Transfers transformed

SystemSystem Posts: 359 admin

imageTransfers transformed

We’ve redesigned the transfer function in Wave’s Transactions page to be more intuitive and straightforward than ever. We’ll take you through all of the changes and improvements below!
Whenever you...

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edited January 21, 2019 in Help Center Discussion
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Comments

  • NeilRNeilR Member Posts: 14

    No you haven't. You've upgraded my account and added complexity with the transfer redesign. I have to account for total income. I have 3rd party vendors who sell on my behalf and use automated online processing systems. I receive Total Sales minus their commissions/fees - these are not invoiced they are automated transfers. Previously it was relatively easy ( I just used the old batch transfer process). So:
    1- Automated Bank transfer showed the net payment to me in transactions list
    2- I recorded the Gross amount as a sale in Undeposited funds.
    3 - I expensed their commission from Undeposited fund as merchant account fees
    3 I recorded an expense for the Net Payment to undeposited account and transferred this amount to Cash at hand.

    This is where it falls over - I now have use the new transfer process which automatically ADDS a new line item for the Net Payment tranfer. I then have to delete either the Automated bank transfer or Wave's newly automatically created transfer transaction (I can't merge them).

    Unless I am missing something you've added an extra step for me to complete and increased the chance of me missing a transaction and double counting.

    edited January 21, 2019
  • Gerard_B1Gerard_B1 Member Posts: 1

    It won't let me merge them. Everything else is great with this, but this one basic thing. Three records for one payment, ugh.

    edited January 26, 2019
  • patmat2350patmat2350 Member Posts: 2

    Brand new user, totally stumped by this, so much headache I may bail out on the product.
    Have 2 accounts, imported data exists in both for a given transfer. Should be easy to link.
    Mark one as "transfer to/from...", and you create a new transaction, "transfer clearing", duplicating the existing transactions. Delete your new transaction, and you undo my categorization. Endless loop ensues for what should be an easy job.

  • shafnitzshafnitz Member Posts: 13

    This is, for lack of a better word, dumb. This is not more intuitive. This is extra, unnecessary steps, making things more complicated than they were. Your steps above don't say anything about what happens when your system doesn't automatically detect the matching transaction. When that happens, you get an extra, created transaction, which makes things messier. Just put the Transfer button back, this isn't better.

  • allenfirthallenfirth Member Posts: 3

    Where has the "select 2 transactions and mark them as a transfer" feature gone? The current and new "create a transfer from 1 transaction" feature is useless to me!!!

  • carthdcarthd Member Posts: 3

    After Step 2 there are no options. I cannot successfully complete this. I think it is bugged.

  • jacobthejonesjacobthejones Member Posts: 1

    I've been categorizing transfers using the old method (select two transfers and mark them as a transfer) for several years. About 8 transfers per week. Around 1000 transfers (or 2000 transactions). With the new update, ALL of them are now marked as transfer clearing. The new UI is nice, but it's useless if it breaks core functionality. I'm going to have to jump ship if this doesn't get fixed ASAP.

  • NeilRNeilR Member Posts: 14

    @patmat2350 said:
    Brand new user, totally stumped by this, so much headache I may bail out on the product.
    Have 2 accounts, imported data exists in both for a given transfer. Should be easy to link.
    Mark one as "transfer to/from...", and you create a new transaction, "transfer clearing", duplicating the existing transactions. Delete your new transaction, and you undo my categorization. Endless loop ensues for what should be an easy job

    So much for the "Improvement'. And no responses from support team either....

  • RattyRatty Member Posts: 1

    This has saddened me. I am a software engineer myself and understand what can happen when changes that seem better from a technical perspective fail miserably from a user perspective. What has happened is that you've violated the POLA (Principle of Least Astonishment) and assumed that the user's mental model of your system matches your own. Please add a setting to allow us to add the old merge transactions method back. Also, not a fan of the opening of multiple web pages now, so if you could add a setting to turn that off too : ). Really I think you guys have (had?) an awesome simple product. In the future please test changes with existing customers, and if you, do so without explaining to them how the new features work.

  • JohnHJohnH Member Posts: 1

    Yeah.... I agree with all the other commenters. This is an absolute failure. I'd recommend rolling back to the old UI, but it won't really matter to because I'm so fed up with the new UI that I'm changing to another accounting platform. Wave is unusable now.

  • CaseyCasey Member Posts: 2

    I am a new user, and while there is much to like about the platform, this transfers thing has me stumped. I purchase $10k of inventory a week and pay with my credit card, and this has my account balances completely wrong. I don't want to bail on it because there is so much to like, except for this. Do I have to go back to writing checks for everything just to use Wave?

  • JaysonWonderJaysonWonder Member Posts: 15

    Ok so what I need to understand is how I can categorize the matched transfer. Transfer clearing is all that shows up. There is no ability to categorize the type of expense. For example if I pay my credit card using my bank account and see the transaction in my bank and in the credit card accounts. I categorize them as per the instructions and it successfully finds the the match, I am simple left with transfer clearing as the category. I should be able to categorize it as Credit Card Payment, Debt Repayment etc. so I can see where my money is going, right?

