@davedaylesford
Unlink the payment from the invoice first before trying to change the dates. This will unlock the two transactions and allow you to make changes.
Hi All,
I am experiencing the same thing. What I did, not sure if its correct from an accountancy perspective, is that I created an item on my invoicing items list called "Paid by Stripe" and created a debit minus sum equal to the invoice total. This appears below the original invoice and effectively reduces the total to zero.
The sum paid by Stripe is left as the income for the work.
If anyone with knowledge in this area could comment on this perhaps it will help us all.
Kind Regards
I see this thread has been running a while now and it does not appear any closer to actually resolving the matter.
Its a real shame as Wave is such a great platform but the accounting element makes it so difficult to work with for someone with no accounting background.
My income is fictitiously double what it should be and the only way having now read this thread to resolve the matter would be to go through every single invoice i have ever sent out and create the adjustments to balance my books. More likely i will just pull a list of of my expenditures come the end of the tax year in april a list of my invoices sent and a list of stripe fees and spend a few hours calculating it manually, though it really does beggar the questions why the fancy software then?
Realistically unless a fix is found for this 'seemingly' basic floor i will likely be moving to an alternative platform in the new year, Updates much appreciated .
As mentioned in my earlier replies, we're working on resolving this issue, so that the calculation is automated. For the time being, you'll have to add the tax to the merchant fee manually. You can just add this as an expense for $0.19 categorized to your GST account.
You guys need to put some serious time, energy and focus into your Australian market, or you will lose customers to Xero.
By the way, I would happily pay $30/mth to use Wave if you put the energy into making it Australian-compliant.
I love your system, but your business model is flawed. Start charging at least $10/mth and put some effort in for Australia, please. I'd happily pay $20/mth or $30/mth...and I'm sure many others would too. Don't get me wrong...I love that it's free, but I think it holds you back as a company from TRULY serving your customers due to lack of resources.
Hi All
I have a potential work-around (after 3 hours) that may work for some until Wave fix the issue - here goes.
NOTE: I have I am not an Accountant; I set this up for myself and thought it may work for others - it does not constitute advice of any sort.
There are obviously two issues here - one is balancing the "Payments by Wave" (Money in Transit) account, and the other is Reconciling the main income account.
PART 1:
Firstly, go into Accounting / Transactions and select All Accounts (filter the time period you are working in if required) and starting at the top, find the first STRIPE deposit.
Go down the list and find the first "Payments by Wave" transaction that (almost) matches it; it is usually about 3+ days prior to the deposit. (NOTE: it can be multiple transactions making up a single Stripe deposit) - I tick the reviewed tick to keep track of where I am up to.
Now you have confirmed the related transactions exist go back to the Stripe deposit and under Category, select Transfer from Bank, Credit Card, or Loan, then choose Payments by Wave as the account to transfer from. You have now moved the money from Money in Transit to you operating bank account.
Repeat this process again until all of the transactions for the (say) month have been transfered. NOTE: As there is a lag of 3 to 5 days for the Stripe deposits to hit the account you may have to go back into the previous month to find the earliest invoices.
PART 2:
Go into Reports / Account Transactions (General Ledger) and under Account select Payments by Wave. In the Date Range select a Custom date range that you are working in; with the first date being the date of the earliest invoice you ticked, and the last the end of the period you are working in (say: 28 Nov to 31 Dec).
Providing you have entered all of the transactions correctly you should be able to go to the bottom of the report and have a discrepency of the amount of the Stripe GST.
Go back to Accounting / Transactions and click on Add expense. Fill out the details:
Description: e.g. Stripe GST Balancing
Account: Payments by Wave
Date: for me it is the end of the month e.g. 31 Dec
Deposit or withdrawal: Withdrawal
Amount: discrepency $$ from the report
Category: as my business is a hobby and I don't pay GST, I used Merchant Account Fees, but if you are paying GST you would use whatever GST Claim account you have set up.
You can now reconcile your accounts. Hope this helps.
Any update on the fix for this? I'm still encountering the issue of manually adding GST but also the issue of double payments as Wave is not taking into account the imported Stripe transactions.
