the business checking side and as 'credit card payments' on the personal side.
How can I correct this so that they become transfers?
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@C_Money you can fix this by selecting the appropriate "transfer from..." and "transfer to..." options in the Category dropdown menu when you're reviewing each side of the transactions which make up this transfer.
Hello, thanks for your help! I don't see this option however in the category dropdown menu, I see all of the different categories listed under Income, Expense, and Equity, but nothing else for transfer, am I looking in the wrong place?
@C_Money When you are categorizing the transaction itself, could you please try typing the 'Transfer' option in the category and let me know what comes up? (Preferably with a screenshot) This option should be available to you!
@JamieD I think this is what you mean, if so I still could not locate the transfer option....
@C_Money ahhh, that's my mistake; I should have checked which version you're on! Since only about 2-3% of users are still on the legacy version of Wave, I was making a wider assumption that your workflow would be the same.
In this case, you need to check off each of the transactions which make each side of the transfer. Then you'll see the transfer option appear at the top of the page. I've attached a screenshot for reference!
@Ryan_W I'm familiar with the method you just pointed out, but in this case it's not possible to do because there is only one side of the transaction visible at a time so I cannot select both (one on the business side and the other is on the personal side). Is there any other way to create a transfer?
Hey @C_Money ah okay! This makes sense - so to confirm, is this a business expense on a personal visa (or vice versa)? If that is the case, you'd want to head over to where the origin expense/withdrawal transaction exists (business or personal) and select to categorize as Move to Business or Move to Personal. What this does is route the transaction through an Equity account to show that you're using personal money to pay for business funds, or the reverse. It should also create the corresponding transaction on the other side.
So lets say for example you're moving from Personal to Business, you'd follow the steps above. Your business account should now show both sides, the 'expense' payments, and the 'income' on your credit card. You should then be able to follow the steps @Ryan_W suggested above! Sorry we missed this step - we were thinking that everything was already living in one account in this case.
@Samd Thanks for the detailed steps! Unfortunately still no luck though, when I attempted to do the above I received an error message "failed: transactions' accounts must be on the same business".
I created one test transaction on the business side, and one on the personal side. Then I moved the one from business over to personal. At that point I did have 2 shown on the same side as you said I would, for the same amount. But when I selected both and hit 'transfer' I got the error message. Is there anything else I can try?
Maybe I’m going about this the wrong way, please tell me what you think…
The issue affects certain transactions from my business bank account that pay a couple personal accounts, which are also linked to wave. (one personal account is a credit card and the other is a personal checking account). I now realize I should never have my business bank account pay out a personal credit card balance which is what some of these transactions are, I have corrected this for 2019, but for 2018 I still have several of these. The other transactions are funds going from business bank account to personal checking account (me taking money out of the business for personal use).
In the past, Wave used to automatically recognize and label all of these transactions as ‘transfers’. The type of transfers where one side of transaction is shown on the business account and the other on the personal account side (not the type where both are on same side and can be simultaneously viewed). But now Wave is randomly leaving some of these transactions as 'uncategorized' and not creating transfers. My goal was to try and find a way to categorize these as transfers in order to have them match the ones already labeled as transfers by Wave.
In reading and researching, I have now learned that maybe all of these fund movements going from business into personal should be categorized as ‘owner draw’ under equity. Since they are business funds going into personal accounts. Would you agree with this approach? If I were to unlink all of the biz to personal transfers that were automatically created by wave, and then categorize them as owner draw, would my accounting still be correct? On the personal side, should they also be ‘owner draw’ or should they be income of some sort?
Thanks!
@Samd Hi, any word on this? Thank you
@C_Money Technically, the correct way of accounting for this would be categorizing the transactions as Owner Draw/Investment since you are taking funds from the business for personal use. Although perhaps tedious, that might be the best way of going about this in Wave (unlinking your transfers and categorizing the transactions as owner draw/investment. Keep in mind is that you don't want to have personal transactions associated with your business account -- which is why this would be the proper way of accounting for this in Wave (you can still keep your personal transactions in the Personal section of Wave).