Avoid double counting

Bruce_C49

As with any online electronic upload software, care has to be taken that entries aren't double-counted. Entries come through the bank to your Wave bank account(s) automatically and this saves a lot of tedious data entry. The accounts receivable revenue and receipt system adds revenue and cash (when) collected. There can be duplication. Make sure that cash entries are monitored closely and deleted if you are handling revenue generation and cash receipts from the sales module.

MWO

Evening, I'm new to Wave and testing the application out. The questions I have with regards to Double Counting within wave is:
1. If I do a card payment, should I also then capture the receipt? If so can I merge the slip with the bank transaction.
2. If I do a cash withdrawal and then buy stuff with that money, does Wave keep an +cash on hand account that then deducts and cash bought items or will both be a double subtraction.

This is all currently under the Personal accounting system.
Thank you.

Alexia

Hi, @MWO,

1. If you have an active bank connect and also use the Receipts feature in Wave, you will end up with duplicated transactions. It's not a bad idea to do it anyway, since having records of those receipts can always help in the future. You can merge the receipt transaction and the bank's transaction by selecting both and clicking on the "Merge" button, on the top-left of the transactions table on the Transactions page.
2. When you withdraw cash, you'll categorize that withdrawal in Wave as a transfer from your bank account to "Cash on hand". If you record receipts for those purchases, you'll be able to choose Cash on hand has the payment account instead of your bank account.

I hope this helps!