Hello. I want to make sure I'm correctly understanding the updated interface which has recently been implemented on my end.
I have many deposits imported from Stripe. Any one of those deposits may represent multiple Stripe transactions, which might—critically—be a combination of deposits and refunds. Example, in three steps:
Let's say Stripe Deposit #1 represents three transactions, all strictly income (pre-payment for services) from Customers A, B & C. Under the Old Version, I would split that deposit into three separate line item transactions of varying dollar amounts, adjust their categories as necessary, and quickly add customer names into each Description field for easy visual reference.
After review, I decide that my services are not a good fit for Customer A and I refund his money.
Stripe Deposit #2 represents three more transactions: Customer A's refund, plus new income from Customers D & E. The three transactions add up to a net positive figure, while containing a single negative entry. Again, under the Old Version, I would split that deposit into 3 separate transactions (two positives, one negative); in this way, I can ensure that Customer A's name is in his refund's Description field for easy reference, and that the Category for his refund is identical to that of his original payment (so that, when I filter to view only transactions in that Category, I see both his payment and refund in the results).
With the new transaction splitting functionality, it appears that I've lost the following:
The ability to include a negative figure in a split, as in part 3 of the example. In order to now represent the three transactions of Stripe Deposit #2, I'd need to adjust the amount of the deposit (to match one of the transactions), then manually create two more transactions (one deposit, one refund) from scratch.
The ability to permanently split a single deposit into multiple line item Wave transactions. Because of this, I can no longer filter accurately to all transactions of a particular Category; if a single deposit represents multiple transactions in multiple Categories, the entire deposit amount—not just one or two 'split' transactions nested within it—will appear in the filtered results.
Along with the loss of permanent splitting, I've also lost the ability to quickly type or paste the customer's name into his respective Description field. Now a deposit's Description field applies equally to all 'splits' nested within it and, if I want to associate a specific split transaction with a specific customer name, I would need to undertake an entire secondary process of clicking "Create new customer," completing and saving that Customer record, then refreshing the deposit's record in order for that new customer's name to appear as a choice in the drop-down list.
Is my understanding correct, or are some of the functions that I perceive as absent in fact still available but hidden under a setting that I haven't yet discovered?
@RBG After clicking into the transaction, you can select "split this deposit". Do this as many times as you need to split out the transaction into 10 smaller payments.
Hi @MarkG . I'll answer your concerns in order:
1. First off, it is definitely possible to include a negative in a split transaction. The steps are outlined in this Help Center article.
2. You are correct here, you cannot permanently split a deposit in the same workflow as the old one unless you add a new transaction and adjust the current one. This ultimately does do the same thing, but the workflow has changed.
3. You can still paste the customer's name into the Notes section of the transaction, although you would have to detail which split transaction it applies to instead of having it as the only piece of info. The second bit of info is also doable as well (associating the customer directly to the split), but as you said this does take a few more clicks.
You won't be able to attach multiple receipts for this type of transaction, however you would be able to just manually recreate the four separate expenses from your transactions page if you like! Or just upload four different receipts which will create four different expenses. This is very much the equivalent of what our previous version would do when you split the transaction.
I outsource payroll services to another company. Once a month, I transfer to them a combined amount for both the payroll and for their services. Then I upload the receipt. So, now I have 2 transactions: the one imported from a bank (the combined amount) and the receipt transaction.
I used to split the combined amount, and then merge the receipt transaction with the corresponding split transaction. This way, I have a receipt attached to the services transaction.
This doesn't work with the new way of splitting. What would be the recommended way of handling this case?
I've merged your questions into the Improvements to splitting transactions help center discussion. Since our split transaction feature no longer separates your transaction into two separate transactions, you'll need to manually create these expense transactions and delete the bank import.
Essentially our new feature lets you split the deposit into two separate expense accounts to ensure your reconciliation is correct. Since the previous version allowed you to split the transaction into two separate transactions, this wouldn't work with our newly improved Reconciliation Tool so if you'd like to create two separate transactions, go ahead and manually do that from your transactions page!
