At this point the Wave transaction is completely uneditable. Would you mind sharing why you need to split the transaction for another set of fees? Wave's automated transaction should account for these already.
At this point there is no way of bulk editing the transaction fee on multiple transactions at this time. We definitely have Bulk Actions on transactions, but not for a split unfortunately.
When trying to split an Uncat Income into Income & Expense, ( Say Gross Receipt 100, Transac Fee 3 for net Uncat of 97 ) the Expense categories do not show up in the drop down. Only Income, Asset, Liab & Equity a/cs show up. How does one go about this. Soo very frustrating. This split should have taken me 2 minutes, I have spent an hour and still not catrgorized.
Would appreciate a response. Completely stuck, because there are numerous split to be done and the only option seems to be a JE unless someone provides a solution
The discount was simple an eg. Basically it is Net 1245 in Bank A/c appearing as Uncat Income
Prop Mgmt Exp Dr 150
Prop Mgmt Expt Dr 80
Prop Mgmt Exp Dr 80
Bank (Net) DR 1245
Rent Cr 1545
Recovery Exp Cr 30
However the expense accounts Prop Mgmt simply do not show up in the drop[ sown, Only A L & Income a/cs show up
In wave there isn't a way to split this amount to a negative (unless you create a "discounts and fees" category, as this is the only category which will turn the line item negative). Is there a reason why you'd like to turn the amount into a negative as this may not likely reconcile on your account?
If you could give us some specifics or a real world use-case scenario I could potentially give you some advice on how to account for this.
Wave does not have a way split an income transaction into both income and expenses in Wave. The best way to account for this is to create a separate journal transactions debiting the Sales account (or whatever you income account is, perhaps even your asset account) then credit the expense accounts. This should reduce the income account and allow you to move funds into the appropriate expense accounts. Hope this helps!
OK, but, how do we account for other fees/dues that are NOT considered "payment processing fees"? For instance, union dues that are deducted off payments. I can't seem to be able to figure out how to add this and still make the deposit balance for my bank reconciliation purposes. Please let me know ASAP. Thanks!
Example: automatic deposit into my account for $95, which is net of gross "revenue" of $100 less union dues of $5.
When I split the transaction and enter "Product Sales" and "Paypal Processing Fees" in Category 1 & 2, the category in the Transaction List appears as "Paypal Processing Fees + 1". When I reverse the Category order, it still shows the same thing. How do I get it to show the correct category?
Hey @RDN , I'm not understanding the issue. What do you mean when you say it shows "PayPal Processing Fees +1"? Is there an issue with the name it's given?
Feel free to accompany your next post with screenshots showing me exactly where the issue lies!
I can't seem to turn the + when I "split this deposit" into a - for the processing fee. Nor can I access the expenses. I have created a processing fee expense as told and named it POS fees but when I type POS all I get is deposit-lease which is under income, I believe.
There seems to be no way to turn the second "deposit" negative. I even tried to use the discount thing as suggested but that is under income and still stays + never - no matter how many times I try to change it.
Please help me.
When you split a transaction in Wave, it's technically not possible to split it amongst an income and a expense account unless you create the following account:
Create a new discount and fees account
Add a new account
Title the account
You'll then notice that the account will show up as a negative.
I figured out how to split a transaction. I had to put the net amount in the total amount box, then the payment amount in the 1st category, and the processing fee in the 2nd category. Worked like a charm. Please disregard post.
I can't get this to work.
The Deposit Total Amount is equal to the actual deposit to my bank account. CAT1 equals the deposit + fees. CAT2 is Merchant Account Fee and equals the fee amount. After hitting save, Wave displays a red banner stating: There was an error saving.
I've cleared browser cache and no change.
EDIT: This feature DOES NOT WORK with entries from Imported Bank Statements! You have to create a new transaction and delete the old one. That's super inconvenient.
