Double Entry / Splitting for Monolithic Payment Processing
Findlay
Member Posts: 3
Hi, I'm just evaluating Wave for use by a residential townhouse building. I've read some other threads where you talk about double-entry accounting just "happening automatically" but I'm wondering how to properly do double-entry accounting for the situation of our monthly homeowner fees.
Theoreticaly, it seems like we should have an account for each homeowner (our "customers") who each pay a recurring fee each month. The trouble is that our payment processor does a bulk electronic funds transfer and all of the fees from all of our residents (11 different townhouse units) land into our bank account as one single large transaction.
I know there's a "Split Transaction" operation where I could potentially split up that one monolithic transaction into 11 smaller ones and match them up each with a particular homeowner's account. But that sounds like it's going to be extremely tedious to do monthly.
It is the exact same situation every month -- we want to take the single large transaction and split it into the 11 transactions, and the amounts never change month to month.
Assuming I want to do the double-entry bookkeeping correctly, Is there a way that I could set up a "recurring split" with these transations to automatically do the same 11-way split each time and not have to tediously manually split it into 11 transactions every month?