@alexlewiszarkos - I enjoy providing usability and functional suggestions and I'm glad you are receptive. I wonder if the majority of users pay the full amount or portions. I do both where probably 85 to 90% are full payments. Right now partial payments is the norm and full payments is the exception. It seems defaulting to full payments may be a better option from a usability perspective because the full amount is known and can be filled in at which point the value can be changed to the partial value if required. If partial is the default then you have to write down, mentally note, or copy the full amount so that you can enter it in as the value. That is an extra mental step.
@JasonS and @davewarfel just a heads up (I know your comments have been kicking around for a little bit) I just wanted to update you on how to split a transaction to include the expense for the processing fee.
When you're splitting a bulk deposit from a third party processor (say, PayPal), here's what you do. I'll use a total payment of $100 towards an invoice, with a $3 processing fee, as an example.
Use the transaction splitting tool to make the first split part of the transaction, categorizing the bulk payment amount of $100 as payment for invoice x in Wave.
In the second line of the split, click the category dropdown menu > Discounts and Fees > Merchant Account Fees (or a specific one for PayPal fees, which you'd need to create on your own in the Chart of Accounts page).
This will change the positive to a negative sign in the split line, where you enter the $3. This will balance out the net of $97, while also recognizing that the invoice total was paid, while also recognizing the processing fee. Click Save, and you're good to go.
Once you've saved this, it'll still display as a single item line; however, when you click into the transaction itself, it'll show you that it's split between multiple accounts.
@Gonzo1982 what specific issues with splitting are you referring to?
Thanks for taking the time to explain this, @Ryan_W, however this process still doesn't address two of the things I used to be able to do, that I would still like to do.
Many of the transactions coming in from PayPal, Stripe & other merchant accounts that charge fees do not have an invoice associated with them. They're either product sales, affiliate payments or ad revenue deposits.
I can put the $3 fee in a "Merchant Account Fees" account, but I can't assign a Vendor. Everything is assigned to the Customer on the invoice (which, in my case, there isn't an invoice, so it's assigned to the Customer who is paying me).
But I want to assign PayPal merchant fees to my "PayPal" vendor, and Stripe merchant fees to my "Stripe" Vendor, etc. When splitting transactions, Wave no longer lets me assign a Vendor for the negative amount.
So I can no longer use splitting if I want to see a breakdown of:
a) the total "Merchant Account Fees" I paid for the month, AND ALSO
b) the amount I paid to PayPal, Stripe, and other individual merchant accounts
Everything is just bundled in the "Merchant Account Fees," but it's not assigned to a particular vendor for me to see the breakdown.
Hi @davewarfel . Let me try to individually break these concerns down for you:
If they don't have an invoice associated with them, feel free to categorize them to the appropriate income account instead of assigning it to an invoice. For example, categorizing it to the Sales account.
A workaround for determining your fees would be to create new accounts in your Chart of Accounts for each of your payments processors under Expense > Payment Processing Fees. You could have accounts named Stripes Fees and PayPal Fees for example. When you categorize to Discounts and Fees, you'll now have new options instead of just the Merchant Account Fees account. By navigating to the Account Transactions Report, you can filter for any of these accounts and determine how much is being deducted. You would have to add these fees together to find the total, but this seems to be easier than splitting them apart to find the individual amounts per merchant.
I have transactions which have been imported from my bank and I'd like to be able to split the transaction so that I can show that a discount was applied. No invoices were issued and the discount is different for each. How would I go about this? Is it possible?
Hey @Pip . To do this, head over to the Transactions page and select one of the transactions that has been imported. Click on "split this deposit" so it splits it out into two lines. The first will contain the total amount of the sale (before discount), and the second (the amount of the discount) you'll categorize to Discounts and Fees. You can set up an account in this category under Chart of Accounts > Income > Discounts which you can select for the second line category.
This essentially uses this discount as a negative number, which will allow you to track any subtractions that are being applied to your transactions.
Not sure if you got to take a look at our article posted at the top of this thread but it's got some good explanations and some good visuals on how to split a deposit or withdrawal and attribute two different accounts to the same transaction.
@Barsin -- thank you for considering my question. I do understand how to split a transaction, but this doesn't help me do what I am aiming for.
