I've added a transaction, and want to split out the paypal transaction fee. When I click split, the list of categories I can choose from includes "Discounts and Fees", when I click on that, it displays "No results found", not listing any choices like "Merchant Account Fees". How it that list populated?
First, you'll need to create the account you are looking to select. If you haven't created it yet, you can do so by creating a "Payment Processing Account" on your Chart of Accounts page. Once created, you can select the account when selecting "Discounts and Fees" when splitting your transaction.
To whom it may concern I have done the aforementioned to the T. Every time I go to click save it says "There was an error saving your transaction. Please try again." I am at a loss here. Please help thank you.
Edit: Somehow after about ten tries and then writing this post. I tried one last time and it actually saved without a hitch. LOL The only thing I did differently was click on the account dropdown and essentially reselect the same bank account that was associated with the parent transaction. I think there might be a bug there. Like the browser cache was not remembering that the selection had previously been made or something.
Honestly, this is a silly process to follow for multiple invoices and payments per month, especially when you're a one-person business and don't have much time. Please, I'm begging you, come up with a single-button way of handling this. A "Apply PayPal processing" or "Apply Stripe processing", etc. button or something, that can be configured with pre-set fees and percentages. We could set up our own names and details for such macros in settings.
I've never used an accounting package that made this so manual and fiddly.
We have HUNDREDS of PayPal transactions per month we are having to do this manually for and it is EXTREMELY time consuming. It is 2021- there should be an automated way to handle this by now! Please please please update!
Hi. this is helpful but how do you slit it when I have a Square Loan and they repay though each transaction that I get?
Lets say I got 65 dlls in square and they take 10 dlls from my Loan and 5 dlsl from fees.
so my total amount that is already transferred to my bank account is $55.
This ones a bit tricky. We have a loan workflow that you can check out here, but it might not cater to your specific situation. Due to the complexity of your inquiry and since we here at Wave Support are not accountants, I suggest reaching out to a professional CPA. They will be able to assist you with this to ensure your books are accurate.
I used to be able to successfully account for credit card fees. Tonight is my first time trying it with the changed transactions page, and it is not working. My directions to myself were:
Mark invoice as paid for amount that I receive (less the Square fee)
Go to Accounting > Transactions > select the invoice
Select Split this deposit
Adjust invoice amount (top box) to total charged
Select Discounts & Fees > Square Processing Fees
Fill in the Square amount (should automatically be negative)
Now this is not working. The transaction I'm trying to fix: Charge was $78.75 paid through Square with credit card. The Square fee is $2.15. I'm recording a payment for 76.60 on the invoice, and so it shows an overdue unpaid amount of $2.15. I go to the transactions page. I click split transaction. I fill $78.75 into the top box. I put $2.15 into the lower box and select Discounts & Fees > Square Processing Fee (a category I created a couple years ago).
But when I click Save: "There was an error saving your transaction. Please try again."
I've tried this over and over and keep getting the same error message. I logged out and logged back in. Suggestions? Help!
When splitting your $76.60 Square deposit transaction, you will want to allocate $78.75 to the invoice in question and allocate -$2.15 to Discounts and Fees. To make an item line in a split have a negative in value in Wave, you will need to select this category from the dropdown menu. If you don't have any Discounts and Fees account, feel free to create one on your Chart of Accounts page. Once your split is allocated accordingly, the split items will equal the transaction's total amount which is mandatory to record a successful split. Don't forget to press save once you are done. This workflow will mark your invoice as paid and account for Square's processing fees. I hope this helps.
Thanks! Your directions match what I did try over and over (maybe my description of my process was unclear) without success. For some reason, trying it again now, it worked. I see another user had a similar experience. Guess I needed to leave it alone for a few days because it did work just now. Thank you.
the accounts specified in the text are not the same as in the picture. Very confusing. Also, it seems I can only enter 1 negative account? Why can't I reference Operating Expenses in stead of Merchant account fees? I need to deduct shipping expenses here in addition to merchant fees.
Is it possible to combine this with a tax inclusive calculation to have Wave automatically update our sales tax liability.
For example...
Members pay dues of $500
Stripe deposits $485
I need to calculate Tax Liability based on $500 of sales and reduce revenue accordingly.
I need to account for $15 of Processing Fees.
We do not create invoices for our members, that is managed by a separate membership system.