    Maybe I am missing something but with so many changes I am getting confused. Any thought are appreciated.

  • JamieDJamieD Administrator Posts: 1,145 admin

    @Casey Could you please elaborate a bit more in terms of your workflow in Wave when you are trying to show that you've paid inventory with your credit card? I want to get a stronger idea of what you are trying to accomplish here and what steps you've taken so I can further assist/guide you in the right direction.

    @JaysonWonder In terms of categorizing a credit card payment, I would suggest following this help centre; https://support.waveapps.com/hc/en-us/articles/208621616-How-to-create-a-transfer-between-two-accounts-e-g-categorize-a-credit-card-payment- -- with that said though, when you are making a credit card payment (and the amounts show up in Wave) they should be categorized as a 'Transfer From/Transfer To' instead of just showing Transfer Clearing.. I'd like to look into this a bit further if you would like to send me a DM of a screenshot of your transactions page.

  • CaseyCasey Member Posts: 2

    Hi JamieD. Thanks for your update. I'm still fairly new to wave but I think I have the transfer issue figured out. However, I will say that Wave automatically creating entries for transfers that can't be matched is very confusing, at least at the beginning. You may be helping some users who are novices, or aren't importing everything, but it creates a lot of confusion for higher level users, especially if you have to delete the wave created entries which seems counterintuitive for any accounting program. On top of that, placing these in uncategorized income or uncategorized expenses really skews reporting and creates a lot of frustration when trying to see the results of your efforts.

    In my case I started by importing all of my bank records for 2018, and then imported all of my credit card records for 2018. There were numerous transactions that could not be matched. Also, I frequently make transfers in the same amounts say $5k or $10k at a time, up to 3 per week depending on how much inventory I'm buying. My credit card will post the payment the day it is made, even though it can take up to four days to clear due to weekends or holidays. So there can be quite a date gap between the two sides of the transfer. To correct these problems, I ended up deleting the entries created by Wave and modifying the dates to match, working with bank records and credit card records side by side to make certain each transfer was properly matched. By doing this I was able to solve my problem.

    I did not experience the old transfer matching method that other users reference in this thread, so I don't know how well that worked. I suspect that in trying to build in more functionality and make the program easier, you created more difficulty/work for users who have the greatest number of transactions/transfers to account for.

    Having said that, I find that wave is working for me. It's not perfect, but as someone who found Quickbooks to be bloatware it's refreshing to find a solution that is relatively simpler to use.

  • AlexLAlexL Administrator Posts: 1,759 admin

    Hi @Casey . Really glad you were able to work this one out and I'm super happy to hear that you're enjoying using Wave. Thanks for making your workflow here clear, as this gives us more insight into exactly how our users utilize Wave to make it work best for their business.

  • jonkwilliamsjonkwilliams Member Posts: 3

    Please help. I'm a new user and trying to figure out whether or not I should be able to get rid of the "Transfer clearing" classification once both accounts (Bank paying Credit Card, for instance) know that a transaction has happened. It seems to me that if I perform the classifying in a certain order, and both accounts are aware of the transaction, I don't get "Transfer clearing." But do it another way and both simply report "Transfer Clearing." It seems logical that I should worry about my transfer not yet having "cleared." But if you tell me that the classifications will remain that way through all eternity and I shouldn't be concerned about it, I will accept that. Somewhere, though, from what I've read in your help files, it seems to me I must have a "Transfer Clearing" account that's getting bigger and bigger (or is it?) every day? I don't have time to figure this all out myself. And it looks like others are equally baffled...
    Thanks!

  • AlexLAlexL Administrator Posts: 1,759 admin

    HI @jonkwilliams . If you are appropriately linking your transactions, you shouldn't be seeing a transfer clearing categorization. Make sure that the transactions on both ends of the transfer already exist in your account, are of the same date, are in the appropriate accounts, and are in the same amount. At this point you should be able to categorize one of the transactions as a transfer, and then select the appropriate other end of it when Wave prompts you with the option to link them in the categorization field. If done correctly, there shouldn't be a transfer clearing categorization as they should read as "Transfer to [credit card]" and "Transfer from [bank account]".

  • HimynameisSiHimynameisSi Member Posts: 1

    Hi gang! I'm seeing a few folks posting about credit card transfers but has anyone had the headache with PayPal?
    We're accepting card payments from both our online & bricks and mortar shops via PayPal, so winding up with money in the PayPal that we transfer to our general bank account from time to time in lump sums.
    Currently on the PayPal account I'm seeing -£12000 cuz it keeps on not being able to connect it to the transfer in the general bank account (stuck on that 'Transfer Clearing' category). The EXTRA noodle scratcher is that when I'm hitting the drop down menu for the category, I'm able to see and click on the matching transaction, but then it's just not actually making it happen, and stays stuck on 'Transfer Clearing' as if I'd not clicked it at all.

    Is this a known bug? Am I just being a fool (entirely likely)? And how can I make it so it doesn't look like we're madly in debt every time I log in to Wave.

