Non profit reconciling donations from stripe, square, donorbox, deposited in bulk to bank

JuliaRoseHWC · March 16, 2022

Hello Wave community -

I'm looking for support on the best way to categorize and reconcile donations (no invoices involved) made from multiple platforms, which are deposited in bulk (the total of multiple individual donations). I'm new to using the platform (and accounting), and would appreciate some guidance here.

Currently, under the guise of @CallieP 's July 20, 2020 post I have set up multiple Money in Transit Accounts (MiT) for each of the platforms I use. And per article (https://support.waveapps.com/hc/en-us/articles/115000472306-How-to-account-for-transaction-fees) I split one of my bulk external deposits to my bank into each corresponding donation amount hoping this would help with the merging process but doesn't seem to have done much thus far except mark it for our own internal knowledge. (I also use the split transaction feature in dealing with fees– assuming this is still a suggestion for dealing with platform and processing fees?).

ex: if total deposit was $50 I 'Split Transaction' into $10, $5, $5, $20 & $10- the corresponding 5 donations from Givebutter uploaded as a bank statement into my Givebutter (MiT) account, and marking the external deposit of $50 as a transfer from Givebutter (MiT).

My hope here was that I would be able to correspond each individual donation or transaction (the $10, $5, $5, $20 & $10) from Givebutter to the bulk deposit ($50).

I see now that you cannot merge multiple transactions, and am aware that by making my deposit a transfer from my Givebutter (MiT) account that Wave also makes a "Created Transfer" as a withdrawal ("This transaction was created by Wave when you categorized another transaction as a transfer") which I'm not sure how to deal with?

Perhaps I'm missing something in the process that's happening during reconciliation (if so i'd love some enlightenment) and I'd love to be set on the right track with my categorizations and how to manage my work flow considering you cannot merge multiple transactions on Wave

Please advise!
And thank you!!

Rundown of accounts:
We use Donorbox and Moonclerk which process through Stripe and deposit automatically in bulk to our bank.
Givebutter which processes through Stripe Express and is deposited manually from Givebutter in bulk to our bank.
Square which deposits automatically in bulk to our bank.
Paypal which deposits manually in bulk to our bank.

service request: the ability to merge multiple transactions on Wave

It's very common when using external processors like Stripe, Square and Paypal to have multiple transactions associated with one deposit... Not sure why this is not a feature on Wave as an easy solve to what so many of us must be having to deal with!!