Log both receipts AND expenses?

NinjaSkoldNinjaSkold Member Posts: 3

Hi guys

I have been using wave for a month now and it's time to log all my expenses.
I just found the receipts app for IOS yesterday and it's fantastic. Before finding the receipts app I had planned to import my bank statement and log each expense that way. After doing a test receipt I noticed the expense is automatically added to expenses.

So my question is, should I only choose one method or how does this part work?
Either import bank statement (and have no receipts) or log each receipt?
Is there a way to do both ? without duplicating the cost?

Thanks so much for reading.

edited October 24, 2018 in Accounting

Comments

  • NinjaSkoldNinjaSkold Member Posts: 3

    Anybody?

  • CharlotteCharlotte Administrator Posts: 693 admin

    Hi @NinjaSkold thanks so much for reaching out! It's been a busy couple of weeks so we have some catching up to do. You'll see posts become more lively as we go.

    Regarding Sweden's laws, I'm not sure. If I speak to someone else in your area, I'll refer them this way. In general, I think it's a good idea to keep backups for most things related to your finances, though I'm confident you can depend on the stability and availability of Wave.

    As soon as you verify the receipt in Receipts by Wave, an expense transaction will be created and added to your Transactions page.

    When the expense is charged to your credit card or bank account, the expense transaction is once again imported into the Transactions page through the bank connection you've established.

    The difference between the two transactions is that the one created automatically using Receipts by Wave will include an image of the receipt while the transaction that is imported from your bank connection import will NOT have the image attachment.

    To resolve the duplicate issue, you can merge the expense transaction imported from your bank with the expense transaction created by Receipts by Wave. To do this, locate both in your Transactions page, check the boxes to the left of the two matching transactions, and then click 'Merge'.

    In short: you can use either, or merge the duplicates together to resolve the problem.

  • NinjaSkoldNinjaSkold Member Posts: 3

    Perfect thank you for your detailed reply. My bank is not supported so there are no automatic expenses added. I will have to add them manually either way, Was just wondering was i missing something by choosing only one method. But the best choice seems to be log everything through the receipts app. Unless it is a digital receipt.

    Thanks again

  • CharlotteCharlotte Administrator Posts: 693 admin

    Happy to help! Please do let us know if you have any other feedback on the app.

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