Is this possible?
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!
I have the same issue as Mengyi.
With a Square Loan, the repayment is automatically deducted from the deposit.
So:
Square total sales $166
Square fees deducted $4.61
Square loan repayment deducted $20.33
Total deposit amount $141.06
I can only deduct the fees. I really need to assign the loan repayment as payment to the loan
Sorry, I'm having difficulty understanding your inquiry. Do you mind clarifying what you are trying to achieve in Wave? This will help me better assist you moving forward.
In this case, I believe a journal entry will be best to help you record your Square loan repayment deduction. With that being said, as much as we try to help answer every question we get, this one may be better suited for an accounting professional. Our support team is trained to help you find the best way to use Wave, but this is a bit outside of what we can advise on.
You can also see what other entrepreneurs have done to solve a similar problem, or find an accountant near you in our community forum.
@JulianP I'm not sure what more information I can provide.
I need to take the stripe deposits that are imported from our bank.
I need to determine the revenue by adding back in the fee giving me the tax inclusive sales amount.
I need to determine the sales tax liability.
Consider we had a single sale of $400 that is deposited into our bank account by stripe minus their fee. So, the bank transaction shows a deposit of $388.
I need to show the $12 processing fee expense
I need to show revenue of $372.09 (this is $400 tax inclusive sale with 7.5% sales tax)
I need to show a Tax Liability of $27.91
Hey @PilotBob based on the numbers you've provided ($400 sales - $12 stripe processing fee, and 7.5% tax on the $400 sales), this was the transaction I put together. Please take a look to see if this makes sense and if you need any further help with it:
The work flow for above transaction was:
Split the deposit transaction by inputting the full $400 sales amount and categorized it into the sales account. Add sales tax to the $400 split.
Add a second split to the transaction for $12 "Discounts and Fees" > select the Stripe Fees account.
Sorry, I'm having difficulty understanding your inquiry. Do you mind clarifying what you are trying to achieve in Wave? This will help me better assist you moving forward.
In this case, I believe a journal entry will be best to help you record your Square loan repayment deduction. With that being said, as much as we try to help answer every question we get, this one may be better suited for an accounting professional. Our support team is trained to help you find the best way to use Wave, but this is a bit outside of what we can advise on.
You can also see what other entrepreneurs have done to solve a similar problem, or find an accountant near you in our community forum.
May I suggest, then, the ability to split a transaction in more than two? that would simplify things greatly.
Hey @mschristine65, just to clarify, you can split a transaction into more than two parts!
Hi @Ghuf, check out my answer here. It should assist you with recording these sales refund transactions
Hello @kakuni! It's not possible to merge transactions that have different amounts, as merging is meant to match the exact same transactions. What I would recommend here is to delete the invoice payment transaction created manually, and split the wire transfer transaction to record both the payment and account for processing fees, as shown in the screenshot above.
@KiahD said:
Hey @mschristine65, just to clarify, you can split a transaction into more than two parts!
and I got it to work a few times, but am now having the same issue.
as an example - deposit of $100. I need to split it into +$115, -$5, -$10.
when I change the +$100 to $115, it consider that the transaction total to match to.
then when I add the -$5, it tells me that the total transaction is short by $5, even thought it's actually still more ($110)
I can't remember how I forced it through before. It's very frustrating, and really should not be this difficult.
I'm sorry to hear that you continue having issues when recording a split on your end. I attached a screenshot to help you record a successful split using the example you provided above. I hope this helps!
I have followed the directions and am able to input my split transaction details and created a new category account to allocate the fees, but that's where things stop.
The "Reviewed" and "Save" buttons have been greyed out.
Have I missed something? Why can't I save the changes?
Can you also somehow use this method to account for differing currency exchange rates as well? Normally I just mark invoices as paid but none of the amounts actually match and then there are fees as well. Can you split into the actual payment, the fees and a gain/loss due to currency exchange?
Hi all you awesome admins and members. I have invoices that are not created in Wave that also have a fee to account for. Additionally, these invoices are for service revenue and then need to be paid to independent contractors who both provide the services and are actually responsible for the fees so I am trying to show that the fees pass onto the agents. I have tried recreating the invoice in wave but really that is just extra/redundant work. I have attempted to do account for the fee deducted from the invoice and the fee I deduct from each pay check so that they cancel each other out. I have tried a number of ways and keep having the fee show up as additional income. Any help would be greatly appreciated.