A bank depost was made for $1,250. The deposit consisted of two customer check payments that were manually recoreded as being paid. From the transaction screen, there's a bank depost of $1,250 and two invoice paments of $750 and $500. If you manually recorded the invoices as paid in order to generate a receipt for the customers, you must then remove/edit the payment in order to split and match to the invoice payment option that only then appears in the drop down menu. You then must delete the two separate invoice payment transactions. This is simply not easier.
I used to be able to split a transaction into debits and credits, but your system doesn't seem to allow this anymore, unless I can't find the option in your new interface. Scenario: A client pays his invoice of $800. The credit card fees represent $25, so I receive $775 in cash.
The journal entry for this situation would be like so:
The split feature won't allow me to enter both debits and credits entries in one transaction. It either allows me to enter only debit entries, or only credit entries.
I really hope I'm overlooking something in your new interface; otherwise there's a major issue. Ever heard of a double entry system.....?
@MaxV said:
I used to be able to split a transaction into debits and credits, but your system doesn't seem to allow this anymore, unless I can't find the option in your new interface. Scenario: A client pays his invoice of $800. The credit card fees represent $25, so I receive $775 in cash.
The journal entry for this situation would be like so:
The split feature won't allow me to enter both debits and credits entries in one transaction. It either allows me to enter only debit entries, or only credit entries.
I really hope I'm overlooking something in your new interface; otherwise there's a major issue. Ever heard of a double entry system.....?
Nevermind my comment above. I found how to access the debits in a credit transaction, and vice versa. It's just very awkwardly located in the drop down menu. Not very clear...
Two comments:
1. When adding a split item, the original item should diminish by the amount of the split items. It's a PITA to have to use a calculator to make the total match.
2. In the example above, How does this work if you have already credited payment an invoice when you received the check? Or do I use this method:
Just curious why you would mark the invoices as paid, then delete them. When your customer pays an invoice they can instantly see the receipt if they click a button on the invoice as they saw it will also update to PAID and they can download the invoice or receipt. This is what it looks like for your client.
You can then just go to the deposit once it lands in your account and split and assign it to your two invoices. This will reconcile correctly versus marking both invoices as paid separately.
@MaxV
You can only set an expense to the merchant account fees. Since the $25 are merchant account fees, I'd separate the transaction to this if that's relevant to your transaction?
Otherwise delete the transaction and create two manual ones which is essentially what the old split transaction button did.
I can not seem to use these to add an expense account to a deposit - example an incoming deposit from Square, $25 is processing fees and there are $20 of discounts as well that need to be recorded. Is there a trick I am missing?
I'm at a loss on this. I have a cheque covering 19 separate invoices. I have the deposit of the cheque recorded in Wave from my bank imports. I need to split the cheque into 19 invoices. Before, you hit "split transaction" and entered each invoice in and watched the cheque deposit dwindle down to zero. Then, you merged each set to be left with one paid invoice and everything balanced. Now, I have the invoices I've already marked as paid in "Invoices" and the original cheque deposit. If I try to split, the invoices don't appear because it's only showing outstanding invoices. What goes on here? Can someone explain how I should do this now? I can't just delete the original deposit, the books would be screwed. If I leave it, I show double what should be there.
You've just ruined Wave for me. The worst part of my workflow is always splitting my cable and internet bills between personal and business. It was a pain in the old system, but now you want me to invent entries manually and hope I get the numbers right? I'll go look for a better product. I can't believe anyone thought this was a good idea for small businesses.
And WORSE, you have reclassified all my OLD splits to personal as owner drafts, which means if I ever show this to the IRS, it will look like I have some unreported income. I just can't believe you would do this, and now in the middle of tax season, I have to start all over. I guess I should have just kept a spreadsheet and never, ever trusted a bunch of software engineers to have a clue.
