Expenses stuck in Transfer Clearing Account
Vangoh
Member Posts: 3
Please help...I seem to have a few expenses that are stuck in the "Transfer Clearing" account. When I open them up, they are sitting in the correct category. I tried all the methods in this chat ie deleting & re-entering, toggle reviewed OFF/ON
Any other ideas would be appreciated as I am at my wits end. The transactions are not sitting in the right categories during the Cash Flow report 
Thanks.
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Hey @Vangoh! Thanks for reaching out! The reason a transaction may be stuck in 'transfer clearing' is that the other end of the transaction has not been located when creating a transfer (e.g. a paying off a credit card). This could be due to a few reasons! Take a look at this Wave guide - transfer clearing account to see why a 'transfer clearing' transaction is created. Depending on the situation, you could create the other end of the transaction so it moves from the 'clearing' account and reflects in the bank account it was originally transferred into.
Hi there, I have read through your information but it really doesn't provide me with a clear step by step fix. As per below, both transactions are showing in both ends of the account but are still sitting in the transfer clearing account too. I am so confused...can you please be so kind to provide step by step 'how to' instructions to fix this? Thanks so much.
PS : Same issue as above but a more recent example. Thanks.
Hey @Vangoh! Unfortunately this is a known issue. There’s a display error on this page in some cases that shows the category “Transfer Clearing” even if both sides of the transfer have taken place. There shouldn't be any actual accounting implications here, as the 'Transfer Clearing' account is a bit of a relic and doesn't always work the way we want it to. The long story short here is that you look like you should still be good, and this is something you can ignore.
Hi! Has anyone found a solution to this? I'm having the same problem. The Transfer Clearing transactions are showing up in thousands on my Cash Flow statements. I understand that it balances out, but I still need them removed from the Cash Flow statement. We're applying for a loan and don't want random accounts showing up on out Cash Flow that shouldn't be there.
Hi there, unfortunately these transfer clearing errors are skewing with my business report & does not show true data on my expenses. Please advise on a fix. Thanks so much. Refer below skew of data in cash flow report which is essential for me when seeing how much the company is spending on certain categories:
@bite @Vangoh Hi guys! Can you both send me a dm? I'm interested in digging into this some more to see why this is happening. Thanks
@AlexL Thanks Alex. I contacted Wave through the chat this morning, and they're looking into it still. Thanks anyway
Hi Guys, I'm starting to enter transactions in Wave and I'm finding a similar problem regarding 'transfer clearing'. When running the "Account Report"
Account Starting Bal. Dr, Cr. Net Movement Ending Balance
Shareholder Loan $5000.00 $40.61 $4959.39 $4959.39
Transfer Clearing 0 $40.61 $40.61 0 0
Total Assets 0 $5040.61 $81.22 $4959.39 $4959.39
This is the outcome. Dr. column total $5040.61 does not look correct, nor does the Cr. column total $81.22 Can you please help me understand this transaction? Thanks, Bandy2020
Hi @BRANDY2020 , transfer clearing usually means that the other end of the transaction has not been located when creating a transfer. Are you able to look at the transactions that appear there and confirm that they have both ends of the transaction (leaving one account and entering another?).
If they do and you're still seeing this, please send us some screenshots to take a look at.
I have attached a transaction for you. Can you comment what I have incorrectly? Thanks, Irma
Is this how the transaction should show?
Hi Alex
Can you help play out the transaction for me?
1. Made a company purchase (Staples) with my personal credit card $75.00.
2. (Would the office supplies be charged to accounts payable or my personal credit card)?
2. Need to pay off personal credit card transaction with loan payment to the company.
3. (Would this be a bank transfer with the loan)?
3. I granted a loan to the company for $5000.00 to get the business started.
Thank You, Irma
Hey there @BRANDY2020
This does sound like a bit of a complicated transaction, but what I can do is point you to a thread shows you how to navigate moving personal transactions to your business or vice versa. Essentially you're moving around equity between "businesses" even though the other side of the transaction is your "personal business". Check out this thread and let me know if you're able to glean anymore information about transferring a transaction that was made from your personal credit card.
Community Thread
Help Center Article
Hi I have stuck amount (-350.00) as transfer clearing in one of my accounts on a specific date.
How can I clear it? it shows wrong results in my total sum.
Hi @Jano , is the transfer in your account happening on a future date? That's usually what the transfer clearing account is used for.
If this isn't the case, please provide accounts, dates and screenshots so we can help troubleshoot the issue.
Hi @AlexL , no it seems like it's on 26/06/2020. But I am unable to find it and delete it.
Hi @Jano , it looks like there was an error with the way your accounting information was being displayed. I made a quick tweak on the back end of your account which should fix this issue. Can you confirm that you're no longer seeing the error?
Hi @AlexL issue is solved now, thanks.