Some background. I am trying to use Wave for maintaining books of a small condo association. Because of some physical differences in the property, the books are split into Phase I and Phase II. We keep one operating account with the bank, and the balances for each phase are kept distinct just in the accounting ledgers. Some expenses are assigned to one or the other accounts, e.g. " Phase I operating." But some expenses are shared. I would like to be able to take, for example, and $800 property maintenance bill and assign a portion to Phase I operating and the remainder to Phase II operating.
I can do it manually by entering two transactions. But that seems a bit of a headache. I am hopeful that there is a way to split a transaction in the way I've described. (it seems there is not)
The short version of my request, in the transaction details window, what you've pointed me to allows me to split a "category." I would like to split the "account."
Not sure if you got to take a look at our article posted at the top of this thread but it's got some good explanations and some good visuals on how to split a deposit or withdrawal and attribute two different accounts to the same transaction.
Are transactions only able to be split to across two invoices? I make regular batch payments for a months worth of invoiced and would like to split this transaction across more than just two invoices.
Hi @mrsjones! Welcome to the Wave Community! You are able to split transactions across more than two invoices. When splitting the transaction, click the split button as many times as needed.
@blaw0013 Hi Brian! I'm afraid that the option to split a single transactions across two different accounts is not possible in Wave. Two transactions will have to be created, each assigned to their respective accounts. Thank you so much for giving a detailed explanation on how you intend to use such a feature. While I cannot comment on whether this feature will be implemented in future updates, I would be happy to share your comments with our Product Team!
Every month I receive a single payment which is made up of Booking income, less subscriptions fee, less fuel costs, less tolls. Therefore I need to be able to split the single transaction into various income and expense accounts. Is this possible at this point in time? Or is there a workaround?
The only real workaround to achieve this at the time would be to simply delete the transaction and create separate income and expense transactions that make up the total for your various expenses/income. Sadly this wouldn't allow you to reconcile your accounts of course. However, this is exactly what was happening in the last version of our system. When you split a transaction, it literally split it into multiple, which would give you no real way to reconcile against your bank statement. Apologies that our tool may not suit your business transactions needs. Don't hesitate to reach out if you need anything else.
While splitting an expense (such as credit card payment) occasionally you have to record a refund. How do you record this refund as an income within splitting expense items?
@vijayrajvaidya I'm afraid it's not possible record a refund for a bill payment in a split transaction, since it's considered an income transaction. You would need to have a separate transaction created for the refund itself (categorizing it as - refund for bill payment).
For me the new splitting "feature" is not working at all. Its time consuming, prone to errors and confusing. The previous version, merge function, although was not ideal, it was by far better in terms of speed and functionality. It is now far easiest for me to just reconcile the transaction outside wave and just delete the entries from the imported statements than to try to splitting 10 or 15 entries each time using this new feature, select transaction type, search through the unpaid invoices, remembering the invoice amount since the new feature does not add it automatically when selecting the transaction, remembering what transaction I've already add to the split window, since the new feature does not remove them from the selection list if they are all ready added to the split window. Also, it only list unpaid invoices/bills so, i have to delete the receipt / payments in advance in order to use this "Feature". Is there any way to go back to the previous Version ?
Hi @Adonis . No way to go back to the previous version as we work to migrate all of our users over to the new platform.
It sounds like what you're doing is applying payments to invoices/bills from the transactions that come in, where as in the old software you would split out the transactions into different transactions and apply them? If you want to breakdown exactly how your business runs so I can have a better understanding of how your workflow functions I may be able to recommend a better flow for you.
Hi AlexL,
Usually, my customers issue one payment per moth in order to pay for a number of invoices. The same i'm doing to my vendors for the bills. This however is not happening on the same day. That means that we actually apply the payments/bill at the time we receive/issue it, but we are importing the bank statements at the end on each month for processing.
In the previous version, i had one incoming payment from the bank statement, that i was just splitting according to the invoice payments recorded earlier on each invoice/bill. All was visible in the same window, with the amounts clearly shown so although splitting was kind of time consuming it was not something difficult to achieve.( just click a pair of entries and merge them after spilling the original amount). With the new version, that is a nightmare. I've spend more time processing 4 incoming payments than the time i needed to process a whole month with the older version. When spitting and apply on invoices/ bills, the option are very slow to follow and if you have to do them 200 times then is a no go at all. I have to click split, choose a category, then filter the customer/vendor then find the relevant invoice from a number of invoices. After selecting the invoice i have to remember the amount to add since the system does not add it. Then for each other part of the split i have to do the same, but i have no way to know if i already added an invoice since the system does not remove the already selected ones from the list. In general this new system does not work for me. You just need to enable the merging on spited transaction as before.