Hi @JimH, thanks for reaching out. You are correct, if you have already marked the invoice as paid it will not show on the list of invoices to categorize from the Transactions page. If you record a payment to the invoice directly, you will see that a corresponding 'Invoice Payment' transaction will be created on the Transactions page in Wave. If you have your bank account connected to Wave for automatic transaction imports, we recommend waiting for the deposit transaction to import and then categorizing it as 'Payment for an Invoice' so you do not have duplicate income transactions. Once the deposit imports (such as the one for 19 invoices) you can then split the transactions as many times as you need and categorize each line to the corresponding invoice payment.
Hi @LenCurrie, you can only 'merge' a transaction if it is displays the same 'amount' and the same 'account'. If you are trying to merge a receipt with a split transaction it may not have the same amount as the receipt, so won't allow you to merge. In this case, you could delete the split transaction and enter it as two entries so you can merge. Or, you could add the URL of the 'receipt image' to the notes of the split transaction so you have the receipt image to reference there!
Hey @JRC, on the back end when transactions were moved between businesses this transaction was being recorded to an equity account. Now that your account has been updated, you'll see that we've removed the language layer. You'll see any transactions that were "Moved to" are now clearly shown as categorized to or from the Owner Investment/Drawing account. We removed this layer so users could see what was actually happening throughout this process.
I am with an insurance agency in which there is a monthly folio account. At the end of the month, I receive a net amount - or I actually have to pay on a bad month. So, I have one bank transaction. It is made up of commissions on the one hand, and multiple expenses (advertising, insurance, operating expenses etc). that need to be categorized - all in the same transaction! I am very surprised that Wave cannot split a transaction so that a bank transaction cannot be split between a combination of income and expense accounts. I have been able to do this forever with my personal accounts in Quicken. This is the only way to get accurate reporting for taxes because that is really what the bank transaction is made up from! I really enjoy Wave, but I am afraid this is a big problem that may drive me to another solution. The Folio is an extremely important part of my business! Please advise!
Hi @CaliforniaBob! You can split a transaction to have a negative line item but it will only allow you to use specific expense accounts to create the negative line item. For example, if you add an account under: Accounting -> Chart of Accounts -> Expenses -> Payment Processing Fee, anything under this category will be available when splitting a transaction. When splitting the transaction you would select: ;split this deposit' -> Discounts & Fees -> select the category. This will create a negative line item to show the discount/fee.
I am trying to split a transaction withdrawal against 15 bills that were already posted. However, not all the bills are visible in the "payment sent for a bill in wave" dropdown, even though I have confirmed that they are all sitting as "unpaid". Also a blue box keeps popping up telling me to "categorize the remaining amount" and I had no choice but to select that because it was covering up the "split transaction" button. Now when I hit "payment sent for a bill in wave" under the invoices (half of which are missing), it says "payment to customer - $XX outstanding". When I try to hit save, I get an error message. I have tried deleting the payment and reentering it 20 times and those "payment to customer" lines are still there. Why is this not working? I am shocked that there is no way to go into a vendor account and create a payment for multiple bills like every other accounting software.
Is the bill in a different currency than your native currency in Wave? Have a read through this article on Foreign Currency on Invoices and Bills for more info about this type of transaction. If it is in a different currency you will not be able to achieve this with a split transaction.
Please confirm what the affected bills currency is in. If that is the case you'll have to delete the bank imported transaction and mark the bills as paid to generate separate transactions instead. I understand that this would be less than ideal at this time. My apologies for the workaround.
Was looking for help here and saw your post below about bills in different currencies than payments. I think I have the same issue. I receive bills in GBP and pay them using a currency transfer tool which results in a payment from my bank account in SGD. I am now trying to categorise the bank transaction as a payment for a bill - but I see "no results found" when selecting Bill Payment. Is this because of the currency difference?
