How To Do Personal Finance in Wave (Separate Connected Bank Accounts).

Just_MarkJust_Mark Member Posts: 2

Maybe I am confused...

Is Wave meant to keep track of my PERSONAL finances / accounts using separate bank connections? Or is everything clumped together?

For example: I have some personal savings accounts, checking accounts, and stocks. I would like to - if possible - keep things separated so that it is easy for me to see what is personal and what is business related.

I am much of a noob when it comes to accounting so I don't know if that is what I actually SHOULD do or not.

I realize that I can move expenses and income so that they are categorized as personal. But if I have many personal transactions I don't see how it is easy to move a lot of them at one time time from Uncategorized (where they usually start out as) into the appropriate Personal category.

Thanks in advance for any suggestions on how to properly deal with personal income and expenses.

Comments

  • James_HudsonJames_Hudson Administrator Posts: 107 admin

    Hey @Just_Mark , It's good accounting practice in general to keep your business and personal transactions separate, and I think I know where some of the confusion is coming from here!

    The bank connections page in Wave is shared between all profiles in a Wave account, so you'll see all of your connected account when you go to "Banking" > "Bank Connections." You can choose which profile transactions are sent to (business or personal) by clicking the edit button to the right of the connection and selecting the profile you'd like to send transactions to from the dropdown that appears.

    While we're on the subject of business and personal, if you do ever find that you have personal transactions made with a business bank account or vice versa, we've put together this article to help out with the bookkeeping!

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