How to automate bookkeeping with auto-updates in Wave Financial

Authored by: Support.com Tech Pro Team

1. Introduction

How to automate bookkeeping with auto-updates in Wave Financial

2. automate bookkeeping

How to identify transactions that are auto-updatedTo see if there are any auto-updates to your transactions, go to Accounting > Transactions, and click Auto-updates at the top of the page. The dropdown shows if transactions were automatically categorized or merged. Wave updates this feed once a week.

Wave also highlights transactions that were auto-updated on the Transactions page so that you can easily identify them. The auto-updates Wave made are highlighted on a transaction as described below:

• A small purple dot to the left of the Category field means Wave automatically categorized the transaction.
• A transaction row highlighted in purple means Wave automatically merged duplicate transactions into one.
• A transaction can be highlighted in purple and have a purple dot, which means the transaction has been automatically categorized and merged.
• There is an auto-updates icon to the right of transactions that are automatically merged, categorized, or both, in place of the checkmark button that marks a transaction as reviewed. Use this icon to review the accuracy of the transaction.

How to view only the auto-updated transactions

1. In Accounting > Transactions, click on Filter at the top right of the page.
2. Click the Wave auto-updates dropdown.
3. Select the transactions you want to view by clicking the checkbox next to Categorizations or Merges, or select both to see all auto-updated transactions.

The Wave auto-updates filter replaces the Automerge filter. 

How to review auto-updates to your transactions

When you identify a transaction that has been automatically categorized or merged, confirm the transaction is accurate, or make necessary corrections.

1. In Accounting > Transactions scroll to the transaction you want to review.
2. Click on the auto-updates icon to the right of the transaction.

If a transaction has been automatically categorized and merged, you can review the categorization and the merge separately. You can choose which you would like to review first;

• Click Review categorization to confirm or change the category.
• Click Review merge to confirm the merge or unmerge.

If the transaction hasn’t also been automatically categorized, you’ll see Review Automerge instead of Review merge. 

When reviewing the categorization:

• Click Confirm category if the category is correct.
• Click Change category if the category is incorrect, then select a new category, and click Save.

Selecting either of these options removes the purple dot on the transaction. If there are other unreviewed transactions that were categorized to the same category, you will see a View other transactions option to view those transactions. 

When reviewing the merge:

• Select Confirm merge if the merge is correct.
• Click Unmerge if the merge is incorrect.

Selecting either of these options removes the purple highlight on the transaction.