How do I do about matching and reconciliation now? I guess I could
Mark the GBP Bill as paid (from my SGD bank account)
Note down the equivalent SGD amount on the payment date (as reported by wave in the payment transaction)
work out the difference between that amount and the SGD transaction in my bank account (this will be the Forex fees)
Now do I need to manually create a new expense transaction with the forex fees?
Would that process work to reconcile my books or is there a simpler way (e.g. getting the GBP bill to appear when I categorise the bank transaction)?
Hi @DaveSG! I believe what you are experiencing is die the the currency difference. If you are trying to categorize a foreign currency transaction to a bill, the category for bill payment will not show. Recording a payment directly to the bill using the correct payment account and editing the exchange rate so it matches what you have would be the best way to go!
Comments
how to add a line if an invoice payment needs to be split in 10 small payments
Hello. I want to make sure I'm correctly understanding the updated interface which has recently been implemented on my end.
I have many deposits imported from Stripe. Any one of those deposits may represent multiple Stripe transactions, which might—critically—be a combination of deposits and refunds. Example, in three steps:
With the new transaction splitting functionality, it appears that I've lost the following:
Is my understanding correct, or are some of the functions that I perceive as absent in fact still available but hidden under a setting that I haven't yet discovered?
Thank you
@RBG After clicking into the transaction, you can select "split this deposit". Do this as many times as you need to split out the transaction into 10 smaller payments.
Hi @MarkG . I'll answer your concerns in order:
1. First off, it is definitely possible to include a negative in a split transaction. The steps are outlined in this Help Center article.
2. You are correct here, you cannot permanently split a deposit in the same workflow as the old one unless you add a new transaction and adjust the current one. This ultimately does do the same thing, but the workflow has changed.
3. You can still paste the customer's name into the Notes section of the transaction, although you would have to detail which split transaction it applies to instead of having it as the only piece of info. The second bit of info is also doable as well (associating the customer directly to the split), but as you said this does take a few more clicks.
Hopefully this clears it up for you.
How do you attach receipts then?
So I have 4 receipts and 1 bill that all got paid as one withdraw (cash withdraw).
How can I attache the receipts and bill payment to this one large withdraw?
Hey there @ztfpoa
You won't be able to attach multiple receipts for this type of transaction, however you would be able to just manually recreate the four separate expenses from your transactions page if you like! Or just upload four different receipts which will create four different expenses. This is very much the equivalent of what our previous version would do when you split the transaction.
I outsource payroll services to another company. Once a month, I transfer to them a combined amount for both the payroll and for their services. Then I upload the receipt. So, now I have 2 transactions: the one imported from a bank (the combined amount) and the receipt transaction.
I used to split the combined amount, and then merge the receipt transaction with the corresponding split transaction. This way, I have a receipt attached to the services transaction.
This doesn't work with the new way of splitting. What would be the recommended way of handling this case?
I'm having the same issue. I need to be able to split the credit card lump sum into its individual transactions.
Hey @DanLC @johlin
I've merged your questions into the Improvements to splitting transactions help center discussion. Since our split transaction feature no longer separates your transaction into two separate transactions, you'll need to manually create these expense transactions and delete the bank import.
Essentially our new feature lets you split the deposit into two separate expense accounts to ensure your reconciliation is correct. Since the previous version allowed you to split the transaction into two separate transactions, this wouldn't work with our newly improved Reconciliation Tool so if you'd like to create two separate transactions, go ahead and manually do that from your transactions page!
This link doesn't work: https://support.waveapps.com/hc/en-us/articles/208621546-How-to-add-a-sales-tax
Hey @Vancouverite! Try this one: https://support.waveapps.com/hc/en-us/articles/208621776-How-to-add-a-sales-tax
A bank depost was made for $1,250. The deposit consisted of two customer check payments that were manually recoreded as being paid. From the transaction screen, there's a bank depost of $1,250 and two invoice paments of $750 and $500. If you manually recorded the invoices as paid in order to generate a receipt for the customers, you must then remove/edit the payment in order to split and match to the invoice payment option that only then appears in the drop down menu. You then must delete the two separate invoice payment transactions. This is simply not easier.
