How to add an expense transaction

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  • Jennifer_Gore1Jennifer_Gore1 Member Posts: 1

    i did all of this and my business account is being credited for the expenses

  • MillyMilly Member Posts: 8

    I can't find the account I want to affect by the transaction. It is in my chart of accounts but does not come up as an option when I am trying to post the transaction. I have looked under'more options'. In fact I think I have looked everywhere, I can see all the other accounts in my CoA except the one I want ...

  • Grams_2015_Grams_2015_ Member Posts: 6

    Thx again!

  • LMJLMJ Member Posts: 1

    How do I create an expense that is not withdrawn from an account? I get a statement that shows income - ex $5000, and expense - ex $1000, and receive a check for $4000. How do I record that $1000 as an expense?

  • micmic Member Posts: 1

    How to record tips(meal,taxi etc) here? The total amount=basic amount+tax+tips.

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @Jennifer_Gore1, can you let me know what you're seeing as far as your business account being credited for expenses? Would love to see what you're seeing, if you could provide a screenshot!

    @Milly What kind of account is it that you're looking for? Do you have the ability to provide screenshots of the transaction you're looking to categorize?

    @Grams_2015_ Happy to help!

    @LMJ Great question! What kind of statement are you receiving that shows that income? Would love to know what is happening with those funds so that we can best assist you here.

    @mic You should be able to do this by splitting the transaction, but what is your end goal? Are you trying to have your totals match a bank statement?

  • LilianaLiliana Member Posts: 3

    I spent all day long recording expenses manually but they didn't show. it shows only the ones that i upload by the app. Help! do I need to refresh the page every transaction or how?

    edited March 16, 2020
  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @Liliana, I'm sorry to hear that! How had you been recording those expenses? Are you not seeing those transactions from within your Accounting > Transactions page?

  • covflyercovflyer Member Posts: 14

    Help! When I enter a purchase transaction it goes through as a withdrawal, but when I try to reconcile my bank statement it has suddenly become a credit, so my difference is twice the Wave balance, if that makes sense?

  • covflyercovflyer Member Posts: 14

    @covflyer said:
    Help! When I enter a purchase transaction it goes through as a withdrawal, but when I try to reconcile my bank statement it has suddenly become a credit, so my difference is twice the Wave balance, if that makes sense?

    I meant to say also that when I import my transactions from my bank statement, they go into the debit column which is where I believe they belong!

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @covflyer! I'm sorry to hear that! Can you take some screenshots of what you're seeing here? I'd love to try to clarify as best as I can!

  • Deisy_Flores123Deisy_Flores123 Member Posts: 2
    Hello I have the same problem as @covflyer because when it in withdrawal it adds money when it's supposed to take away and it goes into the credit column not debit.
  • Deisy_Flores123Deisy_Flores123 Member Posts: 2
    Hello is there a way to put beginning balance and ending balance because it only says ending balance?
  • JamieDJamieD Administrator Posts: 1,145 admin

    Hey @Deisy_Flores123. If possible, could you please include a screenshot of the exact problem you're encountering after entering in an expense transaction? Any example will be helpful to determine what the route of the issue is here.

  • covflyercovflyer Member Posts: 14

    Here you go

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @covflyer From your screenshot, it seems as though you are referring to start and end balances for the reconciliation feature in Wave. Reconciliations in Wave work based off of the period that you enter. Ideally, you would be reconciling the periods in order most commonly on a monthly basis. This means that the ending balance of the period before, will be pulled into your reconciliation as the starting balance and then you would enter your statement closing balance in order to match the amounts in Wave. If the starting balance is incorrect, then that's a signal that you likely have an error in the previous months. I hope that this helps!

  • DwenianDwenian Member Posts: 3

    How do I define the currency in the "Total Amount" box? I used to be able to select the currency of the amount & no idea what I'm to do now

  • CalliePCallieP Administrator Posts: 439 admin

    Hi @Dwenian , thanks for reaching out. It's true that in our previous accounting system, impacting how foreign currency looked in your account was different. In our current system, the currency is defined by the Account field in the transaction. Learn more here! https://support.waveapps.com/hc/en-us/articles/360035495711-Frequently-Asked-Questions-about-Foreign-Currency

  • EnzedEnzed Member Posts: 2

    good day,
    how can i record investment made for the business on wave?

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @Enzed! Thanks for reaching out here. Can you explain a little further what you're trying to record? If you, as the owner, have made an investment into the company, you can categorize that income transaction as 'Owner's Investment/Drawings', but I'd love to know a little more about what you're trying to do in Wave!

  • EnzedEnzed Member Posts: 2
    @ConnorM, thanks for the response. I mean if the business makes investments like the purchase of treasury bills or bonds. How is that recorded
  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    @Enzed Thank you for that further clarification! This sounds like something you might want to record against an 'Other Long-Term Asset' account, though the specific bookkeeping of this type of investment may be best suited for a CPA to give you a hand with! :)

  • DioneDione Member Posts: 1

    I spent several hours entering transactions last night and saved each one. I went to change screens to the report page and the application stalled. The next thing I know, all of the data I had just entered was gone. Nothing saved. I was devastated. Starting over today but is there something I could have done to prevent that from happening or how do I safeguard that in the future?

  • DragonStuDragonStu Member Posts: 1

    I cant seem to add a category, I have Public Liability Insurance which doesn't fit the options listed. How do I account for this?

  • ArepoArepo Member Posts: 1

    Me too. How do I record pre-op expenses, esp. govt exps/fee from setting up Co., ect..

  • AlexLAlexL Administrator Posts: 1,946 admin

    Hi @Dione , sorry for the late reply here. This is really odd. Our software is cloud software so I'm wondering if something happened with your internet connection while you were working?

    Hi @DragonStu where is this account/category located in your Chart of Accounts and what's the transaction that you're trying to apply it to? Explaining your real world workflow here would help shed some light on the situation.

    Hey @Arepo , this honestly depends on a lot of different factors including where the money is coming from and your business structure. Please reach out to your CPA or accountant who should be able to provide you with more details on the best way to account for this in Wave.

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