How to add an expense transaction

SystemSystem Posts: 412 admin

imageHow to add an expense transaction

If you haven't connected your bank account to automatically import your transactions, you can manually add income and expense transactions as they occur. Here's how to add an expense transaction.

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edited February 21, 2019 in Help Center Discussion


  • k16ek16e Member Posts: 2

    e. Deposit or Withdrawal ?
    So, it should be withdrawal, no?

  • SamdSamd Administrator Posts: 557 admin

    Hey @k16e, you're correct! You'd want it listed as a withdrawal.

  • JETAANY_TreasurerJETAANY_Treasurer Member Posts: 1

    Can I do a bulk import of expenses and deposits? Do I only get a chance to enter transactions one by one?

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hi @JETAANY_Treasurer . We have a few different methods for getting your transactions into Wave. You can connect a bank account through the Banking tab so that Wave will import all of your transactions automatically on an ongoing basis. Additionally, you can use Wave Connect to import large groups of transactions into the system as well.

    I'd only recommend adding single transactions when you are making minor changes to your books and you don't have whole bank statements that need to find their way into the system.

  • debpukudebpuku Member Posts: 1

    Hi, I'm not seeing how to make an expense recurring, such as a monthly subscription or payment. Can you point me to the instructions? Thank you!

  • James_HudsonJames_Hudson Administrator Posts: 121 admin

    Hey @debpuku, there isn't a specific feature in the Transactions page that will duplicate expenses for you on a recurring basis, but if you choose to connect your bank account or upload transactions via bank statement to Wave, all of your transactions will be captured!

    There's also the option to duplicate bills within the Bills page of the Purchases section. Clicking the arrow to the right of a bill will allow you to duplicate it to save you a bit of time, and prevent you from having to create a new bill from scratch with each one you receive.

  • lprowenalprowena Member Posts: 3
    how do i know which is the correct account to choose?
  • SamdSamd Administrator Posts: 557 admin

    Hey @lprowena - that part is totally up to you! Wave has some presets, but you can head over to Accounting > Transactions, and generate expense categories that suit your business perfectly. This will also depend on how minutely or how broadly you want to track your expenses, but, if you're concerned with your setup I'd always advise reaching out to an accountant. On Support we can speak to the operational side of Wave, but when it comes to exactly which expense accounts you need, this would be better left to those who know your business specifically.

    That being said, I'm not saying this to dissuade you from asking questions, and if you're unsure, feel free to post here! We can always let you know if it's outside of what we can answer!

  • TimiTimi Member Posts: 1
    Hi there!! Quick one; Are all expenses to be posted as withdrawal? The deposit appearing there is a little confusing
  • AlexLAlexL Administrator Posts: 2,869 admin

    Hi @Timi . Yep, correct! Changing your expense transaction from a deposit to a withdrawal will subsequently change it to an Income transaction.

  • Malfred_1950Malfred_1950 Member Posts: 3

    Hi how can I show the tax I paid on the expense? This has to be reported for my quarterly GST report. Thanks

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    Hi @Malfred_1950! If you are looking to add a Sales Tax in Wave, then you'll likely first want to take a look at this guide:

    Once you have created the Sales Tax, you can then add it to transactions through the Transactions page, and looking for the sales tax option within the transaction details window. The screenshot below should highlight where you can find it:

  • Malfred_1950Malfred_1950 Member Posts: 3
    Thanks Jordan. I had followed all those steps but the tax code wasn't showing in the drop down menu. Thankfully since I wrote it is now showing and all is good. Appreciate your help.
  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @Malfred_1950 Glad to hear that it resolved itself :)

  • myTechnemyTechne Member Posts: 2

    Hey Wave! I was wondering how to enter prepaid expense transactions? I.e., the initial cash outflow (CR) + prepaid expense (DB). Then how do I adjust each month to credit the prepaid expense and debit the expense?

    Also, is there a way to do this automatically? At YE, I will have used 8/12 of the prepaid expense.