Comments
I've added a transaction, and want to split out the paypal transaction fee. When I click split, the list of categories I can choose from includes "Discounts and Fees", when I click on that, it displays "No results found", not listing any choices like "Merchant Account Fees". How it that list populated?
Hey @ToddK !
First, you'll need to create the account you are looking to select. If you haven't created it yet, you can do so by creating a "Payment Processing Account" on your Chart of Accounts page. Once created, you can select the account when selecting "Discounts and Fees" when splitting your transaction.
To whom it may concern I have done the aforementioned to the T. Every time I go to click save it says "There was an error saving your transaction. Please try again." I am at a loss here. Please help thank you.
Edit: Somehow after about ten tries and then writing this post. I tried one last time and it actually saved without a hitch. LOL The only thing I did differently was click on the account dropdown and essentially reselect the same bank account that was associated with the parent transaction. I think there might be a bug there. Like the browser cache was not remembering that the selection had previously been made or something.
Honestly, this is a silly process to follow for multiple invoices and payments per month, especially when you're a one-person business and don't have much time. Please, I'm begging you, come up with a single-button way of handling this. A "Apply PayPal processing" or "Apply Stripe processing", etc. button or something, that can be configured with pre-set fees and percentages. We could set up our own names and details for such macros in settings.
I've never used an accounting package that made this so manual and fiddly.
We have HUNDREDS of PayPal transactions per month we are having to do this manually for and it is EXTREMELY time consuming. It is 2021- there should be an automated way to handle this by now! Please please please update!
Hi. this is helpful but how do you slit it when I have a Square Loan and they repay though each transaction that I get?
Lets say I got 65 dlls in square and they take 10 dlls from my Loan and 5 dlsl from fees.
so my total amount that is already transferred to my bank account is $55.
Thank you, hopefully someone can help me.
Hey @Liliana !
This ones a bit tricky. We have a loan workflow that you can check out here, but it might not cater to your specific situation. Due to the complexity of your inquiry and since we here at Wave Support are not accountants, I suggest reaching out to a professional CPA. They will be able to assist you with this to ensure your books are accurate.
I used to be able to successfully account for credit card fees. Tonight is my first time trying it with the changed transactions page, and it is not working. My directions to myself were:
Now this is not working. The transaction I'm trying to fix: Charge was $78.75 paid through Square with credit card. The Square fee is $2.15. I'm recording a payment for 76.60 on the invoice, and so it shows an overdue unpaid amount of $2.15. I go to the transactions page. I click split transaction. I fill $78.75 into the top box. I put $2.15 into the lower box and select Discounts & Fees > Square Processing Fee (a category I created a couple years ago).
But when I click Save: "There was an error saving your transaction. Please try again."
I've tried this over and over and keep getting the same error message. I logged out and logged back in. Suggestions? Help!
Hey there @eiderchick !
When splitting your $76.60 Square deposit transaction, you will want to allocate $78.75 to the invoice in question and allocate -$2.15 to Discounts and Fees. To make an item line in a split have a negative in value in Wave, you will need to select this category from the dropdown menu. If you don't have any Discounts and Fees account, feel free to create one on your Chart of Accounts page. Once your split is allocated accordingly, the split items will equal the transaction's total amount which is mandatory to record a successful split. Don't forget to press save once you are done. This workflow will mark your invoice as paid and account for Square's processing fees. I hope this helps.
Thanks! Your directions match what I did try over and over (maybe my description of my process was unclear) without success. For some reason, trying it again now, it worked. I see another user had a similar experience. Guess I needed to leave it alone for a few days because it did work just now. Thank you.
the accounts specified in the text are not the same as in the picture. Very confusing. Also, it seems I can only enter 1 negative account? Why can't I reference Operating Expenses in stead of Merchant account fees? I need to deduct shipping expenses here in addition to merchant fees.
Is it possible to combine this with a tax inclusive calculation to have Wave automatically update our sales tax liability.
For example...
Members pay dues of $500
Stripe deposits $485
I need to calculate Tax Liability based on $500 of sales and reduce revenue accordingly.
I need to account for $15 of Processing Fees.
We do not create invoices for our members, that is managed by a separate membership system.
