How to create a transfer between two accounts (e.g. categorize a credit card payment)

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  • Lisa_GoughLisa_Gough Member Posts: 3

    Super frustrated. I've put in a trouble ticket yesterday and have not yet heard back. My issue... trying to transfer three transactions from the Payments by Wave account into my checking account. Can anyone help please?

  • BarsinBarsin Administrator Posts: 1,910 admin

    Hey there @Olga_Berg

    So our transfers typically try to emulate real world transactions. I'm just curious if you could expand upon what you're trying to do with a group of transactions? Your transfers will need to be one at a time so that you can link it to the other side of the transaction in Wave.

    Hi @icullumber

    My apologies that your transfers take time to post. Depending on the bank connection the pending transaction might not post until a few hours later. I think the best thing to do in this case is to a) continue creating the transfer and just deleting the posted transaction (since it would be redundant) or b) wait for the posted transaction and classify this transfer.

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    Hey @Lisa_Gough it looks like since you posted this, you received a reply to your email! Thanks for your patience and I'm confident that the Support Specialist handling your email will be happy to help!

  • Lisa_GoughLisa_Gough Member Posts: 3

    Thank you Jordan D. Yes, my issue is being taken care of. Thanks for your reply.

  • VibenViben Member Posts: 8

    I have set up "Shareholder Loan" under "Due to You and Other Business Owners" in Chart of Accounts.
    I have used this account as a regular payment account, for business expenses paid out of my own pocket for later reimbursement by the corporation - much in the same way as a line of credit would be used.
    However, when attempting to record transfers between the corporation's bank account, the Shareholder Loan account does not come up in the menu options. Nor does the Shareholder Loan account show up under Accounting > Transactions. The only option there is the corporation's bank account.
    Please help!

  • rwaldenrwalden Member Posts: 7

    Great explanation for the "gives" money account. But, it doesn't describe what to do with the "receives" money account! Do you repeat this procedure in the "receives" account? Or, do you simply list a deposit in that account from the "gives" account so that it doesn't create a duplicate transfer?

    edited May 6, 2020
  • QaisEQaisE Administrator Posts: 72 admin

    Hi @Viben , thanks for bringing this up! The transfer feature is available for three account types: bank accounts (under Assets > Cash and Bank in Accounting > Chart of Accounts), credit card accounts (in Liabilities & Credit Cards) and Loan accounts (under Loan and Line of Credit in Liabilities & Credit Cards). Because you have your "Shareholder Loan" in the "Due to You and Other Business Owners", it won't be treated as one of those accounts that are available to make transfers with. If you would like to create a loan account to transfer to/from, make sure you create it under the Liabilities and Credit Cards section in the Chart of Accounts page and you should be set for the future.

    Hi @rwalden ! For the account that receives the transfer, typically, Wave will recognize the the transaction that corresponds to the transfer so long as they are part of the same bank. For example, if you categorize a credit card payment from a bank account from the same bank as the credit card, then Wave will recognize the transfer and auto-categorize the credit card payment transaction as the account receiving it. For transactions from different accounts, Wave will basically recognize the account that is receiving the deposit and create a transfer transaction to that account. I hope this makes sense! Please let us know if there is anything we can help clarify for you.

  • rwaldenrwalden Member Posts: 7

    Thanks QaisE! Actually, that doesn't explain what we're seeing. For example, I categorized the following 3rd-party credit card (the "receives" account) "pull" transaction for payment from our bank account (the "gives" account):

     Description - Cardname Payment
     Account - Cardname
     Date - 2019-12-11
     Deposit or Withdrawal - Deposit
     Total Amount - $ XXX.XX
     Category- Transfer from Bankname
    

    When I categorized the transaction as a Transfer, the following double-entry transaction was created in our bank account:

     Description - Created Transfer
     Account - Bankname
     Date - 2019-12-11
     Deposit or Withdrawal - Withdrawal
     Total Amount - $ XXX.XX
     Category - Transfer to Cardname
    

    However, the bank also recorded an entry when the electronic payment was pulled from the bank the next day, for the same amount as the "Created Transfer" amount we just created, as follows:

     Description - Cardname Payment
     Account - Bankname
     Date - 2019-12-12
     Deposit or Withdrawal - Withdrawal
     Total Amount - $ XXX.XX
     Category - Transfer to Cardname
    

    Thus, we now have a duplicate entry in our bank account. And when I tried to categorize the bank's transaction on the 12th as "Transfer", it created another "Created Transfer" transaction, this time in the Credit Card account. So, we have two duplicate entries for the same transaction! There's something we're not doing correctly. Any ideas what we're doing wrong? How are these types of discrepancies typically resolved?

    edited May 8, 2020
  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @rwalden it sounds like you actually created the transfer before both transactions were imported to Wave. Essentially, once both transactions are within the Wave account, then you can categorize it as a transfer and then the backend would suggest the other end of the transfer if it appears in your Wave account. In cases where you look to do the transfer before both transactions appear in Wave, then Wave will create the other end of the transfer to make sure that the debits and credits match up. When Wave creates the other end of the transfer, it would be titled "Created Transfer". In your case, I would recommend deleting the "Created Transfer" transaction, and then reattempt to connect the two transfer transactions following the steps that @QaisE explained. :)

  • rwaldenrwalden Member Posts: 7

    Jordan -
    I'm new to Wave and I'm uploading all my transactions after-the-fact. If I understand what you're saying (and from the screenshots that EmmaP posted in this string on Dec. 2 2019), the "Created Transfer" entry occurs when Wave can't find matching transaction in another account, and it shouldn't matter if they're not the same day. Is that correct? If that's the case, then that explains our problem because I've been uploading and categorizing transactions for one bank/credit card account at a time. And, the "receives" transfer account had not been uploaded when I categorized the "gives" transaction.

