How to create a transfer between two accounts (e.g. categorize a credit card payment)

In Wave, when you move money from one bank account to another, you need to record a transfer. This makes sure your account balances are correct, and that you won't mistake a simple movement between your accounts as income (or an expense)!

When you make a credit card or loan payment; when you move money from one bank account (e.g. checking) to another bank account (e.g. savings); and when you deposit cash into your bank account, one account "gives" money and the other "receives" money. These two transactions come together to form a transfer.

To create a transfer:

  1. Click on Accounting on the left side of your screen and select Transactions.
  2. Locate one of the transactions associated with this transfer and click the dropdown arrow to the right to open up the transaction details.
  3. Navigate to the Category window and click on the drop-down.
  4. Select Transfer to Bank, Credit Card, or Loan.
  5. Locate the line matching the transaction for the other side of this transfer. 
  6. Click Save and you will notice that the transactions will change from Uncategorized to Transfer To/Transfer From.

You're done! Your reports will correctly record this as a transfer of funds, rather than an uncategorized income or expense. The two transactions must be located in different payment accounts so you can show the flow of money from one account to the another. Read how to create transfers between accounts with different currencies here.

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