Is this possible?
I have TWO separate fees I need to split. Wave will not allow that.
I have the same issue as Mengyi.
With a Square Loan, the repayment is automatically deducted from the deposit.
So:
Square total sales $166
Square fees deducted $4.61
Square loan repayment deducted $20.33
Total deposit amount $141.06
I can only deduct the fees. I really need to assign the loan repayment as payment to the loan
Hey @PilotBob !
Sorry, I'm having difficulty understanding your inquiry. Do you mind clarifying what you are trying to achieve in Wave? This will help me better assist you moving forward.
Hello @mschristine65 !
In this case, I believe a journal entry will be best to help you record your Square loan repayment deduction. With that being said, as much as we try to help answer every question we get, this one may be better suited for an accounting professional. Our support team is trained to help you find the best way to use Wave, but this is a bit outside of what we can advise on.
You can also see what other entrepreneurs have done to solve a similar problem, or find an accountant near you in our community forum.
@JulianP I'm not sure what more information I can provide.
I need to take the stripe deposits that are imported from our bank.
I need to determine the revenue by adding back in the fee giving me the tax inclusive sales amount.
I need to determine the sales tax liability.
Consider we had a single sale of $400 that is deposited into our bank account by stripe minus their fee. So, the bank transaction shows a deposit of $388.
I need to show the $12 processing fee expense
I need to show revenue of $372.09 (this is $400 tax inclusive sale with 7.5% sales tax)
I need to show a Tax Liability of $27.91
Thanks.
Hey @PilotBob based on the numbers you've provided ($400 sales - $12 stripe processing fee, and 7.5% tax on the $400 sales), this was the transaction I put together. Please take a look to see if this makes sense and if you need any further help with it:
The work flow for above transaction was:
this does not tell me how to add another deduction> @JulianP said:
May I suggest, then, the ability to split a transaction in more than two? that would simplify things greatly.
@NancyC That worked perfectly. Thanks.
Why not allow the split transaction to be split however we want? Here's our case:
Stripe sales $100, Stripe Refund $50, Stripe Fees $5
--Currently, there is no way to record sales refunds of $50!
How do I merge the payment with the recorded invoice payment if the amounts are different?
For instance, if I have 2 transactions I need to categorize:
How do I then merge these 2 transactions together as one?
Hey @mschristine65, just to clarify, you can split a transaction into more than two parts!
Hi @Ghuf, check out my answer here. It should assist you with recording these sales refund transactions
Hello @kakuni! It's not possible to merge transactions that have different amounts, as merging is meant to match the exact same transactions. What I would recommend here is to delete the invoice payment transaction created manually, and split the wire transfer transaction to record both the payment and account for processing fees, as shown in the screenshot above.
KiahD - I did finally get it to work. Not sure why it was giving me such grief.
and I got it to work a few times, but am now having the same issue.
as an example - deposit of $100. I need to split it into +$115, -$5, -$10.
when I change the +$100 to $115, it consider that the transaction total to match to.
then when I add the -$5, it tells me that the total transaction is short by $5, even thought it's actually still more ($110)
I can't remember how I forced it through before. It's very frustrating, and really should not be this difficult.
Hey @mschristine65 !
I'm sorry to hear that you continue having issues when recording a split on your end. I attached a screenshot to help you record a successful split using the example you provided above. I hope this helps!
I have followed the directions and am able to input my split transaction details and created a new category account to allocate the fees, but that's where things stop.
The "Reviewed" and "Save" buttons have been greyed out.
Have I missed something? Why can't I save the changes?
Can you also somehow use this method to account for differing currency exchange rates as well? Normally I just mark invoices as paid but none of the amounts actually match and then there are fees as well. Can you split into the actual payment, the fees and a gain/loss due to currency exchange?
Hi all you awesome admins and members. I have invoices that are not created in Wave that also have a fee to account for. Additionally, these invoices are for service revenue and then need to be paid to independent contractors who both provide the services and are actually responsible for the fees so I am trying to show that the fees pass onto the agents. I have tried recreating the invoice in wave but really that is just extra/redundant work. I have attempted to do account for the fee deducted from the invoice and the fee I deduct from each pay check so that they cancel each other out. I have tried a number of ways and keep having the fee show up as additional income. Any help would be greatly appreciated.