Can someone help me figure this out?
In OLD wave apps, I would create invoices when I received notification that a donation was made to our nonprofit.
But I only do bookkeeping at end of the month - I import all bank transactions and then on the OLD transactions page I was able to select the transaction - right click and click on pay Invoice - this would book the checking account transaction as a payment against the invoice.
Hi @suedonne123 . Unfortunately you can't go back to the older version of Wave as we're working on migrating all of our users over to the new platform. In your bank imported transaction in the transactions page, if you go into the categorization and select "Payment received for an Invoice in Wave" you can select the unpaid invoice that you want to attach the payment to. This should solve the issue for you.
I can no longer access "Payment received for an Invoice in Wave" from my foreign currency account (I'm using NZD but have an account for USD). Is this feature returning or is there another way to reconcile the invoice.
Hey @kathay . You can't allocate a foreign currency payment to an invoice. To solve this, mark the invoice as paid which will create the corresponding transaction in your Transactions page. You can then merge the remaining transaction into this.
I have two Wave invoice payments that were made BEFORE the migration with one corresponding imported bank deposit from AFTER the migration. I attempted to split the bank deposit and merge with the payments (as I would do in the old system), but it's not possible to merge splits. How do I handle this?
I have some other before/after conflicts as well, but that's for another thread....
Hey @AlexC . Because this is a one-off situation, you should be able to delete the bank imported transactions as the automatically generated invoice payment (and merchant fees) should account for this properly.
Let me know if this makes sense and works for you.
Hey @bat . Yep! Any bank imported transaction from before the migration should be deleted, as this is how we used to advise on proper bookkeeping before we made the changes to the system. The invoice payment itself covers everything you need.
This is pretty terrible and not a one off.
I have USD invoices created (after the migration) and none of the bank imported transactions (after migration) have the option to be "Payment received for an Invoice in Wave".
I've tried to upload my bankstatements in CSV format but that doesn't work. Now I'm using the reconcilliation feature of Wave but it has ended up with marking almost all of my paid invoices as unpaid! I have to manually go back to the bankstatements and mark each individual invoice as paid. The payment will probably reflect as duplicates in the transaction history. ALL I WANT IS MY FINANCIAL STATEMENTS TO BE ACCURATE.
I specifically seperated the company's books to start my accounting from scratch and now it's a complete mess
Hi @jasingjo, thanks for reaching out about this. You are correct in what you're viewing at the moment. To mark an invoice as 'paid' you will have to delete the bank imported transaction and then 'record a payment' to the invoice. To record a payment, go to: Sales -> Invoices -> Record a Payment. We understand this is currently a limitation of multi-currency accounting in Wave.
Hi @dcwprojects, sorry to hear you're having trouble with CSV uploads and reconciliation. I recommend trying out Wave Connect as an alternative to upload your data. As for reconciling, if you delete any transactions that are associated with an invoice payment it will mark the invoice as 'unpaid'. This Wave guide on account reconciliation has some great information to reference when reconciling.
My account has automatically posted all 3 transactions up until 8/27, but after 8/27 it has only posted the invoice payment, and not the "transfer from Wave" transaction or the "transfer to my bank account" transaction. Is there an easy way to remedy this without manually creating each one of those transactions?
This is likely caused by an issue with your bank connection. Typically with a healthy bank connection these transactions should appear, however sometimes your bank may disconnect from Wave. But not to worry, you can recreate these manually.
This is the workflow for creating the transfer:
1) Select the Wave Payments account from the account dropdown at the top of your transactions page.
2) Add income
3) match the date to one of the transactions
4) Match the amount for one of the transactions
5) Account should be your payments account you want the money to land in
6) Select Deposit
7) Under category, select Transfer to bank credit or loan > Wave Payments account
This will create the transfer bringing down the Wave Payments account by the amount you've created
This image below gives you a good idea of what the transfer should look like!
I'm having trouble with six transactions sitting in my Payment by Wave account that I can't do anything with which is causing my books to be off. I've put in a trouble ticket four days ago...March 2nd and no one has responded. How do I get the attention of someone who can help correct the issue? Thank you.
If I am located in Australia and do not have the option to connect my bank. How do I reclassify Wave payments to their correct account? I have paid invoices that are not correctly reflecting in the right account which throws off the purpose of using this system
When I get paid, Wave creates a credit to my bank account. Fine. When Wave deposits payment totals, I get a second credit to my bank account for the invoice less merchant fees. Isn't that doubling the income in my P&L?
