Cash on hand to the bank
mot
Member Posts: 3
Hi
How do make a transaction where a guest paid in cash and I recorded in the invoice that it’s cash on hand, but later in the week I deposit the money into the bank?
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Comments
You just have to make a transfer between your cash on hand account and your bank account, @mot. When you actually deposit that money, find the matching transaction for that deposit on Wave and categorize it as "Transfer from a bank account", and pick cash on hand. Wave will take care of creating an expense transaction to match your deposit. I think there's an article on transfers, on the help center, if you're looking to read more about it.
This is the most powerful app I ever played with! I’m practically learning accounting while earning som money! Big up to the creators
Thank you @mot! We always love hearing that we're doing our jobs right and making your life easier.
Let us know if you have any other questions, or if you're looking for something you can't find. I'd love to help, and feedback from our users (old and new) is always welcome!
So when my client uses Wave Payments to pay his bill by credit card, the payment shows up as cash on hand. Is there a way to permanently change this to be categorized as being in my bank account? It is immediately going into my business checking account so it seems like an unnecessary step to have it in Cash on Hand only to be immediately transferred. I can't change the payment account field in the transaction list.
Hi @CareerCoach_Drew.
You can do that through the Settings. Click on Settings on the bottom of the menu on the left-hand side, and go to Payments Mapping. You'll be able to choose an account from there.
What's the benefit of having the cash on hand account versus just defaulting to my bank account? No really even sure what the cash on hand account is for.
Hi, @bocachicabaits.
It just makes for more accurate accounting. If you take out $20 in cash for a business expense and end up with $10 left over, that $10 is still part of your business, but isn't in your bank account (and as such, wouldn't appear during reconciliation). That $10 would have to be accounted for somewhere. You would put it in Cash on Hand.
Similarly, the money you leave in the cash register at the end of the day would be Cash on Hand, not money in your bank account.
Your goal should be for the transactions in your bank account and those entered in Wave to look exactly the same.
But why do Wave Payments default to Cash on Hand when the money is being put into my chequing account? Is it because the service charge is taken out before the money is deposited? Do I then have to do a transfer from cash on hand to chequing? That's an extra (and somewhat annoying) step.
Hi, @halifaxopera.
I answered this on your other thread. If you have any other questions, I'm more than happy to answer them there!
I receive cash which I record in my cash on hand, then I have expenses which I pay with this cash, which I reflect in my cash on hand. Then whatever is left over I deposit into my bank account. How do I reconcile the income when the amounts are not the same between cash on hand and the bank account?
Hi, @jojvr.
I followed up with you on the other discussion where you posted. In the future, please only post once with one given question. A fellow Waver or a member of our admin team will gladly help out when they can.
Creating multiple posts for the same question can split our team's attention and slow down our response time to your questions and to the questions other Community members might have. Thanks!
Got it! Thank you!
> I receive cash which I record in my cash on hand, then I have expenses which I pay with this cash, which I reflect in my cash on hand. Then whatever is left over I deposit into my bank account. How do I reconcile the income when the amounts are not the same between cash on hand and the bank account?
I am also having the same issue. Have you received any advice on this?
Hi there, I made changes as mentioned above. I need to get my incorrect cash on hand transaction into business current account. When I tick the transaction, select type: All, go to transfer to and select the correct account, the transfer does not happen. The cash on hand category seems to be locked.
@AEK123 From your previous message, it sounds like the transaction may not actually be a transfer (i.e. moving funds from one account to another), but instead, the expense actually occurred from your bank account and the cash on hand account was assigned inaccurately. In this case, you should simply change the account for the transaction from the Cash on Hand account to the Bank Account. If I have misunderstood, please let me know!
I'm having the same issue. Wave has set the default account for receiving payments through wave as "Cash on Hand" and I can't find a way to change the default or even change it at will individually. I'd prefer to change the default to "Checking Account". How can this be done?
I've tried following these instructions but the menu options I'm seeing don't line up with them. Under settings there is an option for "Payments" under Sales or "Account Mapping" under Payroll but no "Payments Mapping". Under "Payments" there is no way to choose an account as the default for payments received through wave. It only gives options for saying yes or no to payments through wave and which to prioritize. "Account Mapping" is simply regarding payroll.
Thank you.
Hey @DHorton,
If you click Accounting, what tabs do you see? Do you see "Reconciliation" or do you see "Journal Transactions"? If you see Reconciliation, then it means you're on the updated version of Wave, which means that instead of Cash on Hand, the payments should automatically be directed to the right account based on this upgrade.
