Account transfer not really income

LisaVSin

I changed banks and I needed to transfer some large sums of money around. How can I get bank account transfers to not show up in the income/expense reporting? They aren't really income and expense as the money is just moved from another account. It messes up the whole income/expense reporting for the year.

JulianP

Hey @LisaVSin ! In Wave, when you move funds from one bank account to the next, you need to record a transfer. Wave uses double entry accounting so if you record a transfer between accounts, there must be 3 transactions present:

1. An expense transaction showing funds being withdrawn from an account
2. An income transaction showing funds being deposited into an account
3. A transfer transaction showing the movement of funds

These 3 transactions will balance out your accounts correctly, preventing confusion between fund movement and expenses/income in your account. You can learn more about this here: How to create a transfer between two accounts (e.g. categorize a credit card payment)