Hey @Simonagaz! Unfortunately there hasn't been a change to the manual recording of GST. In terms of the duplication issue however, this is something we're working on and have rolled out a few potential fixes for. Bookkeeping Changes to Payments by Wave
In short, invoice payments are categorized to the "Payments by Wave" account temporarily while the payment processes. Once your bank account receives the actual deposit and the record is imported in Wave, a transfer is created from the "Payments by Wave" category to your bank account category.
It looks like Wave did not import the deposit correctly as a "Transfer". You will have to create this transfer manually.
Navigate to Accounting>Transactions
Locate the bank deposit
For Account, select your bank account
For Category, select "Transfer from Bank, Loan, or Credit Card"
For the transfer origin, select "Payments by Wave"
This will correctly tell Wave that the deposit has landed in your bank account as a "Transfer" from Payments by Wave, and is not simply a second payment.
Does Wave plan on fixing the GST issue soon? Is it on the roadmap? When I manually move a payment from holding into savings, I also need to manually add a new transaction to account for GST which isn't very user friendly.
What are these potential fixes for the duplicate transaction issue? When will they be released? I still have the same issue and I need to delete my automatically imported bank statement to balance everything correctly when Wave should do that for me automatically.
Hey @Simonagaz. We still don't have any timeline as to when the fix for the GST issue will be rolled out (or on a future roadmap). When there is a resolution, we will be jumping in this thread to let our users know that this is something that's happening soon, with an ETA for the fix.
In terms of the duplicate transaction issue -- as Sam mentioned above, you simply need to go through the proper account (so, transferring the funds from the money in transit account to the bank account -- categorizing that bank deposit as a transfer from said money in transit account). This is the process that you would need to follow in order for it to be properly accounted for in Wave -- however, I do agree and understand the need for the automation here (it's currently automated for our users that use our payment processing). Again, this is something that we'll have to consider and look at implementing for a future roadmap, but still no immediate plans as of right now.
It's a shame that the GST issue isn't being looked into as I assume this would impact all of your Australian customers.
For the duplication issue, you mention "it's currently automated for our users that use our payment processing". What did you mean by that? I currently use your payment processing system which is Stripe which is enabled under "Credit Card Payments" under Sales.
As an Aussie user of wave for the past year I had to finally switch to another paid accounting software solution. As much as I love wave, it just doesn't cut it for ease of use when submitting BAS every quarter. May come back later, if this issue gets sorted.
@Simonagazthis guide that Sam shared earlier in the thread will show you what Jamie means; we offer our own payment processing platform in Canada and the US, while integrating with Stripe for processing payments overseas. Regardless, the workflow in that article applies to both! If Wave isn't automatically recognizing the second income transaction that shows up when the funds actually hit your bank account, you'll need to categorize it as a "transfer from payments by Wave" to account for this properly.
When will this get fixed? I create an invoice, record payment from credit card - Payment by Wave, then Wave posts a payment received that I cannot adjust in the Transactions page, and when trying to print our reports, it looks like I have double income/receipts from vendors who use a credit card. The whole reason to have an accounting software is to be able to print accurate reports. Help
Hi @bzuber . If you have your bank account set up to import transactions into Wave, when the deposit transaction hits your account, Wave will automatically transfer it from the Payments by Wave holding account to your bank account. The reason we have this in place is because the day that the invoice is paid is not the day that the money hits your bank account. For Reconciliation purposes, this allows you to follow along with your books easier. Take a look at the article here for more info on how this is done.
The only addition that needs to go to a conclusive process from @HectorB is that if you are registered for GST you want to record the whole expense as GST.
Ie if the fee is $1.86 and the GST taken from deposit is $0.19 - when you add the $0.19 expense add sales tax GST 10% BUT then edit the amount of GST to be $0.19 of GST - zero original amount. Reporting should then be accurate on Sales Tax Report for BAS
@Alexia said:
Hi, @guust, thank you for adding to this discussion. I'll pass your feedback along.
