For each invoice payment I receive, I get three notifications in Wave/Accounting/Transactions. I'm not able to merge any of them, and the one that comes in as an Invoice Payment is already split by Wave (one showing payment total and one showing the merchant fee). But I still want to split the amount I received since there's a small portion of the payment that is non-taxable reimbursement, but I am unable to split. I get a message at the top of the transaction that says, "Transactions that are automatically created in the Wave system can't be edited or deleted." I delete the other two transactions that come in with these invoice payments because if I leave them it throws off the amount of money Wave says I have in my business account. So I'm not sure how to remedy this.
Hey @Pastpresentpix , if these are payments which are being processed through Wave Payments, you shouldn't be deleting any of these transactions as it will throw off your numbers and money will be left in the Wave Payments holding account. Check out our Help Center article on exactly how this process works.
You are correct in saying you can't split Payments transactions as they're uneditable. To get around this, you can journal the amount out of your one account into your non-taxable reimbursement account.
Just like several other users below, I sometimes receive a single payment for multiple invoices. You used to be able receive the payments under Sales, and then go to Transactions and split the deposit in to the correct amounts, and then merge each of the payments with the split amounts (with the older Wave interface). It looks like you cannot do that any more. Am I missing something or are you planning to support this not uncommon situation again soon? I can split the deposit in to the correct amounts, but I can't merge them. Or maybe I should be splitting the deposit and marking those amounts as the payments before I receive the payments? I think I just answered my own question, but since I did not see it answered below, I will still post it.
I'm trying to split a transaction (deposit from Shopify) to account for transaction fees and refunds. I am able to document the transaction fee but am unable to select an appropriate account for a refund of product sales (it does not show as an option).
If you receive a single payment for multiple invoices, to record a successful split, you will want to allocate the transactions total amount to the appropriate invoices. If the splits equal more or less than the transactions total amount, you won't be able to record a successful split. Below I attached a screenshot of an example for reference:
From what I understand, a refund would have to be recorded as a separate transaction, unlike processing fees which can be included in a transaction split as a negative item. When recording a refund withdrawal transaction, you can categorize it as 'Refund for income' or "Refund for an invoice in Wave' if the corresponding invoice was recorded in Wave.
If you have a large bank deposit that contains an invoice payment, you will want the split to account for the invoice payment by categorizing a portion of the split as Payment receive for an invoice in Wave > the invoice in question. This will automatically mark your invoice as "Paid" on the Sales > Invoices page. If you manually recorded a payment on the invoice through Sales > Invoices page as well, you can simply delete the "Invoice payment" transaction it generated on your Transactions page.
To shed some light on merging transactions, to record a successful merge, both transactions will need to match. If they don't match, you won't be able to merge them. Also, if you have 2 transactions that are split, you can merge them, as long as they are the same.
Sorry if this has been asked. I couldn't find it in my search.
Let's say I have a property manager who collects rent and also pays for some expenses. At the end of the month, he deposits rental income into my bank account minus repair expenses and his fees. I create an invoice and then record payment of the invoice, but how do I account for these repair and management fees on payment/deposit to my bank?
Example:
1) Rental Income = $2,000
2) Repair = $200
3) Mgmt Fee = $200
4) Total Deposited = $1,600
I saw someone suggest going to Transactions and splitting a payment using the category Discount & Fees, but if you select that category, nothing happens. It still says Uncategorized Income. If you then click Add a New Account, you get a popup to create an Account, but the options for Expense is only Payment Processing Fee. This doesn't sound like it's the right solution, because then repairs and management fees would be under the category Payment Processing Fees.
So how should we enter repair ($200) and management fee expenses ($200) from a deposit into our bank account ($1600)?
I have 1 receipt for $1,400 but I have 2 etransfer transactions ($1,000 and $400) from the bank account.
How do I merge the receipt with the 2 transactions? I cannot merge 3 transactions. How do I work around this issue? Thank you.
