Transfer to Bank, Credit Card, or Loan does not exist
Asutosh
Member Posts: 7
What I'm trying to do is categorize cash deposits at the bank. Wave is connecting to my bank and downloading transactions. How do I categorize the cash deposits? If I deposited $480, for instance, I have a green $480, and a red Categorize option.
There is no option to Transfer TO. I only have the Transfer FROM option.
Do I need to set up Transfer TO? If so, how?
Am I doing this totally wrong? If so, please help.
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Comments
@Asutosh,
If you made a deposit from another account then the other account should be connected to Wave so that the transfer can be shown. If the deposit was not a transfer, then it would be categorized as either a sale or owner contribution.
Mike,
I'm just looking at what Wave is downloading from the bank.
I just take the daily cash to the bank and make a deposit.
Do I need to enter the deposit as such in a category first?
@Asutosh,
If you bank is connected and you are making deposits (cash or checks) then you would categorize the transaction after it appears on the transaction register (Accounting/Transactions). There would be no need to enter any deposits manually since the account is linked.
What would you recommend I categorize it as?
I have a gas station/convenience store. We take cards and cash. These are the cash deposits.
The CC goes through the oil company. They take out their portion, including he bank fees, and send the info to the local gas vendor. They in turn take out or put in based on how much fuel I purchase from them.
I need to be able to categorize these.
If you have a better way than Transfer to Bank, Credit Card, or Loan..... then please do help.
Asutosh,
It sounds like sales to me. You just want be sure your bank balance in Wave agrees back to the bank.
So, should I just create an income category called Cash from Sales?
Sure, or you could just use sales. Whichever you prefer.