Hey @Adonis! Thanks for taking the time to provide your feedback here, it is really helpful to have this insight into your workflow. I can see how removing the invoice from the list once you have selected it would be helpful, especially if you are splitting the transaction multiple times over. At the moment, I believe the system does not add the entire invoice amount when you select the outstanding invoices as some people choose to pay partial amounts, but having the it auto-fill would make the process faster if you are not using deposits or pre-payment amounts. While I can't make promises on changes in the future, this detail is really important for our team to be able to review.
This is not working. Far tooooooooooooooooooooooooo slow. Spend half a day to do the work i was doing in few minutes in the older version. Very easy to make mistakes. Too many click too many menus, too many selection, the side by side feature is really slow. Really disappointed by wave.
Hi there,
Not sure if anyone can help or not, but I'm trying to make bulk payments in Wave for accounts payable invoices. Does anyone know if you can do such a thing within Wave ... instead of paying off each invoice one at a time.
Thanks for you help,
Mykaela Mallette
I've moved your post int this thread on splitting a transaction. Essentially what you might be looking to do is create an income/expense for a bulk deposit and split the transaction to multiple invoices at a time. See the help center article in this thread on page 1 for more information on how to do this!
Very Disappointed in Wave. Only 4 transactions show up at a time and I can't get it to use the whole screen. Also it will not let click onto the transaction, so splitting the transactions doesn't even come up or anything. The old version was so easy and I'm trying to run a business here, not sure why you would change it.
This sounds like a specific bug which might have to do with the Browser You're Using.
You may want to check out which browsers we support and also try some troubleshooting:
A lot of the time, this can be fixed by tweaking some things in your internet browser. Wave supports the latest versions of Chrome, Firefox, and Edge. We'd also recommend that you try using Wave with browser extensions disabled. If you have Chrome, try opening up an incognito window, logging into your Wave account, and try again (or if you have Firefox, open a private browsing window).
If that doesn't work, you may also need to clear your cache and cookies. You can read more about the browsers we support, and how to troubleshoot issues for your individual browser HERE. If you are still having problems or if you have any other questions, please get in touch.
Comments
@alexlewiszarkos - I enjoy providing usability and functional suggestions and I'm glad you are receptive. I wonder if the majority of users pay the full amount or portions. I do both where probably 85 to 90% are full payments. Right now partial payments is the norm and full payments is the exception. It seems defaulting to full payments may be a better option from a usability perspective because the full amount is known and can be filled in at which point the value can be changed to the partial value if required. If partial is the default then you have to write down, mentally note, or copy the full amount so that you can enter it in as the value. That is an extra mental step.
Tagging @Rahim.
Has there been any progress toward fixing the splitting issues?
@JasonS and @davewarfel just a heads up (I know your comments have been kicking around for a little bit) I just wanted to update you on how to split a transaction to include the expense for the processing fee.
When you're splitting a bulk deposit from a third party processor (say, PayPal), here's what you do. I'll use a total payment of $100 towards an invoice, with a $3 processing fee, as an example.
Use the transaction splitting tool to make the first split part of the transaction, categorizing the bulk payment amount of $100 as payment for invoice x in Wave.
In the second line of the split, click the category dropdown menu > Discounts and Fees > Merchant Account Fees (or a specific one for PayPal fees, which you'd need to create on your own in the Chart of Accounts page).
This will change the positive to a negative sign in the split line, where you enter the $3. This will balance out the net of $97, while also recognizing that the invoice total was paid, while also recognizing the processing fee. Click Save, and you're good to go.
Once you've saved this, it'll still display as a single item line; however, when you click into the transaction itself, it'll show you that it's split between multiple accounts.
@Gonzo1982 what specific issues with splitting are you referring to?
Thanks for taking the time to explain this, @Ryan_W, however this process still doesn't address two of the things I used to be able to do, that I would still like to do.
Many of the transactions coming in from PayPal, Stripe & other merchant accounts that charge fees do not have an invoice associated with them. They're either product sales, affiliate payments or ad revenue deposits.
I can put the $3 fee in a "Merchant Account Fees" account, but I can't assign a Vendor. Everything is assigned to the Customer on the invoice (which, in my case, there isn't an invoice, so it's assigned to the Customer who is paying me).
