Reporting Income Twice

sebenza

Hi guys, still quite new to the app. I linked my banking to the app so that it is pulling transactions daily. However, when I click on monies received for a certain invoice, the system will capture the income on the transaction list. So in other words - the transaction statement will pull the amount from the bank (lets say R50), and when I Record Payment for an invoice, the system will capture the same amount (R50) on the transaction list.

I then deleted the records that were pulled in from the bank, but the report still acknowledges that "double the amount" that was received was actually received.

How do I sort this out in the future so that I have accurate books?

Thank you

Alexia

Hi, @sebenza.

You have the right idea. This is something that happens if you have an active bank connection and also record invoice payments on the Invoices page, you'll end up with duplicate transactions. You can select both of these transactions and click on the "Merge" button to make them into one single transaction instead.

Deleting the transaction imported from your bank works as well, but your report shouldn't show this duplicate still. Can you show me a picture of one of those duplicated transactions on your reports that don't appear in your transactions? It'll give me a better idea of what might be happening.

sebenza

Hi Alexia,

Please see the images attached:




I have already deleted the transactions, but you can see that my income is being reported to be R24000 but if you tally up the income values on the transaction list, then it does not add up to 24000.

Alexia

Hi, @sebenza.

Do you have unpaid invoices? Because Wave operates in accrual-based accounting, the amount of those invoices will be counted as income, but won't appear on your transactions page until you record those invoices as paid.

Does this explain the discrepancy?