  • Rui_FarinhaRui_Farinha Member Posts: 5

    Hi, when we try to manually add an expense in the transactions, it assumes as default currency USD, but in the settings we have it as EUR.

    How can we change the transactions to also show EUR as default?


  • AkshayAkshay Member Posts: 4

    Hi ..When to Make Bill entry during expenses ( Cash ) or bank entry

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @Rui_Farinha. Just thought I would confirm with you here. Is your business currency in EUR or USD? If you could send me a screenshot of the currency under the business details, that would be super appreciated -- but also, perhaps the transactions that seems to be automatically changing.

    @Akshay Could you please be a little more specific in your question here? If you are creating a bill in Wave and then marking it as paid, it will automatically create that expense transaction for you. However, you can also create the expense transaction and categorize it as a payment sent for bill (then select the bill from the drop down).

  • Rui_FarinhaRui_Farinha Member Posts: 5

    Hey @JamieD , our default currency is EUR, please see the image.

    Pardon if I was not clear, it is not as the transactions change currency, but everytime we add a new one, it assumes by default the currency is USD and we need to go to "show details" and change it to EUR there.

    Appreciate your help.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey @Rui_Farinha

    I wonder if the issue might have to do with the default account in your chart of accounts.

    Let's say when you create a transaction, it defaults to a checking account (or whichever account you have set) is this account in your chart of accounts the proper currency? To find out:

    1. Create a new expense
    2. Find out which account it's defaulting to
    3. Head to your Account > Chart of Accounts
    4. Find the said account and see whether it's in the proper currency.

    Reach out and let us know whether the issue persists.

  • Rui_FarinhaRui_Farinha Member Posts: 5

    Hey @BarsinA ,

    I tried to follow the steps.

    Unless I am missing something when creating an expense, the only categories that show the currency are for Liability/Credit Card.

    All the categories under Expense do not show the currency option.

    Look forward to hear from you.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey again @Rui_Farinha

    I think since this may be a particular issue with your account it may be ideal to have one of our team members investigate it a bit further. If you file a ticket with our support staff, and give as much info as possible including screenshots it gives our team a bit more insight into your account and the nature of what might be happening. Give us an email, and one of our support staff will get back to you as soon as possible! Thanks.

  • Rui_FarinhaRui_Farinha Member Posts: 5

    Thank you @BarsinA ,

    I have submit a request, I hope they are able to shed some light.

    Thank you for your efforts.

  • pa_mccarthypa_mccarthy Member Posts: 3

    When I add an expense, I would like to be able to credit accounts payable, but in the pull down menu for Accounts, I'm not given the option of selecting Accounts Payable. Is there a workaround for this?

  • ChelseaKChelseaK Administrator Posts: 261 admin

    @pa_mccarthy Ah, for a regular expense, you would just want to categorize it under a regular expense account. If you'd like to credit an account payable account (to reflect the expense is a liability which hasn't happened but is going to happen), you can use a journal transaction to credit the liability account. To do this, head to Accounting > Chart of Accounts > More actions > Add a journal transaction.

    Or, you could create a Bill in Wave (but not mark it as paid). This would be a liability (it would exist under as an Account Payable) until the bill is marked as paid.

  • Didos1Didos1 Member Posts: 4

    This is not working with me I can not add expenses , Income or new journal.

  • EmmaPEmmaP Administrator Posts: 639 admin

    Hey @Didos1, sorry to hear you are having some issues! Are you able to provide a little more detail about this? Are you viewing any error messages when trying to add or create transactions? If you have any screenshots you can share that won't compromise your account details, we would be happy to take a look!

  • LilianaLiliana Member Posts: 6

    I’m having trouble to add expenses in the App . I took pictures of the receipts and shows offline

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hi @Liliana . Are you on the iOS app or Android? Can you try logging in and out of the app to see if that works for you?

  • rmcnairrmcnair Member Posts: 1

    This is what I have been doing and it adds the amount rather than deducting it! So what have I done wrong?

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