Home› Accounting› Accounting Technical Support

Link Receipts to Transactions

prkadiprkadi Member Posts: 7

Hi,

I'm looking for how to link my transactions from my bank to receipts that I email to Wave.

Seems like there is a provision for linking a transaction to a bill but not to a receipt.

When I add a receipt, Wave is creating a new transaction in the same payment method instead of linking it and hence creating duplicate transactions.

I'm talking about direct credit card charges that charge you and send an invoice/receipt.

What is the solution for me here?

Can anyone please guide me?

Thanks

in Accounting Technical Support

Comments

  • lylavuonolylavuono Member Posts: 17

    When you put a receipt in, it becomes a transaction immediately, @prkadi. It's not like a bill, you can assign a payment to it. It was paid right away, so you can't have an unpaid receipt anywhere.

    What you do is record your receipt, select the expense from your receipt and the matching one from your bank and click the merge button at the top of your page.

  • prkadiprkadi Member Posts: 7

    I am forwarding receipts/invoices into Wave.

    The transactions are in USD, my currency is INR.

    It is converting USD at the xe.com rate, which is not my bank rate.

    Because of this I am unable to merge transactions, it asks for same price.

    This is a problem, you need a provision to link receipts to payments,

  • lylavuonolylavuono Member Posts: 17

    That's a little beyond what I can help with, I only work in CAD.

    You'd probably have to delete the transaction from your bank and then create another transaction to adjust so that your balance on Wave and on your bank statement matches.

    Maybe @alexia can help out more?

  • prkadiprkadi Member Posts: 7

    That is what I am doing at this time, that is time consuming and defeats the purpose of sending in the receipt.

    We need Wave to create a solution for this, basically, they just need to enable the functionality that they have for bills.

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

    Thanks for bringing this to my attention, @lylavuono.

    Hi, @prkadi.

    Wave offers limited support for dealing in multiple currencies. Most situations can be handled just fine, but they require more work. We're working on better features to help businesses like yours, but I don't have timelines or details to share yet.

    @lylavuono is right, you'll have to create transactions to adjust the amount so that it matches what shows up in your bank statement. You can categorize those transactions as either Gain on foreign exchange or Loss on foreign exchange, depending on the case. Unfortunately, that will make bank reconciliation difficult.

    Alternatively, you could create a payment account in USD called "Undeposited Funds" and use that as a payment account for your USD receipts. When the matching transaction in INR uploads to Wave, categorize it as a transfer from that USD account. Then, empty out the rest of the USD account with a journal entry between it and Gain/Loss on foreign exchange.

    Both of these approaches make for a bit of work, but you won't be able to get around it at this time. Let me know if you have any questions.

  • prkadiprkadi Member Posts: 7

    We do not need to worry about all that stuff. It is extremely simple the solution I am suggesting.

    Just create a provision in Wave where
    1) We can link receipts to existing transactions (just like for bills)
    2) We can disable wave creating transactions for receipts in case of non cash transactions.

    It is that simple.

    Where is the question of forex and all the other fluff?

    Wave can never offer forex support, it would be a nightmare to consider all currencies in the world and offer full support.

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

    Hi, @prkadi.

    The reason why you can't merge the transaction for that receipt and the one from your bank is that the amounts are different because of the difference in currency. If both were in the same currencies and the amounts matched, you'd be able to combine them into a single transaction and get around all of this complicated workflow. This is why I brought up this information about dealing with receipts in foreign currencies.

    With that said, thank you for bringing this up. I can't make any promises but know that your feedback as a significant impact on how we choose what to build next for Wave.

  • prkadiprkadi Member Posts: 7

    Yes, that is true, the currency difference is really a bummer.

    But in today's global world, people deal with different currencies all the time, there ought to be a solution for this.

    Anyway, I hope you can add this. That's the only drawback of Wave I see, everything else is perfect.

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

    Thanks for sharing, @prkadi!

Sign In or Register to comment.