Recording A/P with automatic bank download
Deb2021
Member Posts: 2
How do your record a bill payment when you automatically download your bank transactions. If you "pay bill", then you have two payments in your bank - one from the bill payment and another with the downloaded bank transaction. Is there a way to clear the payable with the entry from the bank download? Or do you have to do a bill payment and then delete the extra bank transaction?
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Hi @Deb2021 , when it comes to recording bills payments, there are two ways you can do this in Wave. First, you are able to record a payment manually on the bill itself. Second you are able to categorize an expense transaction (through Accounting > Transactions) as a payment for a bill. As you pointed out, doing both will cause duplicates.
Since you already have your bank transactions coming in to your Wave account, instead of recording the payment manually on the bill, you are able to wait for the bank transaction and then categorize it as a bill payment. More specifically, you will want to select the Category of "Payment Sent for a Bill in Wave". Clicking that option will show you a list of all outstanding bills in your account. Select the bill that the payment transaction belongs to and save the change. Once saved, your bill will update automatically to reflect the payment.
If you have already recorded a payment on the bill manually, you are able to delete that payment and follow the steps I mentioned to categorize the expense transaction as a bill payment.
Thank you very much. That works for me!