Duplicating payments
Soleinput
Member Posts: 1
New to the software.
I have issued my first invoice and received payment into my bank account (which is connected to wave)
I acknowledged the invoice has been paid - which has accounted the income
When my bank account synced it acknowledged the deposit
My income is now showing the actual deposit, and the 'paid' invoice
how do i eliminate the duplication
1
Comments
Hi, @Soleinput.
There's a way around this to prevent duplicates from happening, but I'll start by telling you how to fix the problem at hand.
All you'll have to do is select both matching transactions by clicking the box to the left of each of them. With both of them selected, click on the "Merge" button that'll appear on top of the transaction table. this will combine both transactions into one.
If you want to prevent this in the future, simply wait for the deposits to be uploaded from your bank instead of recording your invoices as paid. Once the payment does appear on Wave, choose "Payment received for an invoice in Wave" as its category on the Transactions page. You'll then be asked to choose the specific invoice. It'll save you a step of work in the future!
Sorry, but this is tedious and not very intuitive. When I receive a payment from a client I want to enter it so it is not forgotten what that payment was for and who it was from. But the checking account is connected to the bank and it downloads the deposit as another deposit as stated above. In QB you MATCH transactions from the download if you already entered them, and you ADD them if you have not. I realize this is a free program and not QB but seems like a big problem to me. Say I received 5 checks from clients, you are saying to go make the deposit and then wait for them to clear and be downloaded and then choose "Payment received for an invoice in Wave".
Two problems with that...
One is, how do you do that if it was a deposit of 5 different client payments for different invoices? So I suppose you will say deposit them into Cash on Hand, then move the money from Cash on Hand to the Checking account? Then of course you have to do the merge option after the fact, but can you even do that when it is in 2 different accounts?
Two, you expect us to manually write down each check or payment and who it was from and what it is for, so I will know it goes with a certain deposit after I waited for it to download? This is craziness... There has be a better way, no?
Hey @pdetti, those are totally fair observations.
Widely speaking, the second point you make is why there's a "merge" function in the Transactions page. Whenever your customer pays you and you record the payment directly on the invoice so you can send them a receipt, this action creates the income transaction so you know who paid what at a given time; then, when the money actually lands in your bank account, and imports into Wave, you can just find the identical transaction and merge it. That said, I know it's not as slick as selecting a bulk matching feature on each transaction download.
To your first point, this is why there's a transaction splitting tool in Wave. So, if you deposited multiple checks from multiple clients all at the same time, you can just take that total amount which uploads into Wave, and then split the total to apply to each respective invoice. Hope that helps!
Hi Ryan,
Once you marked the payment as received for Invoice, how do you indicate that VAT is included?
Regards
Juan
Hey @Juan -- To confirm here -- are you wanting to show that the VAT is included on the invoice without actually adding it as a line item? If so, you can simply just put that the VAT is included in the actual notes section itself (then refer back to that invoice when needed). If not, you will simply just need to add the VAT as a line item on the invoice and you should be able to track the VAT under the sales tax report.