Hey @JM_WAVE , the Discounts and Fees workflow would actually be the best one for you here. You can create more thanone account in that section of your Chart of Account and then split your transaction into 3 portions ($1600, $200 and $200) with the $200 amounts both being located under Discounts and Fees.
We have a Help Center article that breaks down how to handle the process when handling Merchant Fees but the same process applies to this. Give it a look!
Hey @Ryan_Filmcoop , I'm afraid that there's no way to merge these together as your receipt represents one transaction while your statement shows two. An option you could use is you could take one of the bank imported transactions, change the amount to $1400, merge it with the Receipt and leave a note, but then your reconciliation would be off when counting all of your transactions.
The new transactions page...Splits transactions do not show the total remaining amount like before which is really great. Instead the transactions page gives no information about what remains to be categorized and only gives an "OK" by showing the Save button lighting up. Ugh.
This new update is no longer helpful for someone who uses this service for basic accounting to keep track of my business spending on a weekly basis. I am unable to effectively split my expenses. Once I include the total fee, I click the split button and I begin to categorize my spendings for the week, I am unable to save and I keep getting this error "the total of the split amount does not match the original transaction amount".
I have been able to easily input and categories my weekly spendings but not any more and it is extremely frustrating.
This is broken. Whenever I save the split transaction I get this message: "There was an error saving your transaction. Please try again." Please fix it ASAP.
i currently have to split hundreds of transactions between, sales, shipping and vat.
its taking me over 30 clicks to split one transaction..
its not good. surly there is a quicker better solution for this. any help would be appreciated.
id also like the figure to automatically calculate as you split them for example if you have a 100 dollar and you want to split it as soon you enter 40 the other automatically changes to 60.
at the moment if the figures aren't exactly easy sums to calculate imneed to take out a calculator to make sure the number checks out..
im using wave connector to connect my woo commerce website into wave.
when an order is marked as complete. it creates an invoice in wave.
it shows a full breakdown of that sale.
sale amount
shipping cost
tax
once i mark that invoice as paid it asks me which income account i want to send the money to.
this is where it starts to get frustrating, the transaction is created in the selected account but its not split up like it is on the invoice, its all one figure. which take me over 30 clicks to split one transaction. with hundreds of these its a huge work load.
@AlexL said:
Hey @JM_WAVE , the Discounts and Fees workflow would actually be the best one for you here. You can create more thanone account in that section of your Chart of Account and then split your transaction into 3 portions ($1600, $200 and $200) with the $200 amounts both being located under Discounts and Fees.
We have a Help Center article that breaks down how to handle the process when handling Merchant Fees but the same process applies to this. Give it a look!
Hey @Ryan_Filmcoop , I'm afraid that there's no way to merge these together as your receipt represents one transaction while your statement shows two. An option you could use is you could take one of the bank imported transactions, change the amount to $1400, merge it with the Receipt and leave a note, but then your reconciliation would be off when counting all of your transactions.
They (WAVE) used to have an auto-sum feature in the last iterration of the software, but this new version is not good, Having to split a $2000 credit card payment up 32x without seeing the auto sum as we used to be able to is not good at all. Wave what are you doing.
In the previous transaction split page it showed how much was pending to add to the total amount. That was helpful, now I have to pull my calculator to find the remainder. That is a step back, takes more time.
After recording a payment against an invoice I am trying to split it as the payment amount was greater than the invoice value. When I hit save after recategorising the overpayment value I get an error saying "There was an error saving your transaction. Please try again." however no amount of retrying will save the split transaction.
Is this a bug or is this not how this should be working?
This is a bug. I have it as well. Chat support person cheerfully informed me that if only I would clear my cache... I call bullshit. I've cleared my cache, logged in incognito, etc. Splitting transactions is broken. I hope they fix it otherwise I will have to change vendors as I often receive 1 payment for more than 1 open invoice.
The bug is baaaaack.