    So now that I've created this problem, you're suggesting that I follow the steps outlined by QaisE to correct it. However, I don't understand what he's suggesting that I do. I now have two separately linked entries in each account for the same transaction; a "Transfer To" entry and its "Created Transfer" entry, and a "Transfer From" entry and its "Created Transfer entry. If I delete both "created transfer" transactions, that doesn't "connect" the two Transfer accounts. Please explain how to get myself out of this problem.

    Also, are you suggesting that its better to upload all our transactions at once, before categorizing them? If so, it would have been helpful to know that up front. It might be nice if Wave provided a series of Quick Start instructions, or a chronological list of steps to follow for the most efficient upload, setup and categorization of transactions rather than the current trial and error.

  • BarsinBarsin Administrator Posts: 1,910 admin

    Hey there @rwalden

    It is ideal as Jordan has mentioned to have your transactions uploaded all at once perhaps on a weekly or twice weekly schedule to stay on top of your books. I've seen a lot of users upload them daily but perhaps the other side of the transaction does not get uploaded. Attempting to create a transfer will create that transfer transaction you brought up since it's not linking to the appropriate account.

    To expand upon @QaisE point:

    For transactions from different accounts, Wave will basically recognize the account that is receiving the deposit and create a transfer transaction to that account.

    Essentially if I have two banks, (TD Visa and Chase checking account) and I'm trying to make a transfer from one back to pay off another bank's credit card, this is essentially a movement of equity between banks. This will also create a third transfer transaction. Only when a bank is made under one connection under one bank will it create the two transfer transactions that you see in this article.

  • thee_dempsthee_demps Member Posts: 7

    Why does my account say "from bank credit card or loan" and not "to bank credit card or loan?"

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @thee_demps! Thanks for reaching out here. That would depend on whether you're looking at an income or expense transaction. It's just the direction that the funds are moving!

  • Ronald_Witte1Ronald_Witte1 Member Posts: 1

    No. Doesn't answer my question. I just got a new loan from SBA. $1000 deposit. I categorized it as a Transfer from a newly identified acct. as instructed. And it immediately logs an out going (-) same amount. What?!?

  • TDuvallTDuvall Member Posts: 12

    I entered all of my transfer transactions (for example from ABC Checking to XYZ Checking at the same bank) in WAVE before I categorized any of them. Now I want to categorize them as "transfers" but it is asking for the second account. I am afraid that this will create duplicate transactions. Does anyone know for sure?

  • TDuvallTDuvall Member Posts: 12

    Never mind . . . finally found it . . . "Before categorizing a transfer, both items need to be there ie. the disbursement from one account and the "payment received" (deposit) in the second account. Once you have established that they are then under category select transfer to Bank or Credit Card and your matching transaction should be listed there."

  • GenXtraDesignGenXtraDesign Member Posts: 4

    So confused... even after doing research. I have a credit setup as a liabilty under chart of accounts. I made a transfer to pay my credit card monthly bill and it shows up as an uncategorized debit under transactions. I choose transfer to bank, credit card and now my account balance increases by the debit amount.

    I want the debit in checking to reduce the amount of my liability credit card balance which is linked in Wave. Do I need a different account to transfer to instead of my credit liability account? Arrrrrggghhhh!!!

  • GenXtraDesignGenXtraDesign Member Posts: 4

    Think I got it. I didn't have my CC debits categorized correctly so the balance of my CC account didn't reflect purchases.

  • GenXtraDesignGenXtraDesign Member Posts: 4

    Viewing the balance of All Accounts was messing me up. When I look at individual accounts the numbers are correct. Duh, sorry.

  • CrystalPRBCrystalPRB Member Posts: 3

    I cashed out 3 CDs that no longer exist. When I made the transfer to my checking account, the accounts no longer exist. So now it looks like I have income when it was a transfer. Please advise.

  • JulianPJulianP Administrator Posts: 130 admin

    Hey @CrystalPRB ! Do you mind clarify that for me? Essentially you will need to record a transfer between the two accounts by categorizing the income transaction that receives the transfer as a "Transfer to Bank, Credit Card, or Loan" this will then auto generate a transfer transaction to show the movement of funds. I hope this helps.

  • CrystalPRBCrystalPRB Member Posts: 3

    Thanks for the follow up @JulianP. I retraced my steps for the last time I did this and figured it out.

  • AsutoshAsutosh Member Posts: 6

    What I'm trying to do is categorize cash deposits at the bank. Wave is connecting to my bank and downloading the transactions. I need to categorize many of them, and can figure out most. How do I categorize the cash deposits? If I deposited $480, for instance, I have a green $480, and a red Categorize option.

    There is no option to Transfer TO. It only shows Transfer FROM.

    Do I need to set up Transfer TO? If so, how?

    Am I doing this totally wrong? If so, please help.

  • AsutoshAsutosh Member Posts: 6

    Nothing at all?

  • AlexLAlexL Administrator Posts: 2,085 admin

    Hey @Asutosh , if these deposits are considered income then you can categorize them as such. If you've already recorded the income in another way, you can follow the steps outlined in the Help Center article listed in the very first post of this thread to record money moving from your Cash on Hand account to your bank account.

    If you don't have the other end of the transaction already, Wave will automatically create it for you.

    edited October 14, 2020
  • AsutoshAsutosh Member Posts: 6

    Alex,

    The article states to Transfer To. There is no Transfer To.
    How to I make the money Cash on Hand in the first place? Maybe that's the step I'm missing.

    I just have a transaction in the bank. I've not put it in as Cash on Hand.

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