"Cash on Hand" - hidden account
jor1999
Member Posts: 10
"Cash on Hand", recently added to Wave, seems to be a part of either the Bank account, or part of the "Owner Draw" account and cannot be separated and filtered/searched on. This was added to Wave and unfortunately was made the default for manually entering expenses. Unfortunately I accidentally used it as I didn't realize I was being defaulted into it. Now I cannot find transactions where I used it, since it is disguised! Please help as I need to fix those transactions and please get rid of this type of hidden account!
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Hi @jor1999! The 'Cash on Hand' account that is automatically created will be located in your Chart of Accounts page under the Cash & Bank header in Assets. If you are wanting to search for 'Cash on Hand' transactions you should be able to locate them under: Accounting > Transactions > click 'all accounts' & select 'Cash on Hand'. Alternatively, you could go to the 'Account Transactions' report and search for the Cash on Hand account to see what transactions have been categorized to this account. Once you have located the incorrect transactions you can 'bulk move' them to the correct account click here to see how to make bulk edits.
Hi @EmmaP Comment and Question. Regarding your advice to me on "Cash on Hand" from Febr. 26 - the first suggestion does not work - but the second one does (thanks!) - hope that helps you if that question comes up again. Question: Is there a way to disable "Cash on Hand" as being the default account when manually entering transactions?
Hey there @jor1999
Can you try archiving this account under Accounting > Chart of accounts > Select the pencil icon and archive it?
You should make sure you delete any transaction under this account in your transactions page (or move them to a more appropriate account) then it should in theory disappear from your Wave account.
Do let us know if this works out!
Good one @BarsinA! Yes, that worked! Bye bye Cash on Hand! Now I think the first account alphabetically is showing up as the default when you manually enter an expense or income transaction. Another question. If a business receives any EIDL or PPP SBA grants - how should those be entered from an accounting perspective and then how would you handle a transaction later so that you can show the funds being used for a specific expense.. My intention is to put them into a separate bank account, and then enter the right transactions so that I have a history of the funds being used such that the loan can be forgiven! MANY USA businesses will want EXACTLY the same advice.
Hi @jor1999! I am glad that we were able to help with your Cash on Hand requests!
For your question about categorizing grants, if your business is receiving them, then you would want to categorize them under an Income category in your Accounting > Chart of Accounts page. Then, in the Accounting > Transactions page, you would want to create an income transaction and make sure that the transaction for the grant is going to the right Asset/Cash and Bank account (i.e. which account are you depositing the grant into). Then, in the Category section, you would want to find your income account that you created for that specific grant so that you are able to categorize transactions for that grant account. Please let us know if that works for you!
I'm rethinking that I should label as a loan and then later when it has officially been "forgiven" change the status. I'll wait till be get there and figure it out.