Trouble matching transactions

gjw

Does anyone know how to match transactions? A few of my clients pay their invoice by using the merchant services with wave. When they do, the invoice is reported as income. Then an expense is reported in wave for the merchant fee. A few days after that, the ach deposit transaction shows up on my bank statement, for the same transaction, but for the amount of the invoice minus the merchant fee. So, now I have two transactions, for the same invoice, being reported as income, which is reporting the income twice on my P&L.

EXAMPLE. I create an invoice for my client Mary for $53. Mary pays the $53 via online through the merchant services with Wave. The $53 is then reported on my Wave account as income and an expense of $1.84 is charged to my account as a merchant fee. A few days later my bank reports income of $51.16 which also is reported as income in Wave.

How do I fix this?

Alexia

Hi, @gjw,

The best way to do this while ensuring that your transactions on Wave match up with your bank statement is to record the invoice payments to a Money in Transit account (I would recommend calling it "Payments by Wave"), record the expense to the same account and finally make the transaction from your bank into a transfer from that account.

You can change the payment account to invoice payments made through Wave by going to the Settings page, and finding "Payment mapping". This will help for future payment, but not for the ones you're trying to reconcile right now.

You'll have to change the payment account for those invoice payments and the merchant fee expense to your new Money in Transit account.

If you making your bank statements match up with Wave isn't a priority for past transaction, you can just delete the transaction uploaded from your bank. This will make your balance on Wave match up with reality and is the simplest way to handle this process.

gjw

Thanks so much for your help!