I can't speak to how difficult this is to implement, as I'm not a developer myself. There is a bit more to it than just calculating the amount, however. Everything has to be synced with our integration with Stripe, as this issue applies to a few different countries.
any update on this? it's really effecting my reporting. and manually modifying the transactions is a complete pain
@innovativems I'm afraid that we still don't have an update on this, or know when exactly it will be resolved. To be completely transparent, this is on the lower end of prioritization when it comes to bugs at the moment. When we have an update for our users, we will be sure to post within this thread though. Appreciate your understanding here.
@JamieD said:
Hey @Simonagaz. We still don't have any timeline as to when the fix for the GST issue will be rolled out (or on a future roadmap). When there is a resolution, we will be jumping in this thread to let our users know that this is something that's happening soon, with an ETA for the fix.
In terms of the duplicate transaction issue -- as Sam mentioned above, you simply need to go through the proper account (so, transferring the funds from the money in transit account to the bank account -- categorizing that bank deposit as a transfer from said money in transit account). This is the process that you would need to follow in order for it to be properly accounted for in Wave -- however, I do agree and understand the need for the automation here (it's currently automated for our users that use our payment processing). Again, this is something that we'll have to consider and look at implementing for a future roadmap, but still no immediate plans as of right now.
Yeah, this works to "get rid" of the Stripe Deposit. The problem is that the Stripe Deposit comes with the Stripe fee and it's accurate.
non-accurate-fee example:
If I have an invoice of $100, I get paid through Wave and get $99 (-$1 Wave fee). Stripe after a couple of days deposits $98 (-$1 fee).
If I use @Samd method, Wave will create a Created Transfer $98 as an expense, leaving just the payment by Wave income of $99, fixing the double income issue.
The problem here is that I don't have $99 in my bank account, I have $98.
How do I solve that? Creating a new backdate transaction of $1 under Merchant Account Fee?
Hey @Andrea_Asnicar! Totally hear where you're coming from here. I'm sorry that this is a pain - the fix that you had mentioned with regards to creating a backdated transaction of $1 under the Merchant Account Fees category is going to be your best bet. I'm sorry for the inconvenience here.
Oh my, this is soooo confusing.
Im still not clear on what to do.
I generally turn credit card payments off, but some clients would prefer to pay by credit card.
I think I might actually start giving my clients a discount if they could please not pay by credit card because I have now wasted an hour trying to understand this again
Hey @jwhida,
what I've done here in Australia was this:
import my bank details (because Wave literally abandoned us with linked bank account)
doing on a calculator the difference between the wave transaction (the payment by Wave, the one that you can't change) with the imported transaction (the one you took with the CC, probably through Stripe or whatever). i.e. you charged $100, took $99 ($1 Wave fee) but you get deposited $98 (another $1 Stripe fee).
In my case, I take the $99 unchangeable transaction in Wave minus $98 real money in my bank account transaction, it leaves me with $1 difference.
I create a Merchant Fee Expense and I call it Stripe Merchant Fee.
then I delete the real stripe transaction because $99 - $1 leave me with $98
Comments
@davedaylesford
Unlink the payment from the invoice first before trying to change the dates. This will unlock the two transactions and allow you to make changes.
Hi All,
I am experiencing the same thing. What I did, not sure if its correct from an accountancy perspective, is that I created an item on my invoicing items list called "Paid by Stripe" and created a debit minus sum equal to the invoice total. This appears below the original invoice and effectively reduces the total to zero.
The sum paid by Stripe is left as the income for the work.
If anyone with knowledge in this area could comment on this perhaps it will help us all.
Kind Regards
Jim
I see this thread has been running a while now and it does not appear any closer to actually resolving the matter.
Its a real shame as Wave is such a great platform but the accounting element makes it so difficult to work with for someone with no accounting background.
My income is fictitiously double what it should be and the only way having now read this thread to resolve the matter would be to go through every single invoice i have ever sent out and create the adjustments to balance my books. More likely i will just pull a list of of my expenditures come the end of the tax year in april a list of my invoices sent and a list of stripe fees and spend a few hours calculating it manually, though it really does beggar the questions why the fancy software then?