I'm sorry to hear that you are having issues splitting your transaction successfully. Please note that if you are splitting a transaction in Wave, the whole split must be allocated separately. If your first split for CAT1 equals both your deposit + fees, you will need to separate them since the deposit is income while the fees are an expense (withdrawal). Also, once your split is allocated appropriately, it should equal the transactions total amount.
If you are still having issues, please provide me with a screenshot displaying your entire split so I can investigate further.
Hey @beraj , please make sure that your total is the income you're receiving (ex. $97), line 1 is the total income with processing fees (ex. $100) and line 2 is just the processing fees (ex. $3).
A common mistake that users make is they enter the total for the income transaction as the total with processing fees which will yield an error message.
Hi @Cko , this is for accounting for processing fees that didn't take place with Wave. I think there may be some confusion here. Let me know exactly what you're looking for and I'd be happy to advise.
Hi,
I have a quick question. I use Stripe for Payment processing.
Here we are talking about a single transaction. But my use case if different.
If there are multiple transactions in a day ( $100, $400, $500) for three different clients against three invoices. In this case stripe only transfer about $965.
Moreover at times, we transfer money from Stripe in a month against all transactions. How do we handle those.
Sorry, do you mind clarifying what you are trying to accomplish in Wave? It sounds like your Stripe payments might be grouped up and recorded in one transaction with the transaction fees deducted. If thats the case, you can split the transaction and allocate the funds accordingly. When splitting the transaction, you can account for Stripe transaction fees as a negative item line as well. We have a great guide that you can check out here: How to account for transaction fees.
Hi Juian,
Thanks for the answer.
What I am trying to say is this:
1. Lets say 50 transactions take place on our website and the payments are made through Stripe.
2. Stripe will transfer one single payment to our bank account after deducting its fee.
Example
50 transactions: 50 x 125 = 6250
Stripe Fees 3% = 187
Net Transfer = 6063
Now my question is, splitting these 50 or more payments it impossible task in a single screen. Is there any way of handling this.
The above is a simple case. But if the transaction amount varies and the payout is in few days/ weeks, it is a challenge.
Hey @gr8tushar , because the ultimate goal of your accounting is to try and get your Wave accounting to mirror what your bank statement looks like, it sounds like you'd only have a single deposit for all of these amounts in your Bank Statement. Is that correct?
If so, you should be able to take the single deposit, and split out the merchant fees from it as a total using the Help Center article.
You did mention that you're receiving these payments through your website so I am making the assumption that you don't need to track these payments through invoices. If I'm wrong in this assumption and you do have to track them through invoices, then I'm afraid that's a different case altogether.
You are very close to what I was looking for. I'll take your suggest to take it forward.
Can you pls share the link of the help center article you are talking about.
Hi Katie. Thanks for this article. Does this method apply to the Wave processing fee for accepting a credit card payment directly from the link on the invoice? Example: the invoice is for $100. With sales tax added it is $105. Wave processes the transaction, takes the 3% fee and deposits $101.65 into my account. The invoice is marked as paid. Do I need to record the $3.35 deduction as a processing fee in the chart of accounts or something?
My transaction from Wave Payments from receiving credit card payment is not editable and cannot be deleted. Help! How do I allocate this! Seems there is no mention of this anywhere in these forums?
Hey @Andy_R & @Brox , for all Wave Payments transactions, the merchant fees are automatically recorded so that you don't have to. We make these transactions uneditable as the accounting is done for you. The process above would be if you were processing through a different provider (like PayPal for example) and needed to track those fees.
Comments
Hey there @PGR
At this point the Wave transaction is completely uneditable. Would you mind sharing why you need to split the transaction for another set of fees? Wave's automated transaction should account for these already.
Hi @MPTP
At this point there is no way of bulk editing the transaction fee on multiple transactions at this time. We definitely have Bulk Actions on transactions, but not for a split unfortunately.
@BarsinA Thank you. I now see the transaction is split automatically.
When I split the deposit, there is no way to change the second number to negative. How can I change that?