However, if you still see Journal Transactions, it means you haven't migrated to the new version yet, which means that Alexia's original steps still would apply. Is it possible you're viewing this in one business that doesn't have the payments feature activated? If this doesn't work, please send me a DM so we can share some screenshots and sort this out!
Hi, how do I add a "payment account" on my receipts? The only options I see are "Cash on Hand" and "Common Shares." I want to add something simple like "Business Card."
Also, for invoices when it says method of payment, how do I add another option for method of payment? I see "Cash on Hand" but I want to add something like "Business Direct Deposit" ... as I am not paid via cash on hand.
Thank you.
Hi @Kbox, you can add another payment account by navigating to Accounting>Chart of Accounts and then by adding an account under either the "Bank and Cash" or "Credit Card" account types.
As for your second question: you currently cannot add custom payment methods, but you can select "Other" if the available options do not apply.
@Ryan_W Your answer in December to @DHorton didn't reflect their problem, I don't think. I am having the same problem: I've been using Wave for a couple years, and it has accrued a balance in Cash On Hand even though I use direct deposit, and connected bank accounts. I can't find the "payment mapping" so I continue to see additions to the CoH account, even though money only moves through the account, so it should reflect no income. I am not explaining the problem as well as @DHorton, but I hope it is more direct. Tl;Dr: When balancing accounts, Wave dashboard shows accrued balance in Cash on Hand account, even though all transactions should result in a zero balance for CoH. Help please!
Hey @Scot! If you should not have any entries in your Cash on Hand account, I recommend you heading to Accounting > Transactions and filtering this page by the cash on hand account. That way you can see exactly what transactions you have in that account and you can edit those if needs be. When you create transactions in Wave, the default account is Cash on Hand, so it is possible that some of your transactions were not updated to the correct account.
If you have a bank connection I would also ensure that the connection is not being mapped to Cash on Hand, you can check this by going to Banking > Bank Connections > Select the edit icon on your connection and check the payment account set up for it.
Hi there,
I have a similar question but it's more complicated in a way.
I sell at markets. Half my money is from cash, half from credit cards. I leave the cash in my float box until there is enough money to go to the bank with it. Currently I'm inputting the data into Wave whenever I do a market and splitting my profit as, for example, "X Market 17/7 CASH" and "X Market 17/7 CC". Obviously the amount I put in as CC goes directly into my bank, but the CASH is not going anywhere until I have enough to warrant a trip to the bank - and even then I don't take all of it because I need to retain a float for change.
How do I reconcile in square?
Cheers,
Veronica
Hey @Veronica_V . You mention reconciling in Square, do you mean that you're taking Square Credit Card payments and this is what you're looking to reconcile for?
I think there's a few things to cover here. Are you looking to input each and every payment as a Sale, or are the cash deposits (say $300 total) enough to be listed as "Sales" in Wave?
Additionally, how are you getting your Credit Card payments to your bank account, assuming you're using Square to process these transactions?
Hi,
I have a similar query as Veronica_V I also sell at various markets and make deliveries, with both I'm paid either cash, square, or electronic fund transfers, I enter these as they come, I'm about 100km from my bank so deposit cash monthly and use my card for expenses, my Cash on Hand balance is larger than it should be and bank acc. smaller! As a beginner moving from hand written accounts, I'm taking it slowly and have not linked my bank account or Square POS. How do I show a bank deposit which should reduce Cash on Hand by the same amount but not allocated to specific transactions? Thanks
Hey @Wafra1 , so to confirm, you're not making any payments by cash? If that's the case, you'll want to record the cash payments to your Cash on Hand when you receive them. Then when you go to the bank to deposit your cash funds, you'll be transferring the funds from Cash on Hand to your bank account. That should effectively MOVE the funds without having the money recorded as income in both accounts.
Let me know if this works for you or if you have any further questions!
Thanks for the reply.
I think I've managed it for a bank deposit I did last week, so my bank acc showed the deposit (in Wave) and cash on hand shows a corresponding decrease.
But just a related point it is quite laborious and unnecessary to transfer individual cash transactions, this is often not particularly useful as for example in a month I may have multiple cash transactions (e.g. market day totals) entered as such, but I might not physically deposit the whole amount to hold back a float or petty cash etc.. so the cash amounts physically deposited or held would not correspond to a discrete set of transactions...
I hope thats clear....😀...I know what I mean anyway
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