Matching a settled invoice with deposit via Stripe
eliteacchk
Member Posts: 31
When a Wave invoice is settled via Stripe, Wave creates a transaction entry like this:
Dr. AR/ invoice no.
Cr. Money in Transit
This entry is locked and cannot be edited. Fair enough - since the client has settled the invoice in full and so a little automation helps.
The problem comes when Stripe pays into the bank account. I get a transaction entry of the same amount as an income.
Dr. Bank
Cr. Uncategorizes income
(ignore Stripe charges for the moment)
When we try to categorize the income and match the deposit to the invoice by following the instructions here:
https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-Changes-to-Payments-by-Wave
but we cannot find the settled invoice to match the deposit to. All we see is the unsettled ones being listed.
What are we doing wrong? How can we match the deposit to say that it is a ln AR settlement and not a separate income?
Dr. AR/ invoice no.
Cr. Money in Transit
This entry is locked and cannot be edited. Fair enough - since the client has settled the invoice in full and so a little automation helps.
The problem comes when Stripe pays into the bank account. I get a transaction entry of the same amount as an income.
Dr. Bank
Cr. Uncategorizes income
(ignore Stripe charges for the moment)
When we try to categorize the income and match the deposit to the invoice by following the instructions here:
https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-Changes-to-Payments-by-Wave
but we cannot find the settled invoice to match the deposit to. All we see is the unsettled ones being listed.
What are we doing wrong? How can we match the deposit to say that it is a ln AR settlement and not a separate income?
0
Comments
Hi @eliteacchk, firstly, thank you so much for your participation in the Community. We've noticed your very helpful posts and I'm sure everyone here appreciates your guidance.
When your bank account receives a deposit from Stripe, the final categorization should lead to this output:
Dr. Bank
Cr. Money in Transit
(ignore Stripe charges for the moment)
This won't settle any specific invoices, but it will settle the amount that was credited to the Money in Transit account as a result of an invoice payment.
To achieve this, you would categorize the deposit transaction as a "Transfer from Bank, Credit Card, or Loan" and select the Money in Transit account as the transfer origin (you would select the origin account, but not a specific origin transaction).