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How to account for "Paid outs"?

CottageOvenCottageOven Member Posts: 21

Since I only just learned how to set up petty cash in Wave, my 2019 cash deposits were only the difference in the cash box between the end of the day and the beginning of the day. Thus, on days when I had to pay my farmers-market fees, those amount had already been taken out and, although they were recorded in Square as "paid outs," there are no such entries in Wave.

Without those entries, my manual calculation of sales income for 2019 differs from Wave's calculation by the total of the paid outs.

It IS possible for me to print out a report from Square that would show these paid outs, so it IS possible for me to make individual transactions for them, but I'm not sure HOW I should enter them so that my Wave reports will show them properly and so that I'll be able to enter those numbers into my 1040-Schedule-C from a Wave report instead of only as a total of the handwritten receipts?

in Accounting Technical Support

Comments

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey @CottageOven

    I think the issue might be that according to proper accounting simply putting in a total balance wouldn't be the best idea. Instead you would need to enter these individually and date them as well. What does your report from square look like? You may be upload them using one of the following upload tools in Wave:

    CSV Uploader

    Using our CSV uploader. With the proper formatting, you are able to download a CSV document containing all of your transactions from your online banking website, and upload them directly to Wave. Check out this article on Troubleshooting your csv upload if you run into any problems when uploading your transactions.

    Wave Connect

    My personal favorite method is WAVE CONNECT.
    Wave Connect allows you to upload or download transactional data, invoices, customer lists, etc, into a Google spreadsheet. Your excel files can be easily transferred into a Google Spreadsheet as well. See this image below of what Wave Connect looks like:
    image All you need to do is input the transactional information into a template that is generated through the add-on feature in Google sheets and it auto-populates right into your Wave account once you've validated the data.

  • CottageOvenCottageOven Member Posts: 21

    This particular information wasn't available exactly as needed from Square, but I was able to get it into an appropriately dated and formatted CSV file on my own.

    I guess the real question(s) here would be the account into which I should import it, whether I should also import it a second time with the dollar amounts negated so that it all balances (and, if so, the proper account for the second import, as well) and whether there are any other operations necessary to finish straightening it out (such as, perhaps, matching the corresponding transactions from the two imports.

    Thanks.

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    I don't think you'd want to import it into a second account, though I'm a little unclear as to how this looks from your account.

    You can manually move all the transactions over in one lump some with a journal transaction since you may not have all the info broken down as such. This will show you the same balance but in a different account. Of course and accountant would say "i'd recommend manually transferring those transactions over 1 by 1". This is up to you, but if you do, select the categorize button > Transfer to bank credit or loan > And link up the second account.

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