Connected Credit Card Payments From Connected Bank account

PDA1964PDA1964 Member Posts: 1

I have my biz CC and my biz bank account connected to Wave. When I make a purchase using the CC the individual purchases are automatically imported where I can adjust and verify them.
Then I pay the CC from my bank account. This is automatically imported as an expense. It's not really an expense, though, as the expense was recorded when I imported the CC transactions. I've been deleting these imported transactions (payments from Bank Account to CC), but that just gets the Wave balances and the actual balances out of sync.
What's the correct way to handle that situation?

edited January 28, 2019 in Accounting

Comments

  • MikegMikeg Member Posts: 315 ✭✭✭

    The payment of the CC from the checking account is usually done as a transfer to the liability (Credit Card). That way you are syncing the balance of the CC to the actual liability because you have paid down the debt from your checking.

  • jwalter007jwalter007 Member Posts: 8

    I struggle with the same thing.
    I end up with 2 transactions for the same payment. One is the withdrawal from my checking account. The other is a payment to the credit card. I could assign the withdrawal from checking as a transfer but what do I do with the other. Shouldn't I be able to click on both and they just cancel each other out?
    See attached screenshot for ref

  • MikegMikeg Member Posts: 315 ✭✭✭

    jwalter007,
    If you select the 28th (black) and click on drop down/transfer/select account to transfer to, it typically will recognize the one below it as the offset. If not, delete the one in green and do a transfer to with the Jan 28th transaction. What's odd is that the payment was received before the disbursement.

  • jwalter007jwalter007 Member Posts: 8

    Great. Now they are auto cancelling each other. Not sure why that wasnt working before.
    Thanks

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