Invoice Payment + Sales Duplicate

thatonegirltthatonegirlt Member Posts: 1

Hello,
My bank account is connected to Wave and I have automatic invoicing on for my client. When I look at the Income Statement dashboard, I see a section for my invoices (without the Wave processing fee applied) , a section for Merchant fees (just Wave processing) and also a Sales section which shows the income which was actually sent to my bank for those same invoices, just minus the fee, effectively duplicating my income which is incorrect (It shows like Income - Deposit from WePay (or WAVE after the update)). If it either just did the invoice payments and the merchant fees section, or just did the sales from the bank account then it would work. But since it tries to do both with the data it has from Wave + the data it pulls from my bank, it just doesn't work. Is there some fix for this? I don't seem to see other threads in the forum about this issue so I am hoping it's something I can change.

Example for clarity:
Say during the reporting period, I have an invoice for $20. I'd see this:

Revenue
Invoices $20.00
Sales $19.12
Total Revenue: $39.12

Cost of Goods Sold (COGS)
Merchant Account Fees $0.88
Gross Profit $38.24

Comments

  • applesapples Member Posts: 10

    Hey @thatonegirlt ! The recommended workflow is usually to delete the bank imported transaction to prevent the duplicated income. Ensure you are keeping the transaction that Wave generated because this captures the merchant fees paid which is an important for your accounting.

  • CharlesTerryCharlesTerry Member Posts: 3

    I had the same question but now a follow up. If I do that, it is registering the account as "Cash on Hand" and not allowing me to change it. Will that not throw off my checking account balance when trying to reconcile with the statement? How do I make things reconcile?
    Thanks,
    Charles

  • JordanDJordanD Member Posts: 515 ✭✭✭

    Hi @CharlesTerry The payment account for the invoice is typically able to be selected when you are marking the invoice as paid and in many cases are editable. In order to further assist, can you please let me know if you use Wave as a payment processor or are you manually marking your invoices as paid? Both of these cases will have different troubleshooting steps, so once this is established, we can let you know the correct steps to take to fix this moving forward.

  • CharlesTerryCharlesTerry Member Posts: 3

    For the invoices in question, it was imported from Wave Payments, I'm pretty sure using Wave as the processor in that case. I did not mark the invoice as paid.

  • CharlesTerryCharlesTerry Member Posts: 3

    Ok, so I went into the invoice and edited the payment, and I could change it from Cash on Hand to my checking account. Worked like a charm! Thanks for pointing me in the right direction...

  • customlogoshopcustomlogoshop Member Posts: 19

    It does not work for me I get this error:

    Oops! There was an issue with editing your payment. Please try again.

  • ailsaailsa Member Posts: 16 admin

    Hey @customlogoshop -

    Sorry to hear that this didn't work for you. I wanted to check-in and see if you are still experiencing this issue, and if so, would you mind giving me some more information about the invoice and payment in a DM? I'd like to understand why this is happening to you, so we can figure out a way to make your books accurate :)

  • mjroadsmjroads Member Posts: 1

    I'm having a similar problem, maybe Ailsa can help me. We typically don't take online payments, but somehow we let an invoice go through with the option to pay by card through Wave. The payment account is Wave Payments and not showing up in our checking account transactions when I try to reconcile the account. I tried editing the invoice & payment, but it is locked to ensure accuracy. Thanks for your assistance!

Sign In or Register to comment.