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Reconciling Wave payment across financial years

chrisadlchrisadl Member Posts: 3

I have an invoice created in wave. It was paid on June 28 2018, but didn't hit my bank account until July 3rd 2018.

How do I reconcile this transaction so everything balances? I can't change the date the invoice was paid in Wave.

in Accounting Technical Support

Comments

  • RezaReza Member Posts: 24 admin

    Hi Chris,

    I'm assuming you accepted payment online using Payments by Wave. In that case this support page should answer your question:
    https://support.waveapps.com/hc/en-us/articles/218324343-Reconciling-invoices

  • chrisadlchrisadl Member Posts: 3

    No, that does not solve the problem.

    This specifically relates to invoices paid between financial years.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @chrisadl.

    I'm not entirely sure I understand your question. Is this just in relation to reconciliation with your bank statement?

    If you're asking about how to make it all reconcile with your bank statement, you can create an Undeposited Funds asset account. Make the initial payment paid to that account rather than your bank account. Once the money is deposited in your bank account, make a transfer transaction from Undeposited Funds to your bank account.

  • chrisadlchrisadl Member Posts: 3

    Thanks Alexia, that makes sense.

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