The Transactions page is where all of your transactions live. You can create, filter, sort, and edit your transactions here. Take a moment to check out everything you can do.
From the Transactions page, you can:
- Filter: Filter by date, category, account, and verified/unverified. This is handy if you are dealing with multiple months or if you are looking for a transaction later.
Filtering by payment account will show you the bank reconciliation option.
- Categorize: You can categorize in bulk. Be sure to use this as often as you can to save time!
- Transfer: When you move money from one account to another, you're making a transfer. This includes credit card payments, loan payments, etc. Check out How to create a transfer.
- Merge: If you see duplicate transactions, for example if you've created invoice payments in Wave and your imported income transactions that show the same payment, you can merge these transactions.
- Delete: Exactly what it says it is!
- Verify: Once you've categorized and checked your transactions, you can verify them. See more about what verifying a transaction does.
The default filter for the transactions page is Unverified.
- Down arrow: At the far right of your transaction is a down arrow. It gives you the option to: split a transaction, move it to categorize elsewhere, make it a bill or invoice payment, and delete.
- Show details: Here, you can associate a transaction with a customer/vendor, record sales taxes, and view the original transaction details.
Remember these two things:
Use bulk categorize as often as you can.
Don't forget to add sales tax (especially if it's recoverable!)
This is the transactions page:
From the Transactions page, you can:
- Filter. There are 6 kinds of filter:
- Access the account filter by clicking the down arrow next to Accounts.
- Filtering by Categories allows you to view transactions of a certain type, like Refunded Invoice Payments, or from a specific Income or Expense Account.
- See all transactions that are Reviewed or Unreviewed with the Status filter.
- Under the Types filter, select Deposit, Withdrawal, or Journal transactions.
- Filter transactions by date range to view all the transactions within a specific timeframe.
- Search transaction descriptions to find a specific check number or customer.
- Add Transactions: click on the Add Income or Add Expense buttons to create a new Withdrawal/Deposit for your business.
- Journal Transaction: This is a special transaction for more complex accounting entries that you cannot complete with a simple transaction (ex: opening balances, long-term asset/liability entries, adjustment entries, sales tax payments/reimbursements, etc) and can be created by clicking the down arrow next to the More button.
- Connecting Your Bank/Upload a Bank Statement: if you want to save some time on your transaction data entry, check out our automated Transaction upload by connecting your bank account to Wave, or export manual statements from your bank and upload them into Wave.
- Categorization: each transaction you enter needs to be categorized. Indicating what type of transaction this is, what account it belongs to, if it's tied to any invoices/bills, etc. will keep your bookkeeping accurate. To categorize a transaction, click on it from your list of transactions and navigate over to the right details view.
- Assigning Sales Taxes: if you are being charged tax for your purchases or charging taxes on your sales, you will want to manually assign taxes to your Wave transactions. To create a new Sales Tax, check out our How to add a sales tax FAQ.
- Split: When you need to assign a transaction to multiple things in your Wave account, you will want to split a transaction.
- Delete: to delete a transaction, click on it, and then on the trashcan icon at the bottom left of the transaction details section.
There are three main takeaways for success with the Transactions page:
- Categorize your Transactions! It's the best way to ensure your books are balanced and everything is accounted for.
- Always Save your work by clicking the Save button in the right details view.
- Don't forget your sales taxes (especially if they are recoverable!)