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Auto suggesting account not working

ShawnamillionShawnamillion Member Posts: 1

Hello, I am new to Wave so I have just synced my bank and credit card transactions. It asks you to select a category for each transaction but then auto suggests all transactions that would likely be part of the same category. For example I only needed to categorize one Gas transaction and it guessed the rest.

However for some, in particular sales transactions this doesn't happen and I have to manually categorize each one. This is strange because the line item has the exact same name. There are thousands of them so I am really hoping to avoid manually categorizing each one. Also, going forward I would hope it can automatically sync then categorize so my books stay up to date.

in Accounting Technical Support

Comments

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey there @Shawnamillion !

    Welcome to Wave. We're excited to be a part of your entrepreneurial journey. :smile:

    Wave can automatically categorize your transactions based on the information contained in its name/description. If Wave categorizes a transaction incorrectly, you can easily re-categorize it with just a few clicks -- Wave will then relearn over time how to categorize transactions from this merchant in the future based on your changes.

    For example, if Wave sees an expense named "Cafe Shop”, it may automatically categorize it under "Meals & Entertainment". However, if you re-categorize it to "Travel Expense", then Wave will try to categorize related imported transactions as such in the future.

    When you re-categorize a transaction, Wave can also detect and gather a list of all currently existing related transactions. Wave will then ask you if you would like to apply your category changes to all of those transactions as well. Confirm that the transactions are categorized correctly and click ‘Categorize’. Wave will then use this updated category when categorizing transactions of this nature in the future.

    You can see this laid out in our Help Center article about auto-categorization here.

    Also, Wave offers a bulk categorization/re-categorization feature. We have a great guide you can check out here.

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