I often have to split 1 payment across multiple open invoices. Splitting the transaction give me error message:
There was an error saving your transaction. Please try again.
I've tried clearing the cache, using incognito window etc. I'm stuck. Tech support said they don't see it on their end. But I sure can't get it to work on mine.
Splitting transactions isn't working all of a sudden. It worked for one order and then the next one- done on the same day- didn't work. I also get "There was an error saving your transaction. Please try again." Please fix this, Wave! How else do you account for credit card fees? Is there another way?
Just left a comment about splitting transactions not working, read several others comments, then went back to try again. I clicked on EVERY field this time, even though they were all already there (except the two pertaining to splitting the transaction). And it worked! It processed.
When splitting a transaction, make sure your split item lines equal the transactions total amount. If the the combined item line total is less or more than the transactions total amount, you won't be able to record the split successfully. I hope this helps!
In Wave, if you are recording credit card fees for a transaction, you will have to split the transaction in question using the workflow outlined here. I'm not familiar with any other accounting workflows I'm afraid.
The split transaction feature has only 2 options if you want to add a negative number. this is not enough. I have a sales transaction with multiple types expenses deducted but I can't record the transaction in wave. For exple, I receive a payment of $750 for a sales of $1,000 deducted of $200 of commissions, $35 management fees and $15 of e-sign fee. How do you want me to record it in Wave with your 2 options of discounts and payment processing fee?
You should be able to split an income transaction, and categorise each part as Payment received for an Invoice in Wave > Invoice #. If you don't see the invoice as an option, please ensure it hasn't already been marked as paid.
To add a third expense deduction on an income transaction, you can create a 3rd Discount or Processing Fee account in your Chart of Accounts, and categorise the split under it!
For example, you can head to Chart of Accounts > Income > Discounts, click Add a new account and create an account for "E-sign fees".
It would be very helpful to be able to add a note on each split transaction. Currently you can only add a note on the entire transaction, which doesn't follow the individual split transactions when reporting.
Comments
For each invoice payment I receive, I get three notifications in Wave/Accounting/Transactions. I'm not able to merge any of them, and the one that comes in as an Invoice Payment is already split by Wave (one showing payment total and one showing the merchant fee). But I still want to split the amount I received since there's a small portion of the payment that is non-taxable reimbursement, but I am unable to split. I get a message at the top of the transaction that says, "Transactions that are automatically created in the Wave system can't be edited or deleted." I delete the other two transactions that come in with these invoice payments because if I leave them it throws off the amount of money Wave says I have in my business account. So I'm not sure how to remedy this.
Hey @Pastpresentpix , if these are payments which are being processed through Wave Payments, you shouldn't be deleting any of these transactions as it will throw off your numbers and money will be left in the Wave Payments holding account. Check out our Help Center article on exactly how this process works.
You are correct in saying you can't split Payments transactions as they're uneditable. To get around this, you can journal the amount out of your one account into your non-taxable reimbursement account.
Just like several other users below, I sometimes receive a single payment for multiple invoices. You used to be able receive the payments under Sales, and then go to Transactions and split the deposit in to the correct amounts, and then merge each of the payments with the split amounts (with the older Wave interface). It looks like you cannot do that any more. Am I missing something or are you planning to support this not uncommon situation again soon? I can split the deposit in to the correct amounts, but I can't merge them. Or maybe I should be splitting the deposit and marking those amounts as the payments before I receive the payments? I think I just answered my own question, but since I did not see it answered below, I will still post it.
I'm trying to split a transaction (deposit from Shopify) to account for transaction fees and refunds. I am able to document the transaction fee but am unable to select an appropriate account for a refund of product sales (it does not show as an option).
Hey there @craig_nakamoto !
If you receive a single payment for multiple invoices, to record a successful split, you will want to allocate the transactions total amount to the appropriate invoices. If the splits equal more or less than the transactions total amount, you won't be able to record a successful split. Below I attached a screenshot of an example for reference:
Hello @Eliza_2019 !
