Hi All,
I received my first credit card payment into my bank. On the bank statement its says $233.69. I also see a $233.69 "Direct Credit xxxx41 STRIPE STRIPE..... " waveapps transaction entry too. Wonderful.
But then there's also a $233.42 "Invoice payment" transaction there too. This transaction says "Transactions that are automatically created in the Wave system can't be edited or deleted." What do I do about this transaction?? Its not the amount that was deposited into my bank Ac.
My original Invoice amount charged was $237.47.
So what do I do here?? How do I match up my Invoice of $237.47 to a received into my bank Ac amount of $233.42, ie. the automatically imported $233.42 Stripe credit transaction??
Hey @paokane1! In this case, you will need to create an offsetting transaction for the merchant fee so that it matches up with the the invoice payment itself. With that said, you will need to add a merchant fee transaction of $0.27 or, simply delete the bank account transaction that was automatically deposited into your account (not the invoice payment from Wave).
This works in accurately recording the transaction fees and balancing accounts... however, I have to manually add an additional new category (transaction fees) to EVERY credit card transaction -- I wish there was a way to "Add a new category" under the bulk edit feature here! Can we get this asap?
Why is there no easy way to calculate the bank fee? Let's say my invoice was for $100. If I receive $97 and associate it with the invoice, to account for the fee I need to:
Open my invoices to see what the actual total was ($100 in this case)
Change Category 1 amount from $97 to $100
Split the transaction and select Discounts and Fees as Category 2
Pull out a calculator and manually calculate the difference between $100-97 (obviously this is an easy scenario, but much more difficult with decimals involved)
Most other accounting software has a button that says something like "$3 balance remaining on invoice. Allocate to Bank Fees or was this a partial payment?"
That's way easier then doing the 4 steps above for every single transaction.
There is an easy way, When your bank account shows a $97 deposit and the invoice was for $100 do this: Record the full payment from the customer of $100 to Undeposited Funds (not your bank account.) Then go to transactions and from the drop-down select Add Journal Transaction. Enter a Debit to Bank Service Charges for the fee ($3.00) and credit Undeposited Funds for the same amount. This puts everything in its place nicely.
@JamieD said: @Arushi If you take a look at my screenshot (on the left hand side) and the transaction itself, you will see that the total actual deposit amount is $5,550.00. With that said, you will need to make sure that the first category of the transaction is higher than the actual deposit amount, since you are subtracting the merchant fees to equal the deposit amount.
Hi @JamieD will this apply to wire tranfer fees? For example, if I have an invoice for $1000 but my client pays $985 because they deduct their wire transfer costs. Does this mean I edit/split the $985 deposit to actually be $1015 received & then split it & create a $15 bank service charge fee?
Hey @motorambler! Not quite, in this case! You'd actually want to navigate to your invoice that the client paid, and create a line item for $-15, so that the balance is accounted for and the invoice shows paid in full. If you edit the deposit to show $1015 as income, and split it out to create the $15 bank service charge fee, the system would assume you have $1000 of income, throwing your books off by that $15.
Comments
Hi All,
I received my first credit card payment into my bank. On the bank statement its says $233.69. I also see a $233.69 "Direct Credit xxxx41 STRIPE STRIPE..... " waveapps transaction entry too. Wonderful.
But then there's also a $233.42 "Invoice payment" transaction there too. This transaction says "Transactions that are automatically created in the Wave system can't be edited or deleted." What do I do about this transaction?? Its not the amount that was deposited into my bank Ac.
My original Invoice amount charged was $237.47.
So what do I do here?? How do I match up my Invoice of $237.47 to a received into my bank Ac amount of $233.42, ie. the automatically imported $233.42 Stripe credit transaction??
Thanks for your help....please
Hey @paokane1! In this case, you will need to create an offsetting transaction for the merchant fee so that it matches up with the the invoice payment itself. With that said, you will need to add a merchant fee transaction of $0.27 or, simply delete the bank account transaction that was automatically deposited into your account (not the invoice payment from Wave).
This works in accurately recording the transaction fees and balancing accounts... however, I have to manually add an additional new category (transaction fees) to EVERY credit card transaction -- I wish there was a way to "Add a new category" under the bulk edit feature here! Can we get this asap?
@Brossiebelle thank you for the suggestion, and definitely noted! Passing this onto our Product Team now so they can have a look.
Why is there no easy way to calculate the bank fee? Let's say my invoice was for $100. If I receive $97 and associate it with the invoice, to account for the fee I need to:
Most other accounting software has a button that says something like "$3 balance remaining on invoice. Allocate to Bank Fees or was this a partial payment?"
That's way easier then doing the 4 steps above for every single transaction.
Hi @sunnyt7. Please take a look at my response to your inquiry here; https://community.waveapps.com/discussion/comment/13886#Comment_13886
There is an easy way, When your bank account shows a $97 deposit and the invoice was for $100 do this: Record the full payment from the customer of $100 to Undeposited Funds (not your bank account.) Then go to transactions and from the drop-down select Add Journal Transaction. Enter a Debit to Bank Service Charges for the fee ($3.00) and credit Undeposited Funds for the same amount. This puts everything in its place nicely.
Hi @JamieD will this apply to wire tranfer fees? For example, if I have an invoice for $1000 but my client pays $985 because they deduct their wire transfer costs. Does this mean I edit/split the $985 deposit to actually be $1015 received & then split it & create a $15 bank service charge fee?
Hey @motorambler! Not quite, in this case! You'd actually want to navigate to your invoice that the client paid, and create a line item for $-15, so that the balance is accounted for and the invoice shows paid in full. If you edit the deposit to show $1015 as income, and split it out to create the $15 bank service charge fee, the system would assume you have $1000 of income, throwing your books off by that $15.