Newbie - How to Get Transactions into My Chart of Accounts

Lola

Newbie questions (just moved from QBO) - 1st question - I manually imported my income and expenses from Paypal via csv into Transactions on Wave. I'm categorizing everything, but my question is how do I accept the transactions so that they get moved into my Chart of Accounts? (In QBO, I had to check off the item(s) and then click Apply so they got added into the Chart of Accounts and I don't see how/where to do this with Wave).
2nd question: Is there a way to create labels of categorization so Wave recognizes certain transactions automatically and categorizes them automatically?

Thanks.

Lola

2nd question - I mean to create a rule

NicoletteB

@Lola I see this is one of your first posts in Community so welcome!

I am going to work off the assumption that when you say "accept transactions so they are moved into your Chart of Accounts" that you mean "how do I have my transactions categorized to an account in my Chart of Accounts". Fortunately, this is super easy! On your Transactions page, click Category and then select any category - this directly responds to an account in your Chart of Accounts. As long as you've categorized your transaction, the transaction will be associated with an account.

For your second question, we don't offer a way to place rules for categorization in Wave. However, if you use our automatic bank imports, we do have an automatic categorization system in place that will "learn" based on your behaviour. It may take some time but the more you categorize, the quicker our system learns!

JessG

Hey @Lola Welcome to Wave! Great to have you!

In Wave, when you import and categorize your transaction to a specific account, they should already appear under said categorized account under your Chart of Accounts.

For example, if you have several transactions you have imported and categorized under "Operational Expenses" account under Chart of Accounts you can run a report of that account: Head to > Reports (top lefthand side of the screen) > Account Transactions > Select the"Operational Expenses Account" > Run Account. They will be accounted for and appear there!

As per your second question, there isn't a way to create pre-determined rules for certain transactions to import to the same account, however you can bulk categorize transaction into the same account, so there is no need to categorize one by one. You can bulk categorize transactions like so: see article here.