Hey @Lisa_Gough! I can see that your query was handled by Jess on our support team, I'm glad you could come to a solution together!
@AliB, I'm sorry to hear about the issues you've been seeing with categorizing those payments! Can you let me know what you're seeing in your account? I'd love to try to help as best as possible, so any context around your current situation would be fantastic.
@Bob_Stevens, thanks for reaching out. I'd love to be sure of what we're looking at here - could you please post a screenshot of what those transactions look like from within your account? That'll give us the best means to help you out!
@Bob_Stevens This is actually expected behaviour. Wave uses a "money in transit" account to show the invoice as originally paid to - it's called Payments by Wave. This essentially shows that the payment has been made but has not yet been received into your account. Once it is deposited, the deposit transaction shows up on your statement (typically uses the description title of (WAVE SV9T....). Once Wave sees this transaction, it will link the transaction in the Payments by Wave account to the deposit through a transfer. This shows the funds moving out of the Payments by Wave account and being deposited into your actual bank account. This means that these are not duplicates and each serve a different purpose that Wave intended to do!
Hi. I'm going to jump in here too as I have a similar query. How exactly do I make the deposit to my bank account in Wave when it is shown as being in the Wave Payments account which I can't edit? Thanks in advance.
Hey @Colmac! The automated bookkeeping should allow for that deposit to automatically transfer into your bank account once the deposit lands. If you don't have your bank connected for automatic transaction importing, then you'll need to create a transfer transaction within that Wave Payments account over to the bank account that the money landed in in the real world! Let me know if that makes sense - if not, I'd love to break it down further with you!
Hi Wave, I have one Wave Payment deposit into my bank account that has been imported twice, and Wave has automatically done the journal entry for that amount twice as well. My bank account doesn't reconcile with Wave by the amount that was imported twice (Wave is showing I have that amount more than I actually do in my bank account), and my Wave Payments account is in accurate as well (showing the amount less than it should). Should I delete the duplicate import and journal/transfer entries? There isn't an option to merge them.
Hey @AshleyT! Thanks for reaching out here. Can you send a screenshot of what this looks like within your account? I'd love to try to help you with your particular case, so that we can help you reconcile your accounts properly. I'm fairly certain we should go with the deletion route, but I'd want to triple check before making any assumptions!
I understand that transaction fee of Wave Payments should be categorized as Expenses and be assigned to a corresponding expenses account, it's especially important for a self-employed as they can file the transaction fees as business expenses. I don't see a way to do it in Wave other than to do it manually transaction by transaction by splitting transactions.
At the same time, the initial sum of money that my client pays me (the invoice total) is not shown neither on my bank account nor on Wave Payments account (where it's already less the transaction fee).
UPD: I figured this out. It works. Thank you.
I'm a little unclear on what you mean by becoming a Wave distributor. Wave is a free accounting software for anyone to use globally. If you could kindly let us know what you're looking to do here I could happily advise you accordingly!
If you're using Wave Payments the transaction fee is automated in the bookkeeping Wave does for the invoice payment. You shouldn't have to account for any fees otherwise. If you head to reports > Account transactions (GL) report > Filter the account by the "Merchant account fees" category you should find all of your fees are automated on your invoice payment. Sorry if I misunderstood the issue here! Let us know.
I appreciate the 3 transactions, but how do I categorize the income as anything other than "Sales"? I categorize my income and separate product sales from consulting from commissions. But all the Wave payments show up as just "Sales", and I can't figure out a way to edit it, since I can't edit the Wave payment transaction, and the categories for the other two are transfers.
Hey @ScottAllenTVH! Thanks for reaching out here. The category that this income would be put into would depend on the income category of the product You can set that from within the Product page, or the invoice itself.
After the first Wave payment the sales and bank accts are correct from the automatic entries. But what do do with the debit side of the bank deposit entry? It is imported as Uncategorized. Do I offset the Wave Payment account with it?
Comments
Can someone help me figure this out?
In OLD wave apps, I would create invoices when I received notification that a donation was made to our nonprofit.
But I only do bookkeeping at end of the month - I import all bank transactions and then on the OLD transactions page I was able to select the transaction - right click and click on pay Invoice - this would book the checking account transaction as a payment against the invoice.
