Move transactions from business to personal

Michael VoccolaMichael Voccola Member Posts: 1

I am looking for help moving transactions from my Wave business account to the personal account, very much like what is described in this article:https://blog.waveapps.com/business-vs-personal-no-more-fighting/As is discussed there, Ihave a single-member LLC and am often times making personal purchases with my business accounts which I would like to move to the personal side of Wave.

Unfortunately, I can't figure out how to do it or find instructions on how to do it. Is this possible in the current version of Wave and, if so, how can this be executed?

Comments

  • CharlotteCharlotte Member Posts: 695 admin

    Hi Michael!

    Thanks for posting. The blog post you referenced was a couple of years old - thanks for flagging that for us! It looks like you are using our upgraded accounting platform. At the moment, transferring transactions between business and personal profiles in Wave is not possible here. You can read more about upcoming changes and developments in this article.

  • SophiaSophia Administrator Posts: 147 admin

    Hi @Beanorama sorry for the typo! You can read it here

  • KenpesaKenpesa Member Posts: 3

    Hi Michael, not sure if you found the answer.
    There is an excellent article regarding moving a transaction from business to personal in wave entitled:
    How to Create a Transfer From a Business Bank Account to a Personal Bank Account

    I found it because I was looking for a way to transfer a transaction from business to personal.
    However I am still waiting for an answer regarding bulk moving of transactions, from business to personal.

    Hope this helps if you or someone else is looking for it.

  • JarskyJarsky Member Posts: 1

    When I search the help library, I keep running into articles that I am blocked from reading.

    The following message appears:
    "Oops! Looks like this content is meant for a different version of our accounting application. Head back to the Help Centre home page to search another topic or check out the related articles below."

    The article linked above is among them.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @Jarsky, this is because the article only applies to a version of Wave different to the one you're using. For now, there isn't an easy way to move a transaction from business to personal with the new version of Wave. If you tell me a bit more about the transaction or transactions you'd like to move, I could give you the process to account for it.

    We are working on making the process faster and easier, but that feature isn't quite ready yet. Our engineers are hard at work, however! If you're curious to see what else is coming to Wave, check out this article.

  • ESS AdminESS Admin Member Posts: 6

    Is it still not possible to move a transaction from Personal to Business ? (and vice versa..).

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @ESS Admin.

    We do have a workflow outlined on the Help Center that explains how to do this. You can find it here.

    I understand that this is a bit of work and isn't ideal, but as mentioned in my previous reply, we are working on a better way to do this. This new feature still isn't ready, but it has not been forgotten.

  • ESS AdminESS Admin Member Posts: 6

    Hi @Alexia
    That example deals with the receipt , for something purchased using personal card. I haven't linked receipt yet to the bank transaction. Assume I have imported transactions into to my account from bank.

    If this was my personal bank account (such as Credit Card), and it is under my Personal "business" as Wave makes it, can I move some of these transactions to my business ( in Wave -> Switch business, select your business rather than Personal), even though I have paid for these transactions out of my Personal account. If that explains it ?

    I have under Personal my personal bank account, and CC, and, under my Business other set of accounts. In some (unfortunate) cases I pay using my personal cards for business purchases.

    So that's what I was interested in: how can designate this transaction as belonging to Business. Can it reflect under Business even though the bank account used didn't belong to that Business set of bank accounts?

    With the owner's investment/drawing as per link in the example you gave, will such transactions be visible when I switch to Wave view to my business rather than personal? Does it allow me to generate business accounts report, where those business related expenses went off my Personal bank accounts ? (made from bank or CC registered under my Personal "business" in wave).

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @ESS Admin.

    The only difference between the process explained in the link is the presence of a receipt. In your case, instead of a receipt, you'll have a transaction that was imported from your bank on your personal page.

    • On your personal page, you'll have an expense from your personal bank account categorized to "Owner's Investments/Drawings"
    • On your business page, you'll create an expense with the account "Owner's Investments/Drawings" and categorize it to the appropriate expense category.

