How do I handle a suspense transaction

IWROMIWROM Member Posts: 6

I have a transaction that was canceled/refunded. In my other accounting system I would post the charge and the refund to a suspense account. I don't want it to appear as a charge and a separate payment.
I haven't figured out how to do this with wave.
Any suggestions ?

Comments

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey there @IWROM !

    To clarify, is this for an invoice you issued in Wave? If you issued a refund for an invoice, you can record a refund transaction by categorizing it as Refund sent for an Invoice in Wave > the invoice in question. Otherwise, if you cancelled the invoice, you can either delete the invoice or write it off. If I missed the mark please let me know and I will gladly assist you further!

    edited March 11, 2021
  • IWROMIWROM Member Posts: 6

    To clarify: these are credit card transactions that were reversed by the merchant.

  • IWROMIWROM Member Posts: 6

    These transactions should not show up as expenses or income. I suppose I could have them as expenses, but Wave will not allow me to post credits to expense accounts.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @IWROM , are these transactions showing up on your bank statement at all if they were indeed cancelled? Let me know.

  • IWROMIWROM Member Posts: 6

    Yes. In some cases the credit is immediate, in some cases there are days between the charge and the credit.

  • IWROMIWROM Member Posts: 6

    Both charge and credit are on the bank statement

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @IWROM , this one is tricky because we don't have a process in place to be able to show that the transaction was cancelled. I'd suggest representing categorizing the income you receive back from the merchant as Refund for an expense, which would be the closest thing to accurately representing this, although it will still show an expense AND an income.

  • IWROMIWROM Member Posts: 6

    I decided to put the suspense account into the Equity catagory that does allow credits and debits.
    Good enough for now.

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