But I want to assign PayPal merchant fees to my "PayPal" vendor, and Stripe merchant fees to my "Stripe" Vendor, etc. When splitting transactions, Wave no longer lets me assign a Vendor for the negative amount.
So I can no longer use splitting if I want to see a breakdown of:
a) the total "Merchant Account Fees" I paid for the month, AND ALSO
b) the amount I paid to PayPal, Stripe, and other individual merchant accounts
Everything is just bundled in the "Merchant Account Fees," but it's not assigned to a particular vendor for me to see the breakdown.
Hi @davewarfel . Let me try to individually break these concerns down for you:
I have transactions which have been imported from my bank and I'd like to be able to split the transaction so that I can show that a discount was applied. No invoices were issued and the discount is different for each. How would I go about this? Is it possible?
Hey @Pip . To do this, head over to the Transactions page and select one of the transactions that has been imported. Click on "split this deposit" so it splits it out into two lines. The first will contain the total amount of the sale (before discount), and the second (the amount of the discount) you'll categorize to Discounts and Fees. You can set up an account in this category under Chart of Accounts > Income > Discounts which you can select for the second line category.
This essentially uses this discount as a negative number, which will allow you to track any subtractions that are being applied to your transactions.
Brilliant! Thank you so much, @alexlewiszarkos
any option to split the account for one transaction?
Hey there @blaw0013
Not sure if you got to take a look at our article posted at the top of this thread but it's got some good explanations and some good visuals on how to split a deposit or withdrawal and attribute two different accounts to the same transaction.
https://support.waveapps.com/hc/en-us/articles/115004964203-Improvements-to-transaction-splitting
@Barsin -- thank you for considering my question. I do understand how to split a transaction, but this doesn't help me do what I am aiming for.
Some background. I am trying to use Wave for maintaining books of a small condo association. Because of some physical differences in the property, the books are split into Phase I and Phase II. We keep one operating account with the bank, and the balances for each phase are kept distinct just in the accounting ledgers. Some expenses are assigned to one or the other accounts, e.g. " Phase I operating." But some expenses are shared. I would like to be able to take, for example, and $800 property maintenance bill and assign a portion to Phase I operating and the remainder to Phase II operating.
I can do it manually by entering two transactions. But that seems a bit of a headache. I am hopeful that there is a way to split a transaction in the way I've described. (it seems there is not)
The short version of my request, in the transaction details window, what you've pointed me to allows me to split a "category." I would like to split the "account."
--Brian
Are transactions only able to be split to across two invoices? I make regular batch payments for a months worth of invoiced and would like to split this transaction across more than just two invoices.
Hi @mrsjones! Welcome to the Wave Community! You are able to split transactions across more than two invoices. When splitting the transaction, click the split button as many times as needed.
@blaw0013 Hi Brian! I'm afraid that the option to split a single transactions across two different accounts is not possible in Wave. Two transactions will have to be created, each assigned to their respective accounts. Thank you so much for giving a detailed explanation on how you intend to use such a feature. While I cannot comment on whether this feature will be implemented in future updates, I would be happy to share your comments with our Product Team!
Every month I receive a single payment which is made up of Booking income, less subscriptions fee, less fuel costs, less tolls. Therefore I need to be able to split the single transaction into various income and expense accounts. Is this possible at this point in time? Or is there a workaround?
Hey there @BrainChild
The only real workaround to achieve this at the time would be to simply delete the transaction and create separate income and expense transactions that make up the total for your various expenses/income. Sadly this wouldn't allow you to reconcile your accounts of course. However, this is exactly what was happening in the last version of our system. When you split a transaction, it literally split it into multiple, which would give you no real way to reconcile against your bank statement. Apologies that our tool may not suit your business transactions needs. Don't hesitate to reach out if you need anything else.
Invoice not showing up after selecting payment for invoice
Hey @hgsllc . Please make sure that your invoice has not already been marked as paid. If it isn't unpaid, then it isn't selectable in this option.
While splitting an expense (such as credit card payment) occasionally you have to record a refund. How do you record this refund as an income within splitting expense items?
@vijayrajvaidya I'm afraid it's not possible record a refund for a bill payment in a split transaction, since it's considered an income transaction. You would need to have a separate transaction created for the refund itself (categorizing it as - refund for bill payment).
