Move money between accounts

When to use this guide

Use this when you moved money from one account to another, want to add a starting balance, or removed money from a balance you no longer track.

Wageso supports:

• Transfer between accounts.
• Deposit.
• Withdraw.

These actions are different from income and expense entries. The goal is to keep account balances accurate, not to describe monthly spending.

Transfers between accounts

Use Transfer when money moves from one account you track to another account you track.

Examples:

• Moving money from Cash to Bank.
• Moving money from a checking account to savings.
• Moving money between accounts in different currencies.

If the accounts use different currencies, record the conversion details carefully. This helps the movement reflect the real amount leaving one account and the real amount arriving in the other.

Deposits

Use Deposit when money enters an account without being a transfer from another tracked account.

Examples:

• Adding starting cash to an account.
• Recording money that was not previously tracked in Assets.
• Increasing an account balance after an external inflow.

If the deposit is also income you want to analyze in Cashflow, make sure your Cashflow entry and account movement do not create confusion in your own review process.

Withdrawals

Use Withdraw when money leaves a tracked account and does not go to another tracked account.

Examples:

• Removing cash from tracked balances.
• Recording an external outflow from an account.
• Correcting an account balance when money is no longer tracked.

Use clear notes or names when the reason may not be obvious later.

Record a movement

1. Pick the right action

   Choose Transfer, Deposit, or Withdraw based on what happened.

2. Enter account and amount details

   Select the correct account or accounts, amount, date, and currency details.

3. Check Assets

   After saving, review account balances in Assets to confirm the movement is reflected correctly.

What to check if balances look wrong

Check whether the movement type was correct, whether the right accounts were selected, whether the amount sign and currency were correct, and whether a transfer should have been a deposit or withdrawal instead.