How do I record credit card payments?
Tidyupwithsue
Member Posts: 4
How do I record a credit card payment? My bank account is connected to Wave so the credit card payment is showing up as debit external withdrawal - Chase Credit Card. Do I use Transfer to Bank, Credit Card or Loan? If I do that how do I enter the individual transactions from the credit card statement and categorize those charges?
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Tidyupwithsue,
If your checking account is used to pay Chase then, you should see a payment to Chase in black. Since you have both accounts connected you will also see Payment Thank You in green for the Chase transactions. Either way you want to transfer to/from Bank. It should find the matching amount. Select the transaction and the amounts will change to transfer.
As for Credit card transactions- they should be showing up in black. You categorize just like you would for checking account disbursements.
Mike G, CPA
www.mgfinancial.net
Tidyupwithsue,
I typically recommend. For clients that I do bookkeeping for, I connect all credit cards and bank accounts to Wave. If you do not connect them, then you would need to import the credit card transactions.
Mike G, CPA
www.mgfinancial.net
Sounds like you don't have a credit card account set up on the liabilities. By trying to transfer I assuming Wave is trying to find an appropriate account to transfer to. Since cash on hand is there by default, I assume that is why is choosing that account.
Sent you a message.