From what I understand, a refund would have to be recorded as a separate transaction, unlike processing fees which can be included in a transaction split as a negative item. When recording a refund withdrawal transaction, you can categorize it as 'Refund for income' or "Refund for an invoice in Wave' if the corresponding invoice was recorded in Wave.
So is it still that case that I can not merge invoices in waves with bank deposits that I have split?
Hey @Deancas !
If you have a large bank deposit that contains an invoice payment, you will want the split to account for the invoice payment by categorizing a portion of the split as Payment receive for an invoice in Wave > the invoice in question. This will automatically mark your invoice as "Paid" on the Sales > Invoices page. If you manually recorded a payment on the invoice through Sales > Invoices page as well, you can simply delete the "Invoice payment" transaction it generated on your Transactions page.
To shed some light on merging transactions, to record a successful merge, both transactions will need to match. If they don't match, you won't be able to merge them. Also, if you have 2 transactions that are split, you can merge them, as long as they are the same.
Sorry if this has been asked. I couldn't find it in my search.
Let's say I have a property manager who collects rent and also pays for some expenses. At the end of the month, he deposits rental income into my bank account minus repair expenses and his fees. I create an invoice and then record payment of the invoice, but how do I account for these repair and management fees on payment/deposit to my bank?
Example:
1) Rental Income = $2,000
2) Repair = $200
3) Mgmt Fee = $200
4) Total Deposited = $1,600
I saw someone suggest going to Transactions and splitting a payment using the category Discount & Fees, but if you select that category, nothing happens. It still says Uncategorized Income. If you then click Add a New Account, you get a popup to create an Account, but the options for Expense is only Payment Processing Fee. This doesn't sound like it's the right solution, because then repairs and management fees would be under the category Payment Processing Fees.
So how should we enter repair ($200) and management fee expenses ($200) from a deposit into our bank account ($1600)?
I have 1 receipt for $1,400 but I have 2 etransfer transactions ($1,000 and $400) from the bank account.
How do I merge the receipt with the 2 transactions? I cannot merge 3 transactions. How do I work around this issue? Thank you.
Hey @JM_WAVE , the Discounts and Fees workflow would actually be the best one for you here. You can create more thanone account in that section of your Chart of Account and then split your transaction into 3 portions ($1600, $200 and $200) with the $200 amounts both being located under Discounts and Fees.
We have a Help Center article that breaks down how to handle the process when handling Merchant Fees but the same process applies to this. Give it a look!
Hey @Ryan_Filmcoop , I'm afraid that there's no way to merge these together as your receipt represents one transaction while your statement shows two. An option you could use is you could take one of the bank imported transactions, change the amount to $1400, merge it with the Receipt and leave a note, but then your reconciliation would be off when counting all of your transactions.
The new transactions page...Splits transactions do not show the total remaining amount like before which is really great. Instead the transactions page gives no information about what remains to be categorized and only gives an "OK" by showing the Save button lighting up. Ugh.
This new update is no longer helpful for someone who uses this service for basic accounting to keep track of my business spending on a weekly basis. I am unable to effectively split my expenses. Once I include the total fee, I click the split button and I begin to categorize my spendings for the week, I am unable to save and I keep getting this error "the total of the split amount does not match the original transaction amount".
I have been able to easily input and categories my weekly spendings but not any more and it is extremely frustrating.
This is broken. Whenever I save the split transaction I get this message: "There was an error saving your transaction. Please try again." Please fix it ASAP.
i currently have to split hundreds of transactions between, sales, shipping and vat.
its taking me over 30 clicks to split one transaction..
its not good. surly there is a quicker better solution for this. any help would be appreciated.
id also like the figure to automatically calculate as you split them for example if you have a 100 dollar and you want to split it as soon you enter 40 the other automatically changes to 60.
at the moment if the figures aren't exactly easy sums to calculate imneed to take out a calculator to make sure the number checks out..
im using wave connector to connect my woo commerce website into wave.
when an order is marked as complete. it creates an invoice in wave.
it shows a full breakdown of that sale.
sale amount
shipping cost
tax
once i mark that invoice as paid it asks me which income account i want to send the money to.
this is where it starts to get frustrating, the transaction is created in the selected account but its not split up like it is on the invoice, its all one figure. which take me over 30 clicks to split one transaction. with hundreds of these its a huge work load.
please tell me there is a better way.
