I need to deposit a cheque today then record a payment,I just need to know if I should put it in "checking account" or in "wave payment" and what is the difference?
Hey @Emy When recording a payment that was made outside of Wave, you would want to select the bank account the cheque is deposited into.
Please keep in mind that if that bank account is connected for transaction imports, you will end up with duplicate payment transactions for the payment -- one from the "Invoice Payment" transaction that the system will generate when a manual payment is recorded. The second transaction will be the cheque deposit transaction imported from the bank connection. To avoid this from happening, there are two options you can go about payments made outside of Wave:
You can leave the invoice as unpaid. When the bank imported transaction is imported, categorize the the transaction as Payment Received for an Invoice in Wave > Select the invoice number from the list of unpaid invoices. This will mark the invoice as paid.
Manually record the payment and then delete the bank transaction once it gets imported onto your Wave account.
The Wave Payment account is an account created by the system to temporarily record payments made online through Wave, as part of the automated bookkeeping workflow. It is intended to be use for online payments made through Wave. Please refer to this article for more information regarding automated bookkeeping for Wave Payment transaction.
Emy
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Hey @Emy When recording a payment that was made outside of Wave, you would want to select the bank account the cheque is deposited into.
Please keep in mind that if that bank account is connected for transaction imports, you will end up with duplicate payment transactions for the payment -- one from the "Invoice Payment" transaction that the system will generate when a manual payment is recorded. The second transaction will be the cheque deposit transaction imported from the bank connection. To avoid this from happening, there are two options you can go about payments made outside of Wave:
The Wave Payment account is an account created by the system to temporarily record payments made online through Wave, as part of the automated bookkeeping workflow. It is intended to be use for online payments made through Wave. Please refer to this article for more information regarding automated bookkeeping for Wave Payment transaction.