Setting Up Investment Accounts (Acorns, Digit, etc)

ViolanationViolanation Member Posts: 2

Hello all,

I was wondering what the process would be if I’d like to setup my ETF investment accounts on my wave bookeeping accounts. Basically amounts are debited via my checking account and then ported over to an investment account. Since this isn’t really a withdrawal and more of a deposit into another account, how should i go about allocating this.

For example, my account with DIGIT doen’t Gain interest unlike my acorns and stash accounts. So my digit account is more like another savings account.

However, my acorns and stash accounts do gain interest, but these amounts that are deposited into the investment accounts are taken from my checking account and show up in my transactions logs on wave.

Any help would be very much appreciated :)

Comments

  • Ryan_WRyan_W Administrator Posts: 462 admin

    Hey @Violanation I think using the transfer tool would be sufficient for accounting for these funds moving between your chequing and investment accounts. If there's something I'm missing here, please don't hesitate to elaborate!

  • ViolanationViolanation Member Posts: 2
    I don’t need to set it up as a transfer. Basically money is debited from my account to external accounts for acorns, etc so it’s not really me losing money. More so putting it somewhere else.

    I was wondering if there was a way to set up a category that takes this into account. I want to keep my books balanced so I was just wondering why there isn’t an area that allows you to track where you put money for investing apps and such.
  • JamieDJamieD Administrator Posts: 1,114 admin

    @Violanation. Investment tracking is not something that's currently offered in Wave at the current moment. This could be something that we implement or change in the future, but full transparency -- we don't have any plans to have this added any time soon (or have had any conversations about it either). I would be happy to pass along why you think this would bring value to your experience with Wave and how it could improve the workflow for your business if you would like to share it with me though.

  • scameronscameron Member Posts: 1

    I would be interested in this functionality as well. The idea is that the entire portfolio of accounts (bank & investment) would be balanced through Wave. This would make life much easier for me.

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