When trying to split an Uncat Income into Income & Expense, ( Say Gross Receipt 100, Transac Fee 3 for net Uncat of 97 ) the Expense categories do not show up in the drop down. Only Income, Asset, Liab & Equity a/cs show up. How does one go about this. Soo very frustrating. This split should have taken me 2 minutes, I have spent an hour and still not catrgorized.
Would appreciate a response. Completely stuck, because there are numerous split to be done and the only option seems to be a JE unless someone provides a solution
The discount was simple an eg. Basically it is Net 1245 in Bank A/c appearing as Uncat Income
Prop Mgmt Exp Dr 150
Prop Mgmt Expt Dr 80
Prop Mgmt Exp Dr 80
Bank (Net) DR 1245
Rent Cr 1545
Recovery Exp Cr 30
However the expense accounts Prop Mgmt simply do not show up in the drop[ sown, Only A L & Income a/cs show up
Hey there @Mengyi
In wave there isn't a way to split this amount to a negative (unless you create a "discounts and fees" category, as this is the only category which will turn the line item negative). Is there a reason why you'd like to turn the amount into a negative as this may not likely reconcile on your account?
If you could give us some specifics or a real world use-case scenario I could potentially give you some advice on how to account for this.
Hi @Cosmic
Wave does not have a way split an income transaction into both income and expenses in Wave. The best way to account for this is to create a separate journal transactions debiting the Sales account (or whatever you income account is, perhaps even your asset account) then credit the expense accounts. This should reduce the income account and allow you to move funds into the appropriate expense accounts. Hope this helps!
OK, but, how do we account for other fees/dues that are NOT considered "payment processing fees"? For instance, union dues that are deducted off payments. I can't seem to be able to figure out how to add this and still make the deposit balance for my bank reconciliation purposes. Please let me know ASAP. Thanks!
Example: automatic deposit into my account for $95, which is net of gross "revenue" of $100 less union dues of $5.
Hey there David!
This is the only workaround Wave has for this type of split transaction that will reconcile in your account.
When I split the transaction and enter "Product Sales" and "Paypal Processing Fees" in Category 1 & 2, the category in the Transaction List appears as "Paypal Processing Fees + 1". When I reverse the Category order, it still shows the same thing. How do I get it to show the correct category?
Hey @RDN , I'm not understanding the issue. What do you mean when you say it shows "PayPal Processing Fees +1"? Is there an issue with the name it's given?
Feel free to accompany your next post with screenshots showing me exactly where the issue lies!
I can't seem to turn the + when I "split this deposit" into a - for the processing fee. Nor can I access the expenses. I have created a processing fee expense as told and named it POS fees but when I type POS all I get is deposit-lease which is under income, I believe.
There seems to be no way to turn the second "deposit" negative. I even tried to use the discount thing as suggested but that is under income and still stays + never - no matter how many times I try to change it.
Please help me.
Hi,
I do not have a contra Income account option. My discount option still is a positive. Please help
Hey there @Mel_from_Flow
When you split a transaction in Wave, it's technically not possible to split it amongst an income and a expense account unless you create the following account:
Create a new discount and fees account
Add a new account
Title the account
You'll then notice that the account will show up as a negative.
Hope this helps!
Hello, when I split and create a new expense category, I get the error message saying that the amount for processing fees is remaining to be categorized. Here's a link to a screenshot.
https://drive.google.com/file/d/1aGqg0gMem-rVzzMvuT2N2yzMhroT1ufM/view?usp=sharing. I need your help. Thanks.
I figured out how to split a transaction. I had to put the net amount in the total amount box, then the payment amount in the 1st category, and the processing fee in the 2nd category. Worked like a charm. Please disregard post.
I can't get this to work.
The Deposit Total Amount is equal to the actual deposit to my bank account. CAT1 equals the deposit + fees. CAT2 is Merchant Account Fee and equals the fee amount. After hitting save, Wave displays a red banner stating: There was an error saving.
I've cleared browser cache and no change.
EDIT: This feature DOES NOT WORK with entries from Imported Bank Statements! You have to create a new transaction and delete the old one. That's super inconvenient.
