Handling transfers with the "transfer clearing" classification

hgomezchgomezc Member Posts: 18

I've read the related article regarding this subject> https://support.waveapps.com/hc/en-us/articles/115004964143-Transfers-Transformed

What I've failed to understand is how to clear the "transfer clearing" when I'm manually creating transfers.

Let's suppose that I go to an ATM and withdraw $100 bucks to make some petty cash payments.

Then I go back to wave and create the transaction on the Bank account and categorize it as a transfer to the cash-on-hand account, by doing this, a new money-in transaction gets automatically created on the cash-on-hand account as described in the article.

Then what? On both accounts, the transaction appears with the "Transfer clearing" category. How to do I change it to a "cleared" category? It seems that I'm missing something, but I don't know what it is.

BTW, I now have a bunch of old reviewed transactions categorized as "Transfer Clearing" since the introduction of this "feature."

Please advice, thanks in advance.

Comments

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @hgomezc.

    Can you show me a screenshot of where you're seeing "Transfer Clearing"? If it's just your Account Transaction report for that account, you'll see both sides every transfer going through there. The transfer is done in 2 steps:

    1. Money is taken out of the first account and put into Transfer Clearing.
    2. Money is taken out of Transfer Clearing and into your other bank account.

    That account really only helps to track down one-sided transfers. It isn't a status for a given transfer, but a middle-man account in each transfer transaction. Does that answer your question?

  • hgomezchgomezc Member Posts: 18

    Hi @Alexia,
    I think I understand the idea of the middle-man account, but it seems odd to me to see it permanently in the Accounting -> transactions view.

    Here you have both, the originating and receiving entries.

    Above you have the source account and below, the receiving account.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @hgomezc.

    It absolutely is odd! Can you share a screenshot of one of those transactions expanded? Just so I have more documentation behind around this.

    Are your reports and your account balances still accurate across the board? Looking at the transactions as they are, it seems like everything on that front should still be fine, but I need to makes sure.

  • hgomezchgomezc Member Posts: 18

    Yes, everything is accurate.
    You know what? I think I've found something. Let me do some tests, and I'll get back to you.

  • hgomezchgomezc Member Posts: 18

    Alright, it seems to be a problem with the filtered view.

    When showing All accounts it appears as it should

    But as soon as I filter by account, boom!

  • hgomezchgomezc Member Posts: 18

    BTW the above is easy to reproduce:

    Take two cash and bank accounts and create a manual transfer from one to the other. Save and click to view **all accounts **and then filter to one account only.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Great find, @hgomezc!

    I'm seeing the same when I follow the same steps now. Thanks for digging into this. I'll bring it up on my side and find out why it appears like it does. I can see the logic behind it (since Transfer Clearing is the account where that money is going), but, clearly, it can cause a bit of confusion.

    Thanks again for bringing this to my attention!

  • erasedkerasedk Member Posts: 3

    Hi, @Alexia , this is happening to me as well!

    edited May 22, 2018
  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @erasedk.

    Every Waver will see if they're looking at a transfer from only one account.

    If you want to see it showing "Transfer to" and "Transfer from", you'll need to change the account at the top of the screen to All Accounts. All your numbers are still accurate and going to the right account.

  • grandegrande Member Posts: 1

    I have tried just about every gyration to get rid of this "Transfer Clearing" status. It has shown up on old transactions long-since reconciled. I try to create extra manual accounts and "match" them, but it says a "Transfer can't be matched." Journal Entries just create duplicates (and also can't be matched). I see no "In Transit" account in my pulldown list like I do with "Payments by Wave" where I can go in and create a Journal Entry to clear it out. How can you clear the status then? What is it waiting for?

    This "feature" needs to be redesigned or backed out. I have experience using various software finance management tools, but I'm finding things like this to be extremely frustrating and confusing in Wave. While going to the "All Accounts" view does "clear it up," that's not really a fix.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @grande.

    The "Transfer clearing" account doesn't disappear after a transfer is recorded, it simply acts as a middle account between both sides of a transfer. It's simply a step in the process.

    Can you give me a screenshot of what you're seeing? I'd love to help, but I'm not sure what the issue is.

  • ricksguricksgu Member Posts: 4

    Add me to the confused on this issue. I'm giving Wave a go & this has me stymied.