    This means that the balance of your personal bank account on your Personal page will go down, but the actual expense will show up on the reports for your business.

    Does that make a bit more sense?

  • cyphix333cyphix333 Member Posts: 34

    I did a search for this and came across this thread so I'm guessing we're still waiting for this functionality - at least an easy way to do it?

    I need to move some transactions from my personal to one of my business accounts - is there any ETA for this feature t6o be available?

    Thanks! :)

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @cyphix333.

    It's still on the way, but we don't have an ETA for it. Here's a workflow from our Help Center to handle paying business expenses with a personal account. It takes a bit of work, but it'll do the job until we can offer a faster way to handle this.

  • cyphix333cyphix333 Member Posts: 34

    Thanks @Alexia - not a major issues, only a couple items need to be moved, they can wait until an easier method is available :)

  • AmyKAmyK Member Posts: 1

    I also am needing to move some business card transactions to my personal account in WAVE. This is something that often happens with solo-preneurs and single-owner LLC. Having an easy way to keep everything separated and defined as Business or personal is pretty essential and this is a feature I hope will be back up and running soon!

  • LilladyvinylLilladyvinyl Member Posts: 9

    Hello, I am very new to WAVE and was finding they system really useful and simple to use until it came to separately business and personal expenses. I currently only use my personal accounts (both debit & credit) for my business expenditure and income, but am finding the separation between business and personal transactions impossible to navigate. But after reading the above posts, I am confused. Is this functionality there or not?

    I read the following article, which seemed simple enough and changed a few transactions from to Owner Investment/Drawings. I even logged off and on again to see if that would refresh the feed, but nothing helped.

    https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal-bank-account

    When I log into my business profile, I see all of my bank & credit accounts linked and the corresponding transactions recorded. When I switch to my personal profile, I can see the same accounts listed in the Bank Account section, so they appear to be linked, but there are no transactions listed. My dashboard is blank and requests that I link a bank account. If I try to link an account on my personal profile, it goes through the motions, but nothing changes.

    I was drawn to WAVE was because it appeared to communicate better with simple non-accounting folks like myself. So I am well aware that this is probably my user error. So if someone could be kind enough to give me a dummy's guide to solving this problem, I would be very very grateful.

    Thanks!

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @Lilladyvinyl,

    The bank accounts connected to your Wave account will each be only associated with one business (or to your personal profile). You can't currently have transactions show in both your business profile and your personal profile. The transactions won't be copied on both sides.

    If you're following the instructions on the second half of that article, you'll categorize personal expenses as "Owner's investments/drawings", then go to your Personal profile. There, create a journal transaction that debits the appropriate expense account and credits "Owner's investments/drawings".

    If you don't need to track the details of personal expenses that way, you can just categorize them as "Owner's investments/drawings" without updating the personal profile at all. It's not a bad idea to keep track of, but that's really up to your preferences and needs.

    Let me know if that helps! If you have any follow-up questions, you're welcome to ask.

    edited October 5, 2018
  • ESS AdminESS Admin Member Posts: 6

    Hi @Alexia,
    Thanks for the help, I haven't done it the way it is possible per your explanation, yet..

    On the other hand, it's been almost a year since this thread got created, so do you know if the feature to 'easy' move transaction from Personal to Business (bank, or receipt, or whatever) is coming out any time soon.. ?

  • ESS AdminESS Admin Member Posts: 6

    >

    • On your personal page, you'll have an expense from your personal bank account categorized to "Owner's Investments/Drawings"
    • On your business page, you'll create an expense with the account "Owner's Investments/Drawings" and categorize it to the appropriate expense category.

    Does it mean you have to manually create the transaction on the business page for this? It won't be moved / appear automatically there .. ?

  • ESS AdminESS Admin Member Posts: 6

    >

    • On your business page, you'll create an expense with the account "Owner's Investments/Drawings" and categorize it to the appropriate expense category.

