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Transfering money form personal to business accounts and how to categorize?

justmejustme Member Posts: 5

I don't know how to directly transfer money from my personal account to my business bank account. So I use paypal. I see then three transactions, a green transaction in my paypal then a transfer to my bank and a transaction in my bank. How do I categorize each?

in Using Wave

Comments

  • CalliePCallieP Member Posts: 439 admin

    Hi @justme , welcome to the Community! If you have transfers going between accounts, then no category is needed, as the transfer is the category. If you want a transaction to appear as a personal one, you can categorize the income/expense (rather than the transfer) as 'Owner's Investment/Draw'!

  • justmejustme Member Posts: 5

    Thanks! :smile:

  • Bc_10Bc_10 Member Posts: 4

    Hi @justme. How did you link your PayPal with your Wave business account? The only way that I have found is to use another app, like Zapier, which charges a monthly fee. This seems crazy to me. Do you know of another option? Thanks!

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @Bc_10 !

    We’ve decided to retire the existing PayPal integration which was officially discontinued as of December 31, 2020. I'm really sorry about this.

    I’d encourage you to check out Wave’s transaction upload tool or Wave Connect which are easy, free options to get your transaction data into Wave.

    Also, you can add PayPal transactions to Wave using a CSV file that you export from PayPal. First, download your history you can learn about there here. You’ll notice that the PayPal file contains more data than just transactions. You need to reduce the columns until you have Date, Description, Amount as follows:

    01/01/2019, Description 1, -250
    01/02/2019, Description 2, 550.50
    01/02/2019, Description 3, -120.75

    I hope this helps!

    edited February 2, 2021
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