Accounting question with wave receipt and transaction

jasonpham80

I start out with wave with nice feature of scan receipt, soon i found myself missing receipt because not every time i scan receipt or will miss some. I then realize that i can import credit card and bank transaction ,but then i can't attach image to transaction. I was wondering what the best practice for scanning receipt or how people are doing it?

JamieD

Hey @jasonpham80. Right now, there isn't an option for you to attach a receipt to the transactions page itself. However, after the receipt is uploaded and processed in Wave -- it will automatically create an entry on the transactions page for you (this transaction will then have a hyperlink directly to the receipt that was associated with that transaction). Although not ideal, if you want to have a receipt associated with the expense transaction itself, you will need to go through the process of uploading it via our Receipts feature.

Mikeg

jasonpham80,
As a suggestion, you could set up a second profile for your business. Do the invoicing and receipt documentation there. Use your other profile for cash basis bookkeeping i.e. connected bank and credit card accounts.
Mike G, CPA
www.mgfinancial.net

jasonpham80

@JamieD said:
Hey @jasonpham80. Right now, there isn't an option for you to attach a receipt to the transactions page itself. However, after the receipt is uploaded and processed in Wave -- it will automatically create an entry on the transactions page for you (this transaction will then have a hyperlink directly to the receipt that was associated with that transaction). Although not ideal, if you want to have a receipt associated with the expense transaction itself, you will need to go through the process of uploading it via our Receipts feature.

@JamieD , scan receipt that create a transaction actually a problem because if i import credit card or bank statement, it will create duplicate transaction for the same thing. That why i wonder how people are doing it.

jasonpham80

@Mikeg said:
jasonpham80,
As a suggestion, you could set up a second profile for your business. Do the invoicing and receipt documentation there. Use your other profile for cash basis bookkeeping i.e. connected bank and credit card accounts.
Mike G, CPA
www.mgfinancial.net

@Mikeg , maybe stupid question here but do i need to keep receipt? if i can just import bank statement and credit card statement in to transaction. Is there a need to keep receipt? or just a nice to have?

Mikeg

jasonpham80,
If you are in the US, the IRS will not necessarily take a credit card charge as a receipt. So you don't necessarily need to keep a receipt in Wave. I was suggesting that if you wanted to keep documentation within Wave you could in a different profile. This would bypass the matching of receipts and expenses. In general though you should keep receipts to substantiate business expenses whether you scan and store or have a shoebox.
Mike G, CPA
www.mgfinancial.net