    Also that doesn't look right, as you can only select Deposit or Withdrawal for a transaction, and you can only select it Category either as Owners Investment / Drawing or and Expense of a type, but not as both, you cannot add sub-type to Owner's Investment/Drawing

  • JessThompsonJessThompson Member Posts: 1

    I'll be quite honest, I am extremely disappointed this does not have a solution yet. Its been well over a year,

  • Ryan_WRyan_W Administrator Posts: 460 admin

    Hey @JessThompson we've actually just recently restored this feature, which you can read about using here. Hope that helps!

  • phikphik Member Posts: 3

    In what way is that "restoring the feature"? That page describes yet another completely different workflow. In fact, it specifically says at the bottom "Marking a transaction as personal won't create a transaction in your personal Wave account."

  • limedaringlimedaring Member Posts: 1

    Agreed with @phik above. As a sole-proprietorship, it was wonderful to be able to categorize business transactions made with my personal checking account — there was no need to create a separate business checking account. Now it seems like Wave expects that your business has to have a separate accounts. You definitely did not restore the previous feature.

  • JustinAJustinA Administrator Posts: 30 admin

    @limedaring and @phik Apologies for the inconvenience this change has caused for you. We're working on enhancements over the coming months that will allow you to connect a personal account to your business without negative impacts on your balance sheet etc.

    Unfortunately in the interim the best solution is likely to manually add the transactions as needed with the account set to owner investment/draw. This reproduces the bookkeeping that used to occur in the business with the move to function. Alternatively, if you have a large number of transactions the best approach may be to download a statement from your bank, delete all but the business expenses, and use Wave Connect to upload to your business in the owner investment/draw account. For more details on Wave connect see here: https://support.waveapps.com/hc/en-us/articles/360020768272-Wave-Connect-Easily-import-and-export-data-with-Wave-s-Google-Sheets-add-on-

    Hopefully this helps,

  • Michael_Drowley_1Michael_Drowley_1 Member Posts: 1

    Dear Waves Admins,
    There is always something that is janky and horrible and just does not work no matter how many people try and tell you it sucks how it is currently. This should be pretty simple to setup. One of the ways I see you could do it is have both the Business and Personal accounts listed in the same main profile and then have a mechanism to choose or categorise which of the accounts are business accounts and which are personal. The current way it is setup is practically useless as there is absolutely no cross pollination between the two. You have almost like a hard wall between the 2 profiles that doesn't make sense at all. Inflows and outflows of personal to business accounts happens much more swiftly and way more often in our technological day and age with apps on our phones to use for transfers and payments. If it was all in the same profile, then as soon as cash flows from an account marked as a business to one marked as personal it would be picked up as drawings and owners equity for a transaction made the opposite way. The stupidest thing for a completely integrated accounting system like this is when you have a transaction that happened between 2 "linked" accounts and then you go to catagorise and it's as if the transaction went into the ether on both the personal and business accounts side. Yet when you go to the personal - "oh look there it is coming in" and then back to the business "oh look, there it is going out." but the actual link between the two and the categorisation is lost and you are unable to reconcile it adequately or have it automated which makes for a janky janky experience all round. Honestly Waves, not having the wherewithal to realise that if you could get your developers to iron out this bug you could literally take over from the likes of Quickbooks and Zero and talking about a feature update for this for over a year makes me wish I had never come across to wave at all.

  • alexlewiszarkosalexlewiszarkos Administrator Posts: 367 admin

    Hi all, I don't know if you saw Mani's post on Feb 21 in the following thread, but it should give you some more insight into what's going on with this. https://community.waveapps.com/discussion/comment/13503# . Feel free to share your feelings on it if you want to discuss it further.

  • MattmeMattme Member Posts: 3

    I had the same problem.

    I opened up each problem receipt in wave transactions on my desktop computer, in my Business account and using the phone wave Receipts App, set to Personal re photographed the receipts from my desktop computer screen and then deleted the business transaction.
    Now the receipt was in my personal account and deleted from business.
    Problem solved all I had to do was go back to personal and set category etc.

    was quick once I had it down..

Sign In or Register to comment.