For me the new splitting "feature" is not working at all. Its time consuming, prone to errors and confusing. The previous version, merge function, although was not ideal, it was by far better in terms of speed and functionality. It is now far easiest for me to just reconcile the transaction outside wave and just delete the entries from the imported statements than to try to splitting 10 or 15 entries each time using this new feature, select transaction type, search through the unpaid invoices, remembering the invoice amount since the new feature does not add it automatically when selecting the transaction, remembering what transaction I've already add to the split window, since the new feature does not remove them from the selection list if they are all ready added to the split window. Also, it only list unpaid invoices/bills so, i have to delete the receipt / payments in advance in order to use this "Feature". Is there any way to go back to the previous Version ?
Hi @Adonis . No way to go back to the previous version as we work to migrate all of our users over to the new platform.
It sounds like what you're doing is applying payments to invoices/bills from the transactions that come in, where as in the old software you would split out the transactions into different transactions and apply them? If you want to breakdown exactly how your business runs so I can have a better understanding of how your workflow functions I may be able to recommend a better flow for you.
Hi AlexL,
Usually, my customers issue one payment per moth in order to pay for a number of invoices. The same i'm doing to my vendors for the bills. This however is not happening on the same day. That means that we actually apply the payments/bill at the time we receive/issue it, but we are importing the bank statements at the end on each month for processing.
In the previous version, i had one incoming payment from the bank statement, that i was just splitting according to the invoice payments recorded earlier on each invoice/bill. All was visible in the same window, with the amounts clearly shown so although splitting was kind of time consuming it was not something difficult to achieve.( just click a pair of entries and merge them after spilling the original amount). With the new version, that is a nightmare. I've spend more time processing 4 incoming payments than the time i needed to process a whole month with the older version. When spitting and apply on invoices/ bills, the option are very slow to follow and if you have to do them 200 times then is a no go at all. I have to click split, choose a category, then filter the customer/vendor then find the relevant invoice from a number of invoices. After selecting the invoice i have to remember the amount to add since the system does not add it. Then for each other part of the split i have to do the same, but i have no way to know if i already added an invoice since the system does not remove the already selected ones from the list. In general this new system does not work for me. You just need to enable the merging on spited transaction as before.
Hey @Adonis! Thanks for taking the time to provide your feedback here, it is really helpful to have this insight into your workflow. I can see how removing the invoice from the list once you have selected it would be helpful, especially if you are splitting the transaction multiple times over. At the moment, I believe the system does not add the entire invoice amount when you select the outstanding invoices as some people choose to pay partial amounts, but having the it auto-fill would make the process faster if you are not using deposits or pre-payment amounts. While I can't make promises on changes in the future, this detail is really important for our team to be able to review.
This is not working. Far tooooooooooooooooooooooooo slow. Spend half a day to do the work i was doing in few minutes in the older version. Very easy to make mistakes. Too many click too many menus, too many selection, the side by side feature is really slow. Really disappointed by wave.
Hi there,
Not sure if anyone can help or not, but I'm trying to make bulk payments in Wave for accounts payable invoices. Does anyone know if you can do such a thing within Wave ... instead of paying off each invoice one at a time.
Thanks for you help,
Mykaela Mallette
Hey @mykaela_mallette11
I've moved your post int this thread on splitting a transaction. Essentially what you might be looking to do is create an income/expense for a bulk deposit and split the transaction to multiple invoices at a time. See the help center article in this thread on page 1 for more information on how to do this!
Very Disappointed in Wave. Only 4 transactions show up at a time and I can't get it to use the whole screen. Also it will not let click onto the transaction, so splitting the transactions doesn't even come up or anything. The old version was so easy and I'm trying to run a business here, not sure why you would change it.
Hey there @Truman
This sounds like a specific bug which might have to do with the Browser You're Using.
You may want to check out which browsers we support and also try some troubleshooting:
A lot of the time, this can be fixed by tweaking some things in your internet browser. Wave supports the latest versions of Chrome, Firefox, and Edge. We'd also recommend that you try using Wave with browser extensions disabled. If you have Chrome, try opening up an incognito window, logging into your Wave account, and try again (or if you have Firefox, open a private browsing window).
If that doesn't work, you may also need to clear your cache and cookies. You can read more about the browsers we support, and how to troubleshoot issues for your individual browser HERE. If you are still having problems or if you have any other questions, please get in touch.