    Thanks in advance!

  • HempInspectorHempInspector Member Posts: 6

    This is killing me. I don't have time to be sorting out this kind of a technical crap. I told wave that the imported record was a transfer to a CC and then specified the card. Why does my cash flow statement show it as income? My bookkeeper friend has offered me a desktop copy of QB, and I might have to take her up on it.

  • Ryan_WRyan_W Administrator Posts: 462 admin

    Hey @HimynameisSi what you're describing is actually consistent with an issue that our developers are working on resolving; I'm going to send you a private email so I can dig in and confirm if this is the case or not, so check your inbox for my email!

    @HempInspector since you're viewing the cash flow report, it's going to include transfers as income/expense transactions like this since it's a cash-basis accounting report. If you want to have your transfers omitted from your reporting, I recommend using the Profit and Loss report, since this will reflect transactions on an accrual-basis instead. Hope that helps clear it up!

  • ben_29ben_29 Member Posts: 3

    Just got migrated to the new version of Wave last week and I've hit this same issue.

    This isn't better and you've changed something that was working and didn't need fixing. I'm now hitting a problem where none existed before.

    I want to create a transfer from my Director Loan account to my checking account. Previously I just selected the two entries and clicked Transfer, and now I can't do it at all.

    If I try this method:

    Transaction in my checking account > Category > Transfer from Bank, Credit Card, or Loan

    then the Select Account to Create Transfer doesn't include my Director Loan account.... why not?

    And if I try this method:

    Transaction in matching Director Loan account > Category > Transfer to Bank, Credit Card, or Loan > select either the matching transaction or my checking account

    then I get this error message:

    "Transfers can only be made between the following sub groups: Cash and Bank, Money in Transit, Credit Card or Loan and Line of Credit."

    I wish you hadn't caused us all this headache by breaking something that was working just fine.

    How do I resolve this problem and perform a transfer from my Director Loan account to my checking account?

    edited July 1, 2019
  • JamieDJamieD Administrator Posts: 1,145 admin

    @ben_29 For a bit of clarification, could you confirm where the Director Loan account is created in Wave? As in, which section of the Chart of Accounts? Also, are you moving money from your loan account into your checking account? Let me know when you get a chance so I can further investigate for you.

  • GolaGola Member Posts: 1

    Hi,
    I imported amex cc statements via csv. for the first time but on the transaction page, under AMEX account, all the expenses are in green (income) and the payments are in red (expenses). How could I assign each expense to the appropriate expense category?

  • AlexLAlexL Administrator Posts: 1,759 admin

    Hi @Gola . You can click into the transaction and change the "deposit or withdrawal" box to the appropriate category. Deposit would be an income and withdrawal would be an expense.

  • FionafewFionafew Member Posts: 2

    Help.
    I've been running my businesses and personal account in wave for some years. I used to be able to "Move" transactions from my personal to whichever business it should have gone into - either because we paid with the wrong card, or we used "Directors Loan" to pay for it. How do I do this now?
    Thanks,
    Fiona Potts

  • ConnorMConnorM Member, Administrator Posts: 1,175 admin

    Hey @Fionafew! There's a closed out Community thread here that has a pretty solid discussion surrounding what this looks like in the new iteration of Wave, and has several pieces of feedback from our development teams around why we've made this change. I'd recommend reading through that, and reaching back out if there's anything we can clarify.

  • tannertanner Member Posts: 1

    Hey @ConnorM , I'm running into the same issue as @Fionafew , what are the instructions for us to perform this task? The entire latter half of 2019, I still had to use a personal credit card for my business until the business card got issued and I carried forward knowing that WaveApps had the ability to transfer transactions to a different business. What should we be doing instead?

    In the community discussion you linked, @Mani said that the feature to move a transaction in my personal accounts to my business account would have been available three months since February 2019, " We have every intention to allow personal transactions to be categorized against a business bank / credit card account, and business transactions against a personal bank / credit card account on our new Accounting platform. We're not all the way there yet. We only support the former of the two right now, where we assume that you've connected a business bank account to your business.... There are yet other permutations that have similar bookkeeping implications if you connect your personal credit card to your personal Wave account and then "move" the transaction to a business (something we're considering bringing back in a lean way). If this feels like a lot to consider, we agree and that's why we're committed to making it all elegantly simple in the next 3 months or so."

    Now that we're at crunch time to file our taxes, is this feature finally back in play? I don't see any help files on how to perform this function.

  • AlexLAlexL Administrator Posts: 1,759 admin

    Hey @tanner . This function doesn't currently exist. We ran into some difficulties with upgrading all of our accounts to the new accounting software and it put a severe dent in the timeline to add this feature. We're finally nearing the end of the Accounting upgrades, and when we finally reach this goal our Accounting team will be looking at the best way to add this even function in an even more robust way. Thank you for your patience!

  • DTPLLCDTPLLC Member Posts: 1

    Any ETA on when the ability to move transactions from pers>biz will be available? Am I right that the current work around is to manually recreate each transaction within the biz account?

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