How to create a transfer from a business bank account to a personal bank account

SystemSystem Posts: 369 admin

imageHow to create a transfer from a business bank account to a personal bank account

To move transactions from your business checking account to your personal savings account:


Go to the Accounting option in the left menu and select Transactions.
Click the right down arrow beside ...

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edited November 25, 2018 in Help Center Discussion
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Comments

  • Annette17Annette17 Member Posts: 12

    This is the exact question I have :( But no answer here :(

  • Daniel32Daniel32 Member Posts: 1

    Same question - without an updated answer... C'mon now we need help!

  • phxwebphxweb Member Posts: 1

    Why is it not possible to make bulk transfers from business to personal ? For a small business or sole trader this is a time consuming process

  • tmurraytmurray Member Posts: 1

    WE NEED A WAY TO BULK TRANSFER BUSINESS TO PERSONAL AND VICE VERSA! PLEASE!

  • SamdSamd Administrator Posts: 557 admin

    Hey @phxweb and @tmurray - we still don't have an ETA for changes to the movement to and from business/personal but I wanted to follow up and give you a bit of an update in terms of priorities. Right now because of the feedback, we're working on two items to alleviate the pain points in the migration from our older system to newer. Reconciliation has taken first priority, and should be wrapping this project up and implementing these improvements soon, at which point we will be focusing on improving this function. I think being able to bulk-move transactions is excellent feedback, especially in terms of sole-proprietorships, and I can assure you our Product Team reviews our community regularly for ideas, suggestions, and places for improvement or development.

  • ritavineritavine Member Posts: 1

    This is driving me crazy. Need to move transactions easily (one click) from personal to business and business to personal

  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @ritavine. I do think that you would find value in my comment on this particular thread; https://community.waveapps.com/discussion/comment/15682#Comment_15682 -- This is a feature that we are currently exploring, and are going to see what works best for us, and the users that need this functionality.

  • stefaniestefanie Member Posts: 2

    Would you re-introduce the move to personal option?

  • FroniterFroniter Member Posts: 1

    I cannot tick a transaction and move it to personal.

  • AlexLAlexL Administrator Posts: 1,906 admin

    @stefanie and @Froniter . We hope that in the future we can bring you a feature that is similar to this but deals with the implications in a better way. In the meantime, if you want to move a transaction to personal, you can categorize it as owner/investment drawing in Wave and recreate it in your personal profile.

  • mbarronmbarron Member Posts: 1

    I understand you now categorize personal expenses as owner/investment drawing in Wave, but how do you recreate it in your personal profile so you can categorize it as groceries, utilities, etc?

  • AlexLAlexL Administrator Posts: 1,906 admin

    Hi @mbarron . This has to be done manually by heading into the Personal profile and recreating the transaction. Can you explain exactly what your workflow is? Are you using your business card/bank account to pay for personal expenses?

    edited October 15, 2019
  • Deon_71Deon_71 Member Posts: 1

    Hi,
    So, I am operating on your new updated version but when I transfer items to personal(owner investment/drawings), as i use same bank account for business, there are no more categories like there used to be...no groceries, child support etc.
    Is there away to migrate all those past categories to the new system or do I have to manually create them as I need them again?
    Thank you

  • ForenzForenz Member Posts: 1

    I'm a charter member of Wave and have been a loyal supporter of the original WaveApp.
    Now these changes in my original setup has disconnected me from the 4 business accounts I manage from one checking account as was appropriate in 2010. I was able to open my transactions and make entry comments about the purchase and then move it to the correct business account. This has been a fabulous way of accounting and creating tax reports at the end of the calendar year.

    With this revision I No longer have a function in which I can select and move the transaction after it is categorized. I can't understand your tutorials as I cannot find any path to continue operating as in the original platform.

    See the Screen Shot from my WaveApp as these files or accounts are still available to me, but I no longer can work with these accounts. Very disappointed and I have no customer service tech phone number available to talk this out? Please help I am dead in the water at this time.

    /Users/roger/Desktop/Screen Shot 2019-10-17 at 5.13.28 PM.png

    Roger Thompson
    [email protected]

  • Ute11Ute11 Member Posts: 4

    Hi,
    I used to be able to move transactions from one single bank account across two Wave Business Accounts as I use one bank account across both businesses. I cannot seem to do this anymore. Has that feature been disabled? It is similar to the issues identified by other below.
    It was a very good feature as it allowed me to reconcile my bank accounts. That is now impossible.
    Please bring that feature back!

  • rombogrombog Member Posts: 1

    Similarly to Ute11, I also have started using one credit card for both personal and business transactions. It would be most useful to be able to mark a transaction as "owner investment/drawings" for the business side, AND THEN ALSO to be able to transfer this same transaction to the personal section, for further categorisation into eg: groceries, hardware etc.

