Moving transactions between personal and business

mushpamensamushpamensa Member Posts: 6

Hi there. I loved the feature in the Classic version where I simply clicked a button and it moved transactions to the right account. I saw the link where you show how to do this differently by categorizing as owner investment/drawing, but this means I have to create a new entry every time instead of it being moved automatically. I am getting a bit overwhelmed by this since I use both accounts back and forth depending on where I have money at the time. The move transaction to personal/business was something I constantly used and now I just seemed to hit a wall with this new system. Please help. And could you please add the feature back?

Comments

  • AnnaMMAnnaMM Member Posts: 8

    I agree! This new change is from the dinosaurs! Why on earth would you go to manually entering this stuff into the system. Who has time to do what they now need to move transactions. I'm just going to import into my business and delete what i dont need - that'll be much faster! I was hoping the new update gave us the option to move multiple items to the personal account and also categorise. But no!

  • DanTDanT Member Posts: 1

    The new update does not allow you to move business transactions to your personal account and categorise them. I can't now track spending eg. personal shopping or entertainment expenses that I've had to draw from the business account when eg. I've been at the counter paying for something via eftpos and I find my personal account has been sucked dry and I have to switch to my business account to pay. Not being able to see these expenses within your personal account after moving them is a complete backwards move, why remove such a arterial and commonplace feature that everyone uses? Please add it back asap! : )

  • Ryan_WRyan_W Administrator Posts: 462 admin

    Hey @DanT if you haven't already come across it, Mani's recently posted a thorough explanation of why and how this workflow was changed in the comment thread of this article from our Help Center. Hope that can give you a bit more context about the shift!

  • Delegatus_NZDelegatus_NZ Member Posts: 0

    Under the Transactions Tab, prior to the September 2019 update, you used to be able to move a transaction to the 'Personal Account' by opening a drop down menu alongside the transaction and selecting 'Move to Personal', and vice versa. This is now gone in the new update; how do we proceed in moving our transactions between accounts now?

  • AlexLAlexL Administrator Posts: 1,569 admin

    Hey @Delegatus_NZ . We've removed this functionality in the new platform due to underlying implications that most users didn't know were affecting their books. Check out the thread here for more information on this decision and the updated workflow for it.

  • Dallas_57Dallas_57 Member Posts: 1

    I am lost without this feature any chance of it being reintroduced when any issues are ironed out?

  • AlexLAlexL Administrator Posts: 1,569 admin

    Hi @Dallas_57 . We'd like to be able to introduce a feature that is similar to what the old one was but with the bookkeeping implications ironed out. This is a plan of the teams although it won't be happening in the near future as we need to make a few other changes before we can move on to this.

  • JamrJamr Member Posts: 22

    I too would like to know how to do this.

  • ConnorMConnorM Member, Administrator Posts: 687 admin

    Hey @powermod and @Jamr

    I'm thinking your best bet within this situation would be to create a journal transaction that would debit the expense account, in your case 'Groceries', and credit your 'Owner Expense/Drawings' account, within your Personal side of your business. Now, as far as having the ability to multi-categorize, it's not something that's possible in Wave currently, though it might not matter if you're just trying to track your personal expenses. Hope that makes sense. Let me know if I can clarify.

  • LbrashearLbrashear Member Posts: 6

    This completely messed me up!

    1) Transferring between: I realize that it was never proper to use the same credit cards for multiple businesses plus personal but as a small sole prop, I did. So, now because of this I have a new Amex for business use only. But the previous Amex, I switched to upload to personal. From now on I will only use it for personal. But now, there is a transaction for starting balance and I cannot check it off without a category. It is not income. It is not an expense. It is just the current balance.

    1.1) I have a Visa that I will sometimes have to use for business and sometimes for personal due to places not accepting Amex. So, I will run into the same issue of not being able to transfer the expenses within Wave.