This feature appears to be GONE...
Any hints??
Is there a way to revert back to original UI of wave apps?
Hi @suedonne123 . Unfortunately you can't go back to the older version of Wave as we're working on migrating all of our users over to the new platform. In your bank imported transaction in the transactions page, if you go into the categorization and select "Payment received for an Invoice in Wave" you can select the unpaid invoice that you want to attach the payment to. This should solve the issue for you.
I can no longer access "Payment received for an Invoice in Wave" from my foreign currency account (I'm using NZD but have an account for USD). Is this feature returning or is there another way to reconcile the invoice.
Hey @kathay . You can't allocate a foreign currency payment to an invoice. To solve this, mark the invoice as paid which will create the corresponding transaction in your Transactions page. You can then merge the remaining transaction into this.
I have two Wave invoice payments that were made BEFORE the migration with one corresponding imported bank deposit from AFTER the migration. I attempted to split the bank deposit and merge with the payments (as I would do in the old system), but it's not possible to merge splits. How do I handle this?
I have some other before/after conflicts as well, but that's for another thread....
Hey @AlexC . Because this is a one-off situation, you should be able to delete the bank imported transactions as the automatically generated invoice payment (and merchant fees) should account for this properly.
Let me know if this makes sense and works for you.
So do we need to delete the bank payments before the migration?
Hey @bat . Yep! Any bank imported transaction from before the migration should be deleted, as this is how we used to advise on proper bookkeeping before we made the changes to the system. The invoice payment itself covers everything you need.
This is pretty terrible and not a one off.
I have USD invoices created (after the migration) and none of the bank imported transactions (after migration) have the option to be "Payment received for an Invoice in Wave".
I've tried to upload my bankstatements in CSV format but that doesn't work. Now I'm using the reconcilliation feature of Wave but it has ended up with marking almost all of my paid invoices as unpaid! I have to manually go back to the bankstatements and mark each individual invoice as paid. The payment will probably reflect as duplicates in the transaction history. ALL I WANT IS MY FINANCIAL STATEMENTS TO BE ACCURATE.
I specifically seperated the company's books to start my accounting from scratch and now it's a complete mess
Hi @jasingjo, thanks for reaching out about this. You are correct in what you're viewing at the moment. To mark an invoice as 'paid' you will have to delete the bank imported transaction and then 'record a payment' to the invoice. To record a payment, go to: Sales -> Invoices -> Record a Payment. We understand this is currently a limitation of multi-currency accounting in Wave.
Hi @dcwprojects, sorry to hear you're having trouble with CSV uploads and reconciliation. I recommend trying out Wave Connect as an alternative to upload your data. As for reconciling, if you delete any transactions that are associated with an invoice payment it will mark the invoice as 'unpaid'. This Wave guide on account reconciliation has some great information to reference when reconciling.
My account has automatically posted all 3 transactions up until 8/27, but after 8/27 it has only posted the invoice payment, and not the "transfer from Wave" transaction or the "transfer to my bank account" transaction. Is there an easy way to remedy this without manually creating each one of those transactions?
Hey there @lolabees
This is likely caused by an issue with your bank connection. Typically with a healthy bank connection these transactions should appear, however sometimes your bank may disconnect from Wave. But not to worry, you can recreate these manually.
This is the workflow for creating the transfer:
1) Select the Wave Payments account from the account dropdown at the top of your transactions page.
2) Add income
3) match the date to one of the transactions
4) Match the amount for one of the transactions
5) Account should be your payments account you want the money to land in
6) Select Deposit
7) Under category, select Transfer to bank credit or loan > Wave Payments account
This will create the transfer bringing down the Wave Payments account by the amount you've created
This image below gives you a good idea of what the transfer should look like!
I'm having trouble with six transactions sitting in my Payment by Wave account that I can't do anything with which is causing my books to be off. I've put in a trouble ticket four days ago...March 2nd and no one has responded. How do I get the attention of someone who can help correct the issue? Thank you.
If I am located in Australia and do not have the option to connect my bank. How do I reclassify Wave payments to their correct account? I have paid invoices that are not correctly reflecting in the right account which throws off the purpose of using this system
When I get paid, Wave creates a credit to my bank account. Fine. When Wave deposits payment totals, I get a second credit to my bank account for the invoice less merchant fees. Isn't that doubling the income in my P&L?
