Transfer to Bank, Credit Card, or Loan does not exist

AsutoshAsutosh 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.

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @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.

  • AsutoshAsutosh Member Posts: 7

    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?

  • MikegMikeg Member Posts: 995 ✭✭✭

    @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.

  • AsutoshAsutosh Member Posts: 7

    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.

  • MikegMikeg Member Posts: 995 ✭✭✭

    Asutosh,
    It sounds like sales to me. You just want be sure your bank balance in Wave agrees back to the bank.

  • AsutoshAsutosh Member Posts: 7

    So, should I just create an income category called Cash from Sales?

  • MikegMikeg Member Posts: 995 ✭✭✭

    Sure, or you could just use sales. Whichever you prefer.

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