I used to be able to split a transaction into debits and credits, but your system doesn't seem to allow this anymore, unless I can't find the option in your new interface. Scenario: A client pays his invoice of $800. The credit card fees represent $25, so I receive $775 in cash.
The journal entry for this situation would be like so:
Debit cash $775
Debit expenses $25
Credit A/R $800
The split feature won't allow me to enter both debits and credits entries in one transaction. It either allows me to enter only debit entries, or only credit entries.
I really hope I'm overlooking something in your new interface; otherwise there's a major issue. Ever heard of a double entry system.....?
Nevermind my comment above. I found how to access the debits in a credit transaction, and vice versa. It's just very awkwardly located in the drop down menu. Not very clear...
Two comments:
1. When adding a split item, the original item should diminish by the amount of the split items. It's a PITA to have to use a calculator to make the total match.
2. In the example above, How does this work if you have already credited payment an invoice when you received the check? Or do I use this method:
https://support.waveapps.com/hc/en-us/articles/360034883312-How-to-provide-a-customer-receipt-before-payment-is-recorded
Hey there @Air2Test @cgarai
Just curious why you would mark the invoices as paid, then delete them. When your customer pays an invoice they can instantly see the receipt if they click a button on the invoice as they saw it will also update to PAID and they can download the invoice or receipt. This is what it looks like for your client.
You can then just go to the deposit once it lands in your account and split and assign it to your two invoices. This will reconcile correctly versus marking both invoices as paid separately.
@MaxV
You can only set an expense to the merchant account fees. Since the $25 are merchant account fees, I'd separate the transaction to this if that's relevant to your transaction?
Otherwise delete the transaction and create two manual ones which is essentially what the old split transaction button did.
I can not seem to use these to add an expense account to a deposit - example an incoming deposit from Square, $25 is processing fees and there are $20 of discounts as well that need to be recorded. Is there a trick I am missing?
Hey @TxBeks . Check out the following article for more information on exactly how to do this: https://support.waveapps.com/hc/en-us/articles/115000472306-How-to-account-for-transaction-fees . If you have questions at that point, please let us know!
I'm at a loss on this. I have a cheque covering 19 separate invoices. I have the deposit of the cheque recorded in Wave from my bank imports. I need to split the cheque into 19 invoices. Before, you hit "split transaction" and entered each invoice in and watched the cheque deposit dwindle down to zero. Then, you merged each set to be left with one paid invoice and everything balanced. Now, I have the invoices I've already marked as paid in "Invoices" and the original cheque deposit. If I try to split, the invoices don't appear because it's only showing outstanding invoices. What goes on here? Can someone explain how I should do this now? I can't just delete the original deposit, the books would be screwed. If I leave it, I show double what should be there.
So am I reading this correctly? We can no longer merge uploaded receipts with a split transaction?
You've just ruined Wave for me. The worst part of my workflow is always splitting my cable and internet bills between personal and business. It was a pain in the old system, but now you want me to invent entries manually and hope I get the numbers right? I'll go look for a better product. I can't believe anyone thought this was a good idea for small businesses.
And WORSE, you have reclassified all my OLD splits to personal as owner drafts, which means if I ever show this to the IRS, it will look like I have some unreported income. I just can't believe you would do this, and now in the middle of tax season, I have to start all over. I guess I should have just kept a spreadsheet and never, ever trusted a bunch of software engineers to have a clue.