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @Deon_71 !
    In order to get all of your old categories into the new system, you're going to need to create those as you need them. We do have a Help Center article here on what that would look like in the new system.

    Hey @Ute11
    I think you might find some benefit from reading through a comment Jamie had put together with regards to this change. This feature is no longer available in the current build of Wave. I'd really recommend having a second bank account for your second business, but I understand that that could be a fairly large undertaking if you're not keen on doing so.

    Also, @rombog thanks so much for that input! Right now, that's exactly the workflow we'd love for you to be taking when doing this - the only thing as of right now that you'll need to do manually would be to create that transaction in the personal section, in order to work with those categories you'd mentioned.

  • AlexLAlexL Administrator Posts: 1,906 admin

    @Forenz Hey Roger, thanks so much for taking the time to write out this post and express how you're feeling about the upgrade. It can definitely be difficult trying to learn a new product when you've become so accustomed to something else, so I totally understand your frustration here.

    In regards to the transaction transfer functionality that no longer exists, we realized that in the old platform, users were moving transactions between businesses and personal profiles without understanding the accounting implications involved in these moves. For this reason, we did remove this function.

    I noticed you had an ongoing ticket/email with Connor on our Support team. I'd highly encourage you to reach back out to him if what he sent you on moving transactions doesn't make sense. Of course, you can also post any questions here, and I'd be happy to answer them!

  • kevinnelsonkevinnelson Member Posts: 2

    @AlexL And what about the users that did understand the implication of moving transactions? I have a single credit card that I use for both business and personal expenses, the removal of moving transactions to my personal account is creating a massive headache. Am I now supposed to take double the time to recreate the transaction in my personal account and then remove it from the business? There has got to be a better way.

    edited October 30, 2019
  • kaipomokkaipomok Member Posts: 1

    Please add back the transfer between business and personal function. I also use personal credit card for my small CPA practice.

  • AdonisAdonis Member Posts: 15

    This must be a joke right? YOU CANNOT REMOVE A FEATURE THAT PEOPLE IS USING. Also, an UPDATE should not be treated as a new product. If i;m going to learn to use a new product, i can choose the product my self right? You understand that you push people away. This update is not working for me. This and the new Transactions page is too much. Wave is free, we appreciate that, but we also invest time and effort during the years.
    No other option but to move to another product.

  • BarsinBarsin Administrator Posts: 1,777 admin

    Hey there @kaipomok

    Our team is always looking for more ways to improve our system and we are aware that this feature is important to folks. We appreciate you reaching out about this.

    @Adonis I apologize that this update has affected your business with Wave. We needed to migrate users over to the latest version in order to continue to release new features and new updates to all of our users uniformly across our platform. We're continuing to skim over the comments in these threads and through tickets and creating and updating our features as we progress.

  • ColtraneColtrane Member Posts: 1

    I have only recently been migrated over to the new system to experience this issue. However like most people my BAS is due and I need this function and did not have warning I would lose it. I can see that people have been bringing up this issue of transferring transactions between the business and personal profiles since December 2018. Is there nothing Wave has done in all of this time to rectify the issue?

  • AlexLAlexL Administrator Posts: 1,906 admin

    Hey @Coltrane . We're just finishing up on moving the rest of our users over to the new version of Wave. When this is completely finished, we'll be working on revamping some requested features that haven't yet made it to the upgraded version. This is one of the features on the docket.

  • IBDIBD Member Posts: 1

    I used to love WaveApps because it allowed me to manage multiple Real Estate properties easily as separate businesses. I used to love the ability to assign a transaction to the appropriate house. Now, after WaveApps removed the ability to move transactions between business, I just don't know how to operate. This is a complete disaster.

  • BarsinBarsin Administrator Posts: 1,777 admin

    Hey @IBD

    I understand this change can be a bit frustrating especially since this feature has been removed, but as we recognized we needed to work on the accounting side of things to ensure our system is in line with the best bookkeeping practices, we want you to know that our accounting team is continuing to look into the best ways to handle this type of transaction for future updates!

  • EdMEdM Member Posts: 2

    I'm with all the others. I really appreciate Wave and all that you've done and offering this free service. However, you don't "improve" your service by taking away a very much needed and important functionality that users have obviously been heavily using, i.e. the ability to change a transaction from a business to a personal, or other, account. That doesn't make any sense at all. Thank you and Please put it back asap.

  • peedeepeedee Member Posts: 2

    I too am trying to figure out how to transfer an expense and a deposit that is not business income to my personal acct and can not! So what's the work around? I'm not seeing any suggestions here other than "sorry".

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