Move Transactions Between Accounts

eyrobinsoneyrobinson Member Posts: 1

How do I move transactions between businesses?

Comments

  • SamdSamd Administrator Posts: 560 admin

    Hey @eyrobinson - this feature was available in our older system of Wave, but it was removed from our current iteration, though this is something we're looking at right now.

    For full transparency, we didn't remove it to take away functionality but rather to correct an oversight on our part in regards to how the function appeared to work, as opposed to how it was actually working. So, what we did not make clear in the older system was that moving a transaction from one business to another was not simply picking up and dropping a transaction that had been uploaded incorrectly, but rather we were running it through equity to show that this was money for a specific purchase came from another business, or vice versa. This of course has implications for reporting however that weren't highlighted in the old workflow.

    In the new system, how you'd want to move transactions between businesses would depend on the reason. If you are importing all of your transactions into one business, and then dividing them up and relocating them (if you use one card for multiple businesses lets say), then the best option would be to upload statements to each business, and delete the transactions which do not directly pertain to the current business you're working on.

    If however you are moving transactions because you made an expense purchase in one business, but for another, you'd want to track for this as you would a reimbursement as you would as if you were reimbursing a business you did not own.

    We've received a lot of feedback with regard to the older functionality however, and again this is something we are revisiting. Our Product Team is currently re-working the reconciliation process, but in terms of priority, tackling ways to make this process better is one of our top priorities.

  • SammyWaveSammyWave Member Posts: 0

    Yes, this functionality was quite useful in prior versions. While the new interface is faster, it's sad to see that it has been stripped of some essential functionality including this, and the simple ability to sort transactions based on any column's criteria other than date, such as transaction amount.

  • ralphonzralphonz Member Posts: 2

    Well I don't know what to do without this now!

    My personal profile was connected to my back account, I could sort through it and send business transactions to my business profile. However, I'm totally stumped now I can't do that. It's made it much harder and way more time consuming to use wave, coupled with the fact I'm in the UK and I won't be able to have my bank account connected soon it looks like this is goodbye wave.

    Sorry to say guys, I thought you had a really great product with wave but the last few months have been nothing but an enormous disappointment for me, creating a lot of extra work. Like all small business owners the last thing I need is extra work.

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @SammyWave @ralphonz We really empathize with this new way of doing things as being an adjustment and an extra step. There is a way to account for these transactions though! You can now categorize personal transactions right from your business transactions page and vice versa. You can head to Accounting > Transactions and select deposit from personal and then you can categorize the transaction as Owner Investment/Drawing depending on whether it's an income or an expense. This Help Centre article breaks down every step in detail: https://support.waveapps.com/hc/en-us/articles/360020168332-An-easier-way-to-manage-personal-transactions

    For ease, we have made sure that it's possible to mark transactions as personal in bulk! To do this, select all relevant transactions, click Edit > Change Category > choose the right Equity account > click Apply.

    This article also walks you through handling business expenses from a personal bank account (although it's the same idea as we already discussed): https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal-bank-account

    As @Barsin mentioned in the bottom of the Help Centre Article, "In the past the method we had instated (moving your transaction from business to personal) was incorrect accounting, not on the user level, but on the platform level. Doing this method in your old account did not show this transaction as equity movement. If you were to go to your reports you'd see that this equity transaction did not actually occur as an equity transaction." It's true that this new way of doing things is really a move toward more accurate bookkeeping. The intention was to make bookkeeping easier as well so do let us know if there is anything we can support you with when it comes to categorizing these transactions as Owner Investment/Drawing!

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @SammyWave @ralphonz We do empathize with the new way of doing things as being an adjustment and an extra step! We do have an alternative for dealing with personal transactions in the new version of the software though! All you need to do is categorize these transactions as Owner Investment/Drawing. Head to Accounting > Transactions and locate the transaction you want to indicate as personal. In the transaction detail view, select Deposit from Personal for income transactions or Personal Expense or Withdrawal for expense transactions. Then, categorize these transactions as Owner Investment/Drawing. You can get the step-by-step guide for this process in the Help Centre article here: https://support.waveapps.com/hc/en-us/articles/360020168332-An-easier-way-to-manage-personal-transactions

    We also made sure you can mark transactions as personal in bulk! You can select all relevant transactions, Click Edit > Change Category > choose the right Equity account and then click apply.

    We also have an article detailing how to categorize personal transactions as business transactions (although it follows the same logic as above). This process is detailed here: https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal-bank-account

    If you notice at the bottom of the first Help Centre article, Barsin mentions "...in the past the method we had instated (moving your transaction from business to personal) was incorrect accounting, not on the user level, but on the platform level. Doing this method in your old account did not show this transaction as equity movement. If you were to go to your reports you'd see that this equity transaction did not actually occur as an equity transaction." It's true that this really a move towards more accurate bookkeeping! Our goal is to make this adjustment as smooth as possible so let us know if we can support you in the process of categorizing your personal transactions as Owner Investment/Drawing!

  • beaudrdbeaudrd Member Posts: 2

    Very sad to see the loss of this functionality. Picking up a transaction that was uploaded incorrectly into one business and dropping it into another is EXACTLY what I want to be able to do again. I don't need to account for this sort of transaction as owner drawings. Just want to properly categorize an expense. Can you bring this back please? My accounting is on hold until you do - for a while, at least. I really don't want to switch from WAVE!

  • BarsinABarsinA Administrator Posts: 694 admin

    Hey there @beaudrd
    I just want to say that our accounting team has heard a lot of community members desire for this and it has been discussed amongst the product team. I apologize that I cannot necessarily give you any timelines or promises on the completion of this, but I can assure you we've heard the many voices asking for this feature.

  • kvogkvog Member Posts: 4

    Hi, wondering if there is any update to this feature being added back in? It's a very important feature to me and I am at a loss of how to go about my book-keeping since it has been removed. I relied very heavily on moving both business-business transactions as well as personal-business and business to personal. I know some of that might not be 100% proper book-keeping but for small-business' it was very useful and exactly the reason why I first began using Wave after trying our many other options that did not work for me. Unfortunately until this feature is added back in Wave is now another option that does not work for me. Thanks for any updates on when we might see this again.

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