Hi @JimH, thanks for reaching out. You are correct, if you have already marked the invoice as paid it will not show on the list of invoices to categorize from the Transactions page. If you record a payment to the invoice directly, you will see that a corresponding 'Invoice Payment' transaction will be created on the Transactions page in Wave. If you have your bank account connected to Wave for automatic transaction imports, we recommend waiting for the deposit transaction to import and then categorizing it as 'Payment for an Invoice' so you do not have duplicate income transactions. Once the deposit imports (such as the one for 19 invoices) you can then split the transactions as many times as you need and categorize each line to the corresponding invoice payment.
Hi @LenCurrie, you can only 'merge' a transaction if it is displays the same 'amount' and the same 'account'. If you are trying to merge a receipt with a split transaction it may not have the same amount as the receipt, so won't allow you to merge. In this case, you could delete the split transaction and enter it as two entries so you can merge. Or, you could add the URL of the 'receipt image' to the notes of the split transaction so you have the receipt image to reference there!
Hey @JRC, on the back end when transactions were moved between businesses this transaction was being recorded to an equity account. Now that your account has been updated, you'll see that we've removed the language layer. You'll see any transactions that were "Moved to" are now clearly shown as categorized to or from the Owner Investment/Drawing account. We removed this layer so users could see what was actually happening throughout this process.
I am with an insurance agency in which there is a monthly folio account. At the end of the month, I receive a net amount - or I actually have to pay on a bad month. So, I have one bank transaction. It is made up of commissions on the one hand, and multiple expenses (advertising, insurance, operating expenses etc). that need to be categorized - all in the same transaction! I am very surprised that Wave cannot split a transaction so that a bank transaction cannot be split between a combination of income and expense accounts. I have been able to do this forever with my personal accounts in Quicken. This is the only way to get accurate reporting for taxes because that is really what the bank transaction is made up from! I really enjoy Wave, but I am afraid this is a big problem that may drive me to another solution. The Folio is an extremely important part of my business! Please advise!
Hi @CaliforniaBob! You can split a transaction to have a negative line item but it will only allow you to use specific expense accounts to create the negative line item. For example, if you add an account under: Accounting -> Chart of Accounts -> Expenses -> Payment Processing Fee, anything under this category will be available when splitting a transaction. When splitting the transaction you would select: ;split this deposit' -> Discounts & Fees -> select the category. This will create a negative line item to show the discount/fee.
I am trying to split a transaction withdrawal against 15 bills that were already posted. However, not all the bills are visible in the "payment sent for a bill in wave" dropdown, even though I have confirmed that they are all sitting as "unpaid". Also a blue box keeps popping up telling me to "categorize the remaining amount" and I had no choice but to select that because it was covering up the "split transaction" button. Now when I hit "payment sent for a bill in wave" under the invoices (half of which are missing), it says "payment to customer - $XX outstanding". When I try to hit save, I get an error message. I have tried deleting the payment and reentering it 20 times and those "payment to customer" lines are still there. Why is this not working? I am shocked that there is no way to go into a vendor account and create a payment for multiple bills like every other accounting software.
Hey @JF_1009
The issue might be caused by the following:
Please confirm what the affected bills currency is in. If that is the case you'll have to delete the bank imported transaction and mark the bills as paid to generate separate transactions instead. I understand that this would be less than ideal at this time. My apologies for the workaround.
Hi @BarsinA
Was looking for help here and saw your post below about bills in different currencies than payments. I think I have the same issue. I receive bills in GBP and pay them using a currency transfer tool which results in a payment from my bank account in SGD. I am now trying to categorise the bank transaction as a payment for a bill - but I see "no results found" when selecting Bill Payment. Is this because of the currency difference?
How do I do about matching and reconciliation now? I guess I could
Would that process work to reconcile my books or is there a simpler way (e.g. getting the GBP bill to appear when I categorise the bank transaction)?
Thanks
Dave
Hi @DaveSG! I believe what you are experiencing is die the the currency difference. If you are trying to categorize a foreign currency transaction to a bill, the category for bill payment will not show. Recording a payment directly to the bill using the correct payment account and editing the exchange rate so it matches what you have would be the best way to go!