Realistically unless a fix is found for this 'seemingly' basic floor i will likely be moving to an alternative platform in the new year, Updates much appreciated .
Many thanks
You guys need to put some serious time, energy and focus into your Australian market, or you will lose customers to Xero.
By the way, I would happily pay $30/mth to use Wave if you put the energy into making it Australian-compliant.
I love your system, but your business model is flawed. Start charging at least $10/mth and put some effort in for Australia, please. I'd happily pay $20/mth or $30/mth...and I'm sure many others would too. Don't get me wrong...I love that it's free, but I think it holds you back as a company from TRULY serving your customers due to lack of resources.
Hi All
I have a potential work-around (after 3 hours) that may work for some until Wave fix the issue - here goes.
NOTE: I have I am not an Accountant; I set this up for myself and thought it may work for others - it does not constitute advice of any sort.
There are obviously two issues here - one is balancing the "Payments by Wave" (Money in Transit) account, and the other is Reconciling the main income account.
PART 1:
Firstly, go into Accounting / Transactions and select All Accounts (filter the time period you are working in if required) and starting at the top, find the first STRIPE deposit.
Go down the list and find the first "Payments by Wave" transaction that (almost) matches it; it is usually about 3+ days prior to the deposit. (NOTE: it can be multiple transactions making up a single Stripe deposit) - I tick the reviewed tick to keep track of where I am up to.
Now you have confirmed the related transactions exist go back to the Stripe deposit and under Category, select Transfer from Bank, Credit Card, or Loan, then choose Payments by Wave as the account to transfer from. You have now moved the money from Money in Transit to you operating bank account.
Repeat this process again until all of the transactions for the (say) month have been transfered. NOTE: As there is a lag of 3 to 5 days for the Stripe deposits to hit the account you may have to go back into the previous month to find the earliest invoices.
PART 2:
Go into Reports / Account Transactions (General Ledger) and under Account select Payments by Wave. In the Date Range select a Custom date range that you are working in; with the first date being the date of the earliest invoice you ticked, and the last the end of the period you are working in (say: 28 Nov to 31 Dec).
Providing you have entered all of the transactions correctly you should be able to go to the bottom of the report and have a discrepency of the amount of the Stripe GST.
Go back to Accounting / Transactions and click on Add expense. Fill out the details:
You can now reconcile your accounts. Hope this helps.
Hi @Alexia,
Any update on the fix for this? I'm still encountering the issue of manually adding GST but also the issue of double payments as Wave is not taking into account the imported Stripe transactions.
Is Wave planning on having this resolved soon?
Thanks
Hey @Simonagaz! Unfortunately there hasn't been a change to the manual recording of GST. In terms of the duplication issue however, this is something we're working on and have rolled out a few potential fixes for. Bookkeeping Changes to Payments by Wave
In short, invoice payments are categorized to the "Payments by Wave" account temporarily while the payment processes. Once your bank account receives the actual deposit and the record is imported in Wave, a transfer is created from the "Payments by Wave" category to your bank account category.
It looks like Wave did not import the deposit correctly as a "Transfer". You will have to create this transfer manually.
Navigate to Accounting>Transactions
Locate the bank deposit
For Account, select your bank account
For Category, select "Transfer from Bank, Loan, or Credit Card"
For the transfer origin, select "Payments by Wave"
This will correctly tell Wave that the deposit has landed in your bank account as a "Transfer" from Payments by Wave, and is not simply a second payment.
Hi @Samd,
Does Wave plan on fixing the GST issue soon? Is it on the roadmap? When I manually move a payment from holding into savings, I also need to manually add a new transaction to account for GST which isn't very user friendly.
What are these potential fixes for the duplicate transaction issue? When will they be released? I still have the same issue and I need to delete my automatically imported bank statement to balance everything correctly when Wave should do that for me automatically.
Cheers
Hey @Simonagaz. We still don't have any timeline as to when the fix for the GST issue will be rolled out (or on a future roadmap). When there is a resolution, we will be jumping in this thread to let our users know that this is something that's happening soon, with an ETA for the fix.
