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Account transactions debit v credit issue

JakeHJakeH Member Posts: 2

I'm taking over a client's accounting and noticed that his entries for any expenses were classified as credits and any deposits of income from invoices are listed as debits. This goes back to last year. How do I fix? Thanks

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @JakeH,
    There is no way that I know of to reverse in bulk the transactions. 3 options. If you are comfortable that all transactions are there and correct (except reversed) then you could export the General Ledger to a CSV file. From there, I would edit the transactions in the cash and credit card accounts using excel formulas and create a template that can be imported back into Wave. Only work with the banking accounts not income or expenses. So for example, if they only have a checking account and credit card, those are the only 2 accounts to pull the transactions from. You will need to categorize everything again. Before importing, be sure to delete all transactions. Second option, from the transaction page, click on each transaction and change the deposit or withdrawal to be the opposite. So if a deposit in the checking account is marked as withdrawal, change to Deposit. Depending on the number of transactions this might be a viable way. Third option would be to delete all transactions and re-import everything using the bank connections. Personally, I'd use option 3 if I were presented with this project. Best of luck!

  • JakeHJakeH Member Posts: 2

    Thanks, Mike. I'll give #3 a shot.

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