Hey @drv7aa!
I'm sorry to hear that you are having issues splitting your transaction successfully. Please note that if you are splitting a transaction in Wave, the whole split must be allocated separately. If your first split for CAT1 equals both your deposit + fees, you will need to separate them since the deposit is income while the fees are an expense (withdrawal). Also, once your split is allocated appropriately, it should equal the transactions total amount.
If you are still having issues, please provide me with a screenshot displaying your entire split so I can investigate further.
This process DOES NOT WORK!!
after step 6 a banner appears indicating that the Processing fee amount needs to be categorized!
This seems like a LOT of work and extra steps. PayPal does a monthly statement. Cant you do it that way?
Hey @beraj , please make sure that your total is the income you're receiving (ex. $97), line 1 is the total income with processing fees (ex. $100) and line 2 is just the processing fees (ex. $3).
A common mistake that users make is they enter the total for the income transaction as the total with processing fees which will yield an error message.
Hi @Cko , this is for accounting for processing fees that didn't take place with Wave. I think there may be some confusion here. Let me know exactly what you're looking for and I'd be happy to advise.
Hi,
I have a quick question. I use Stripe for Payment processing.
Here we are talking about a single transaction. But my use case if different.
If there are multiple transactions in a day ( $100, $400, $500) for three different clients against three invoices. In this case stripe only transfer about $965.
Moreover at times, we transfer money from Stripe in a month against all transactions. How do we handle those.
Thanks.
Hey @gr8tushar !
Sorry, do you mind clarifying what you are trying to accomplish in Wave? It sounds like your Stripe payments might be grouped up and recorded in one transaction with the transaction fees deducted. If thats the case, you can split the transaction and allocate the funds accordingly. When splitting the transaction, you can account for Stripe transaction fees as a negative item line as well. We have a great guide that you can check out here: How to account for transaction fees.
Hi Juian,
Thanks for the answer.
What I am trying to say is this:
1. Lets say 50 transactions take place on our website and the payments are made through Stripe.
2. Stripe will transfer one single payment to our bank account after deducting its fee.
Example
50 transactions: 50 x 125 = 6250
Stripe Fees 3% = 187
Net Transfer = 6063
Now my question is, splitting these 50 or more payments it impossible task in a single screen. Is there any way of handling this.
The above is a simple case. But if the transaction amount varies and the payout is in few days/ weeks, it is a challenge.
Thanks.
Hey @gr8tushar , because the ultimate goal of your accounting is to try and get your Wave accounting to mirror what your bank statement looks like, it sounds like you'd only have a single deposit for all of these amounts in your Bank Statement. Is that correct?
If so, you should be able to take the single deposit, and split out the merchant fees from it as a total using the Help Center article.
You did mention that you're receiving these payments through your website so I am making the assumption that you don't need to track these payments through invoices. If I'm wrong in this assumption and you do have to track them through invoices, then I'm afraid that's a different case altogether.
Hi @AlexL,
Thanks for your reply.
You are very close to what I was looking for. I'll take your suggest to take it forward.
Can you pls share the link of the help center article you are talking about.
Thanks.
Hey @gr8tushar ,
Here's the link to the Help Centre Article which details how to account for Merchant Fees:
https://support.waveapps.com/hc/en-us/articles/115000472306-How-to-account-for-transaction-fees
Example: the invoice is for $100. With sales tax added it is $105. Wave processes the transaction, takes the 3% fee and deposits $101.65 into my account. The invoice is marked as paid.
Do I need to record the $3.35 deduction as a processing fee in the chart of accounts or something?
Thanks in advance.
My transaction from Wave Payments from receiving credit card payment is not editable and cannot be deleted. Help! How do I allocate this! Seems there is no mention of this anywhere in these forums?
Hey @Andy_R & @Brox , for all Wave Payments transactions, the merchant fees are automatically recorded so that you don't have to. We make these transactions uneditable as the accounting is done for you. The process above would be if you were processing through a different provider (like PayPal for example) and needed to track those fees.