A slightly difficult one to explain, so please bear with me…
I set up a Wise Business Account (multi currency). It has both GBP and USD accounts, but only the GBP account is linked to my Crunch (Zero) account.
There was a fee for gaining access to all the Wise services. I paid for this using a personal debit card (from a bank account not linked to Crunch), and this appeared as a credit in my Wise account activity, and that credit was then used to pay for the services, i.e. my Wise transaction history looks like this…
GBP xxx - ‘Added’ - to your GBP account
GBP xxx - ‘Paid’ - for your account details
When I click through to my GBP account in Wise, only the ‘credit’ to my account is listed (the use of that credit to pay for my Wise services isn’t listed, for some reason, even though it is listed under the top-level ‘All Activity’ for my Wise Account).
Therefore, when I connect to my Wise account through the Crunch Open Banking feed, it only pulls through this ‘credit’ transaction.
This means that, when I go to ‘Banking -> Accounts & Cards’ in Crunch, and look at reconciliation, I have ‘1 to match in bank’, i.e. just the credit/‘Added’ transaction mentioned above.
What type of transaction do I need to create in Crunch to reconcile this against? Do I enter it as a ‘Bank Deposit’ in Crunch, because I effectively paid money from another account into my Wise Business Account? It’s not an expense, because, as mentioned, for some reason there is no equivalent payment transaction for the use of this credit to purchase the Wise services.
If I do this, in Crunch it shows as a credit to my balance, even though there is no longer a credit in my Wise account, because clearly it was immediately used to purchase the services.
I think the problem stems from the fact that although my top-level overall account activity in Wise shows both the +GBP and -GBP lines, which balance each other out, when I open the details of the GBP account in Wise (which is the one linked to Crunch), it only shows the +GBP (credit) part of the transaction.
I guess I may need to ask Wise about this as well, but in the meantime I’d still like to know if ‘Bank Deposit’ is the correct type of transaction to record in Crunch for the ‘credit’ part.