Why did Wave remove the auto calc display on split transactions. Wave you are going in the wrong direction
They (WAVE) used to have an auto-sum feature in the last iterration of the software, but this new version is not good, Having to split a $2000 credit card payment up 32x without seeing the auto sum as we used to be able to is not good at all. Wave what are you doing.
In the previous transaction split page it showed how much was pending to add to the total amount. That was helpful, now I have to pull my calculator to find the remainder. That is a step back, takes more time.
After recording a payment against an invoice I am trying to split it as the payment amount was greater than the invoice value. When I hit save after recategorising the overpayment value I get an error saying "There was an error saving your transaction. Please try again." however no amount of retrying will save the split transaction.
Is this a bug or is this not how this should be working?
This is a bug. I have it as well. Chat support person cheerfully informed me that if only I would clear my cache... I call bullshit. I've cleared my cache, logged in incognito, etc. Splitting transactions is broken. I hope they fix it otherwise I will have to change vendors as I often receive 1 payment for more than 1 open invoice.
The bug is baaaaack.
I often have to split 1 payment across multiple open invoices. Splitting the transaction give me error message:
There was an error saving your transaction. Please try again.
I've tried clearing the cache, using incognito window etc. I'm stuck. Tech support said they don't see it on their end. But I sure can't get it to work on mine.
When I try to split transactions, getting error "There was an error saving your transaction. Please try again.". Please fix this ASAP!
Splitting transactions isn't working all of a sudden. It worked for one order and then the next one- done on the same day- didn't work. I also get "There was an error saving your transaction. Please try again." Please fix this, Wave! How else do you account for credit card fees? Is there another way?
Just left a comment about splitting transactions not working, read several others comments, then went back to try again. I clicked on EVERY field this time, even though they were all already there (except the two pertaining to splitting the transaction). And it worked! It processed.
Hey everyone!
When splitting a transaction, make sure your split item lines equal the transactions total amount. If the the combined item line total is less or more than the transactions total amount, you won't be able to record the split successfully. I hope this helps!
Hey @bumbleandspark !
In Wave, if you are recording credit card fees for a transaction, you will have to split the transaction in question using the workflow outlined here. I'm not familiar with any other accounting workflows I'm afraid.
Trying to split a paymnet for 2 invoices doesn't work. This means you cna't reconcile your accounts. This is a step back.
The split transaction feature has only 2 options if you want to add a negative number. this is not enough. I have a sales transaction with multiple types expenses deducted but I can't record the transaction in wave. For exple, I receive a payment of $750 for a sales of $1,000 deducted of $200 of commissions, $35 management fees and $15 of e-sign fee. How do you want me to record it in Wave with your 2 options of discounts and payment processing fee?
Hi @Frustratednorfolk,
You should be able to split an income transaction, and categorise each part as Payment received for an Invoice in Wave > Invoice #. If you don't see the invoice as an option, please ensure it hasn't already been marked as paid.
Hey @GKBusinessSolutions !
To add a third expense deduction on an income transaction, you can create a 3rd Discount or Processing Fee account in your Chart of Accounts, and categorise the split under it!
For example, you can head to Chart of Accounts > Income > Discounts, click Add a new account and create an account for "E-sign fees".
It would be very helpful to be able to add a note on each split transaction. Currently you can only add a note on the entire transaction, which doesn't follow the individual split transactions when reporting.
If the customer paid online then the transaction will not split