In terms of the duplicate transaction issue -- as Sam mentioned above, you simply need to go through the proper account (so, transferring the funds from the money in transit account to the bank account -- categorizing that bank deposit as a transfer from said money in transit account). This is the process that you would need to follow in order for it to be properly accounted for in Wave -- however, I do agree and understand the need for the automation here (it's currently automated for our users that use our payment processing). Again, this is something that we'll have to consider and look at implementing for a future roadmap, but still no immediate plans as of right now.
Hi @JamieD ,
It's a shame that the GST issue isn't being looked into as I assume this would impact all of your Australian customers.
For the duplication issue, you mention "it's currently automated for our users that use our payment processing". What did you mean by that? I currently use your payment processing system which is Stripe which is enabled under "Credit Card Payments" under Sales.
Am I doing something wrong?
@Simonagaz this guide that Sam shared earlier in the thread will show you what Jamie means; we offer our own payment processing platform in Canada and the US, while integrating with Stripe for processing payments overseas. Regardless, the workflow in that article applies to both! If Wave isn't automatically recognizing the second income transaction that shows up when the funds actually hit your bank account, you'll need to categorize it as a "transfer from payments by Wave" to account for this properly.
@Ryan_W thanks for getting back to me.
Unfortunately, I'll be looking elsewhere for an accounting app as all the manual processes defeat the entire purpose of using the app.
I've used Xero and it's all automatic which is what I was hoping Waveapps would do too.
When will this get fixed? I create an invoice, record payment from credit card - Payment by Wave, then Wave posts a payment received that I cannot adjust in the Transactions page, and when trying to print our reports, it looks like I have double income/receipts from vendors who use a credit card. The whole reason to have an accounting software is to be able to print accurate reports. Help
Hi @bzuber . If you have your bank account set up to import transactions into Wave, when the deposit transaction hits your account, Wave will automatically transfer it from the Payments by Wave holding account to your bank account. The reason we have this in place is because the day that the invoice is paid is not the day that the money hits your bank account. For Reconciliation purposes, this allows you to follow along with your books easier. Take a look at the article here for more info on how this is done.
The only addition that needs to go to a conclusive process from @HectorB is that if you are registered for GST you want to record the whole expense as GST.
Ie if the fee is $1.86 and the GST taken from deposit is $0.19 - when you add the $0.19 expense add sales tax GST 10% BUT then edit the amount of GST to be $0.19 of GST - zero original amount. Reporting should then be accurate on Sales Tax Report for BAS
any update on this? it's really effecting my reporting. and manually modifying the transactions is a complete pain
@innovativems I'm afraid that we still don't have an update on this, or know when exactly it will be resolved. To be completely transparent, this is on the lower end of prioritization when it comes to bugs at the moment. When we have an update for our users, we will be sure to post within this thread though. Appreciate your understanding here.
Yeah, this works to "get rid" of the Stripe Deposit. The problem is that the Stripe Deposit comes with the Stripe fee and it's accurate.
non-accurate-fee example:
If I have an invoice of $100, I get paid through Wave and get $99 (-$1 Wave fee). Stripe after a couple of days deposits $98 (-$1 fee).
If I use @Samd method, Wave will create a Created Transfer $98 as an expense, leaving just the payment by Wave income of $99, fixing the double income issue.
The problem here is that I don't have $99 in my bank account, I have $98.
How do I solve that? Creating a new backdate transaction of $1 under Merchant Account Fee?
Hey @Andrea_Asnicar! Totally hear where you're coming from here. I'm sorry that this is a pain - the fix that you had mentioned with regards to creating a backdated transaction of $1 under the Merchant Account Fees category is going to be your best bet. I'm sorry for the inconvenience here.
Oh my, this is soooo confusing.
Im still not clear on what to do.
I generally turn credit card payments off, but some clients would prefer to pay by credit card.
I think I might actually start giving my clients a discount if they could please not pay by credit card because I have now wasted an hour trying to understand this again
I have am following @HectorB advice above. fingers crossed
Hey @jwhida,
what I've done here in Australia was this:
I find @Samd solution works for me. I split the transfer from Wave Payment into the actual amount I received and bank fees. Account balanced.