    Attached is a screenshot of some transactions in the 'all accounts' view - note the 'Transfer clearing' status still shows on all of the transfers.

    Note also that choosing just the checking account, the balance is wrong - it should be 29.04, but it's showing 79.04, as if the last transfer isn't accounted for.

  • ricksguricksgu Member Posts: 4

    Hmm - well, I fixed the 'Write a description' entries to a valid description, and now the Checking account shows the correct balance. Not sure why that should affect it...

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @ricksgu,

    I'm unsure why this would be causing issues, but I'll be sure to investigate. Thank you for bringing this up!

    Are all of those transactions uploaded through bank connections?

  • ricksguricksgu Member Posts: 4

    No, they were entered manually.

    The issue seems to be related to the account selection in the 'Transaction' page, and when the selection is made - when I first brought up the checking account (on re-logging in), the 'Transfer clearing' tags were gone, and they showed the correct 'transferred to' information.

    Then, when I selected the CC account, all the CC entries showed 'Transfer clearing' (other than the starting balance, the only entries in this account were the transfers from the checking account.)

    Then I reselected the checking account, and all of the entries now show 'Transfer clearing', again.

    It should be easy to replicate - it's pretty basic operations: Create a checking account and a CC account and do some transfers from the checking account to the CC account. Then switch the account selections in the 'Transactions' page numerous times to see the issue.

    BTW: this is on the latest Chrome browser.

  • ricksguricksgu Member Posts: 4

    Something else: I reloaded the 'Transactions' page, and then it showed the 'Transfer to' tags, again, like I would expect. Odd.

  • waveisawesomewaveisawesome Member Posts: 10

    My brain is going to booooooom

    Why there are 3 transaction :(. I simply use $ from "Complete Access" to pay off credit card balance

  • JamieDJamieD Administrator Posts: 628 admin

    Hi @waveisawesome . You are seeing 3 separate transactions based on the following:

    1) The transfer of funds coming out of your checking account.
    2) The transfer of funds going into your credit card account.
    3) The Payment that the transfer created on your credit card account (externally).

    With that being said, since you already have the transactions/transfer accounted for, you will just need to make sure that you delete the credit card transaction that created for the payment itself (and make sure the transfer remain on the transaction page).

    Please take a further look at this article here: https://support.waveapps.com/hc/en-us/articles/208621616-How-to-create-a-transfer-between-two-accounts-e-g-categorize-a-credit-card-payment-

  • RRTSRRTS Member Posts: 17

    @grande said:
    I have tried just about every gyration to get rid of this "Transfer Clearing" status.

    "Transfer Clearing" is not a status. It is an account name. It will not change to "Transfer Cleared" or similar no matter how much time has passed. The "Transfer Clearing" account is just a middle-man account to track progress of transfers between liquid accounts.

    edited November 6, 2018
  • nancyindenvernancyindenver Member Posts: 3

    @JamieD @Alexia I am still really confused by this. I had to upload my business credit card statements and I don't think it uploaded the payments I made, just the charges. My business checking reflects payments made to my business card, and I have categorized them as transfers to Business Card. These transfers show up in green on my business card account, with the category "Transfer Clearing", but they don't actually add to my business card balance, so it's way off. Do I need to manually create a deposit in my Business Card? If "Transfer Clearing is its own account why does it show up in Business Card but then not actually impact the balance of Business Card?

    edited January 16, 2019
  • sunnyt7sunnyt7 Member Posts: 20

    This is still an ongoing issue. Here are the steps to reproduce:

    1.) Create two bank accounts. In my setup there was a USD and CAD account, but I'm not sure that part matters.

    2.) Manually create an income transaction in account 1, and a matching expense transaction in account 2. Set both to have the same date.

    3.) Select the category, and choose "Transfer from/to Bank" > match it by selecting the other transaction you made.

    4.) When viewing Transactions for All Accounts, the categorization will work properly. One transaction will say "Transfer from Account 1", and the other "Transfer to Account 2".

    5.) Now, still under Transactions, select one of the accounts you made. It will still show up properly.

    6.) However, now switch to the other account you made. It will say "Transfer Clearing."

    What's interesting is that if you view the transactions of Account 2 first, it will show up properly, and Account 1 will say Transfer Clearing.

    I'm not sure if this error has any impact on your actual books, but it is certainly a graphical error at the minimum.

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