Hey @Lisa_Gough! I can see that your query was handled by Jess on our support team, I'm glad you could come to a solution together!
@AliB, I'm sorry to hear about the issues you've been seeing with categorizing those payments! Can you let me know what you're seeing in your account? I'd love to try to help as best as possible, so any context around your current situation would be fantastic.
@Bob_Stevens, thanks for reaching out. I'd love to be sure of what we're looking at here - could you please post a screenshot of what those transactions look like from within your account? That'll give us the best means to help you out!
So, these are individual invoice payments., The WAVE payment is a total of them less charges. Is this a double credit for the payments?
@Bob_Stevens This is actually expected behaviour. Wave uses a "money in transit" account to show the invoice as originally paid to - it's called Payments by Wave. This essentially shows that the payment has been made but has not yet been received into your account. Once it is deposited, the deposit transaction shows up on your statement (typically uses the description title of (WAVE SV9T....). Once Wave sees this transaction, it will link the transaction in the Payments by Wave account to the deposit through a transfer. This shows the funds moving out of the Payments by Wave account and being deposited into your actual bank account. This means that these are not duplicates and each serve a different purpose that Wave intended to do!
I'm going to jump in here too as I have a similar query.
How exactly do I make the deposit to my bank account in Wave when it is shown as being in the Wave Payments account which I can't edit?
Thanks in advance.
Hey @Colmac! The automated bookkeeping should allow for that deposit to automatically transfer into your bank account once the deposit lands. If you don't have your bank connected for automatic transaction importing, then you'll need to create a transfer transaction within that Wave Payments account over to the bank account that the money landed in in the real world! Let me know if that makes sense - if not, I'd love to break it down further with you!
Hi Wave, I have one Wave Payment deposit into my bank account that has been imported twice, and Wave has automatically done the journal entry for that amount twice as well. My bank account doesn't reconcile with Wave by the amount that was imported twice (Wave is showing I have that amount more than I actually do in my bank account), and my Wave Payments account is in accurate as well (showing the amount less than it should). Should I delete the duplicate import and journal/transfer entries? There isn't an option to merge them.
Hey @AshleyT! Thanks for reaching out here. Can you send a screenshot of what this looks like within your account? I'd love to try to help you with your particular case, so that we can help you reconcile your accounts properly. I'm fairly certain we should go with the deletion route, but I'd want to triple check before making any assumptions!
I am interested in becoming Wave distributor in Nigeria. Please kindly send me a mail on how to go about it. my Address v.ben35@gmail.com
Benjamin
I understand that transaction fee of Wave Payments should be categorized as Expenses and be assigned to a corresponding expenses account, it's especially important for a self-employed as they can file the transaction fees as business expenses. I don't see a way to do it in Wave other than to do it manually transaction by transaction by splitting transactions.
At the same time, the initial sum of money that my client pays me (the invoice total) is not shown neither on my bank account nor on Wave Payments account (where it's already less the transaction fee).
UPD: I figured this out. It works. Thank you.
Hey @victor_osho123
I'm a little unclear on what you mean by becoming a Wave distributor. Wave is a free accounting software for anyone to use globally. If you could kindly let us know what you're looking to do here I could happily advise you accordingly!
Hi @MaxG
If you're using Wave Payments the transaction fee is automated in the bookkeeping Wave does for the invoice payment. You shouldn't have to account for any fees otherwise. If you head to reports > Account transactions (GL) report > Filter the account by the "Merchant account fees" category you should find all of your fees are automated on your invoice payment. Sorry if I misunderstood the issue here! Let us know.
I appreciate the 3 transactions, but how do I categorize the income as anything other than "Sales"? I categorize my income and separate product sales from consulting from commissions. But all the Wave payments show up as just "Sales", and I can't figure out a way to edit it, since I can't edit the Wave payment transaction, and the categories for the other two are transfers.
Hey @ScottAllenTVH! Thanks for reaching out here. The category that this income would be put into would depend on the income category of the product
You can set that from within the Product page, or the invoice itself.
After the first Wave payment the sales and bank accts are correct from the automatic entries. But what do do with the debit side of the bank deposit entry? It is imported as Uncategorized. Do I offset the Wave Payment account with it?