Move transactions from Personal to Business, unable to merge it with business receipt

chj915chj915 Member Posts: 40 ✭✭

WAVE provides this feature that if I have both Personal and Business accounts, I can move a transaction from my Personal account into Business account. This transaction will become a Shareholder Loan under my business. However, there is a thing I wish it can be improved or changed.

Suppose that I made a purchase for business trip. This purchase is a flight ticket. I want to take advantage of my personal credit card for some reward points. This purchase is $500 CAD. After a few days, this transaction showed up on my personal credit card account. I want to log this transaction under my business as Shareholder Loan. From WAVE personal account transactions page, I select the $500 transaction record and move it to Business account. Now, I have this transaction under my business account but I also want to attach a purchase payment record (receipt). If I upload this receipt to my business account Receipt section and confirm this receipt, it generates a new transaction. Naturally, I want to merge the transaction (moved from personal) with the transaction from my receipt. However, this is currently not possible.

If possible, I hope WAVE and allow to merge the transactions together so I can keep the receipt under my business account.

edited August 30, 2018 in Wave Features

Comments

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Hi, @chj915.

    Can you show me what happens when you do try to merge both transactions? If they both have the same payment account and amount, you should be able to select both and merge them by clicking the merge button, on the top part of the screen.

  • chj915chj915 Member Posts: 40 ✭✭

    @Alexia
    The transaction moved from Personal account is on my personal credit card - which does not exist for my Business account. The merge will most likely exam the Category and Account, thus it won't work that way. The error message was very generic, nothing specific.

    If I upload my receipt to my Personal account receipt section, the merge will probably work but that would just be my personal transaction and the receipt will not show up in my Business account.

    I guess the discrepancy is: even if the transactions occurred on my Personal account, how would I track the receipt under Business?

    For example, I made that $500 purchase on my personal credit card, where should I upload this receipt to? Personal or Business receipt section?

    If I uploaded it to Personal account, sure that I can merge the receipt transaction with the credit card transaction (in my personal account page). Then I can move this transaction to my Business account. But in that case, my Business account won't have any receipt for this transaction. I want to keep a copy of the receipt under my Business account, separating from my personal.

  • chj915chj915 Member Posts: 40 ✭✭

    Maybe I should ask the question in this way:

    Assume that I have Scotia Bank VISA card account for my Personal account. And this credit card account is not listed in my Business account. One credit card cannot be under both Personal and Business.

    I made a purchase of $500 CAD on this VISA card and I have the receipt. This transaction will show up on my Personal account after a few days. Normally, I should upload this receipt of $500 CAD to my Personal account, and merge the receipt transaction with the downloaded transaction record from Bank Sync.

    I can move that transaction from my Personal account to Business. But in that case, my Business account won't have that Receipt record at all. If I ever need to trace down that transaction, I will have to dig into my Personal account and look for that receipt.

    The true question here could be :
    How would I move that transaction from Personal to Business, upload this receipt to my Business account, and then link the receipt transaction with that "moved" transaction?

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Hi, @chj915.

    I don't think there's a merge to do on the side of your business. I believe the simplest way to handle this is to upload a copy of the receipt to your business in Wave, and choose "Owner's Investments/drawings" as the payments account. That'll keep a copy of the receipt on the side of your business, as well as an entry on the appropriate expense account in your reports.

    For your personal account, you can upload your receipt and mark it as paid with the right account and then merge the receipt's transaction with the one from your bank connection. Go find that transaction in your personal Transactions page and re-categorize it to Owner's Investment /Drawings.

    This should account for everything, and allow for copies of the receipt on both sides of your Wave account.

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