How do I setup and record transactions between a primary and savings account on Wave Accounting?

Ecologic_adminEcologic_admin Member Posts: 4

Hi, I have a main business account, and a linked savings account. How would i record transactions between these accounts on Wave Accounting. Any assistance here would be highly appreciated! Thanks!

Comments

  • Ecologic_adminEcologic_admin Member Posts: 4

    When I go to the Chart of Accounts page, i cant find any options that match a savings account. So I'm not sure how to note the movement of funds between these accounts in my transactions.

  • CalliePCallieP Administrator Posts: 439 admin

    Hey @Ecologic_admin , thanks for reaching out! Am I right in thinking that you're looking to record a transfer of funds from one account to another? If so, you can do so by first creating the relevant accounts in your Chart of Accounts, and then categorizing your transactions as transfers.

    1. Head to Accounting > Chart of Accounts > Add a new account (top right corner)
    2. Under Account Type, choose the relevant account type (based on your description, it sounds like Asset - Cash & Bank would be right) and name the account what you like.
    3. Repeat this for the other account.
    4. Head to Accounting > Transactions and select or create your income or expense transaction.
    5. On that transaction, categorize it as 'Transfer to a Bank, Credit Card, or Loan', and then choose the other account that the transfer is to.
    6. Click Save, and you'll have an automatically made transfer!

    Learn more here.

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