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Reconcile multiple sales receipts with a deposit

ramzey_09ramzey_09 Member Posts: 8

Hi,

I wanted to know if it was possible to reconcile and match multiple sales receipts with the bank deposit from my merchant account? Thanks in advance for your help!

in Accounting Technical Support

Comments

  • CharlotteCharlotte Member Posts: 671 admin

    Hi @ramzey_09 ! Currently, you can only merge a receipt with one transaction. Could you give us an example of when you would need to do this?

  • ramzey_09ramzey_09 Member Posts: 8

    Hi @Charlotte - In my present setup, when a sale occurs via Stripe, I have a Zap that instantly creates a sales receipt on Wave with the product amount minus the merchant fee.

    A few days later when the deposit makes its way into the bank account, it is usually comprised of multiple sales transactions.

    I want to match this lump sum deposit to the multiple sales transactions created a few days prior.

    Does this make sense?

  • ashevillewebhostingashevillewebhosting Member Posts: 3

    I'm in the same boat, as I use Stripe as my merchant. So I take it that currently, using the suggested Stripe/Zap, there's no way to automatically match these deposits?

  • ashevillewebhostingashevillewebhosting Member Posts: 3

    Since I track my sales via a 3rd party CRM/Billing system - I guess I could modify the Zap to only record the fees as an expense, and then the deposits as income?

  • ramzey_09ramzey_09 Member Posts: 8

    @Charlotte - as a follow up I tried to split a deposit into multiple categories with the total amount of each category equaling a corresponding sales transaction total.

    When I tried to match each category to the recorded sales transaction, I was not able to do so. Even if I were to follow what you are saying about Wave only being able to match a receipt with one transaction, I couldn't find any of the sales transactions.

    What am I missing?

    edited January 6, 2019
  • ManiMani Member Posts: 82 ✭✭✭

    @ramzey_09 and others:

    The best way to approach this is to use a Money in Transit account (an Asset account). Create one named "Stripe Money in Transit" or really any name you'd prefer. When importing data from Stripe via a Zap, set the account to that account and categorize it with any Income account you prefer. Generically, this would be "Sales", but you may be using Stripe with invoice payments, so you can categorize as "Uncategorized Income" and later come apply those transactions as invoice payments to clear your Receivables in Wave as well.

    Now, when the deposit arrives in your bank account, come into Wave and categorize that deposit as a transfer from your Stripe Money in Transit account. We'll automatically create the second leg of that transfer for you to zero out the Money in Transit balance, and voila, you have attributed that single deposit against as many imported transactions as it represented.

    If you're looking for individual transaction attribution to a deposit, I'd recommend you look in Stripe, but that should be rare. Also, if you're in North America and looking to use this for Invoicing, Recurring Invoicing or Checkouts, I recommend trying our own Wave Payments solution which is priced like Stripe, but without fees for refunds or international card payments. Our payouts are just as quick with Instant Payouts soon available to all. Best of all, we handle all of this bookkeeping stuff for you with full transactional attribution. We understand that Stripe can be used in a few more ways than that, so please make the choice that's best for your business.

  • ashevillewebhostingashevillewebhosting Member Posts: 3

    Thanks! I use Stripe along with my billing automation system (WHMCS) or else I'd gladly use Wave Payments. Hopefully this should work well though.

  • CameronCameron Member Posts: 32

    @Mani Great, thanks for your thoughtful answer!

    To follow up on that, can we also use Zapier to categorize that deposit as a transfer from the Stripe Money in Transit account?

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