    1.2) When we categorize as "owner draw" that does not enable us to categorize the expense in the personal tab. I like to see, for example, how much I spend on average on groceries, entertainment, etc.

    2) I have a "Personal" Wave account because I need to track income there for a side thing I do as well as expenses for a property I have, I sometimes make deposits that are not income. For example, recently I bought dinner on a credit card. Friends venmo'd me their shares. I can't check these deposits off because there is no "uncategorized" anymore. I have asked in chat but they seem clueless about what I am talking about. I don't know how to explain it any more simply,

    3) Reconciliation. Humongous mess. If Wave had this functionality from the start, assuming we kept up we would be fine. I was told before to delete things so I'll never reconcile. My business checking is currently off by over $65K!! Credit cards off by over $1k.

    4) If you were going to make changes, I wish you would let us choose cash basis vs accrual.

    I will say that there are some things that I like!

    I like that it recalls or assumes categories that are often correct. I like that I no longer need to delete my deposits and there are two sides to that transaction now. Although deleting did create the mess described above. I like that you added reconciliation but again, that is a cumbersome thing because of the years I've been using Wave and we didn't have it.

  • BarsinABarsinA Administrator Posts: 874 admin

    Hey there @Lbrashear

    Thanks so much for reaching out and I really appreciate your thorough and constructive criticism here. Let me address some points in the same numbering scheme that you created!

    1. A starting balance can usually be marked as equity. Have a look at our Starting Balances Help center article for more info!
      1.1 You should still be able to create the transaction in personal and categorize it. Don't forget you have to manually create the transaction and categorize it. On the personal side, make sure your account is set to owners investment, then you should be able to categorize it in your personal chart of accounts still.
    2. Leaving your transaction as uncategorized is the uncategorized account you mentioned. Otherwise if you pay for an expense: say $60 on dinner, and 5 of your friend venmo'd you $10 each, you'd likely want to categorize their income as a refund for an expense to balance that dinner expense account. See my images below:


      See how my accounts balance in the general ledger when I filter my dinner expense account.
    3. Since you know that your accounts were previously reconciled in the previous version of our platform, it sounds to me like you might benefit from entering a Migration Adjustment Entry to start your books from this present moment moving forward.
    4. Not sure if you've check out our Cash based accounting workarounds but I do appreciate the feedback regardless!

    Again we appreciate this kind of feedback and if you need any further assistance please don't hesitate to reach out again :)

  • LbrashearLbrashear Member Posts: 6

    Thanks @BarsinA

    For #3 I basically forced things over the weekend to reconcile because there was never a reconciliation feature before. I was told to delete deposits. To reconcile, I added in the deposits all the way back to the beginning of the bank account. But now I have double income and I do not know how to categorize these deposits so that my income is correct.

    Also, I now have a "cash in hand" account and can't reconcile that. Those invoice payments were all deposited into the bank account. No cash!

  • ConnorMConnorM Member, Administrator Posts: 687 admin

    Hey @Lbrashear! Can you show us how that double income is appearing in your account? How did adding those deposits all the way back to the beginning of the bank account help your reconciliation? Cash on Hand is an account for recording cash on its way to being deposited. It shouldn't be the final stop for the funds you receive from sales. You can learn more about best practices for using Cash on Hand, and how to set up and reconcile a Petty Cash account here.

  • LbrashearLbrashear Member Posts: 6

    adding the deposits helped reconcile because I was off by those amounts exactly because of how Wave used to do things up until moving us to the new update.

    I now have the actual income which is correct. It includes everything that came through Wave and anything that did not. And then I have uncategorized income which is the deposits that I entered to force reconcile.

    Also, you linked me to an article about petty cash. I do not use cash ever in my business.

    Seems that many but not all of my invoice payments were posted to "cash on hand" which was never accurate. So, i am moving them all to the checking account, deleting the deposits and then I will see where that leaves the checking account. I feel like it will not reconcile. Hoping that 2020 will be smooth sailing.

    edited December 2, 2019
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