Invoice payment and bank statement duplication

Thembisa

Hi,
I have a small business that I dont think warrants a bookkeeper so I am using Wave (which I absolutely love). Problem I am finding is that once a client pays and I record the invoice as being paid it updates to Transactions under Accounting but also when my bank transactions update they also have that same transaction so now it seems like my sales are double what I am getting. Am I doing something wrong? Also what is the difference between Cash on hand and my bank account on the Transactions tab.

Ryan_W

Hey @Thembisa! This is actually expected behaviour; when you mark an invoice as paid, it'll create an income transaction for it; however, if your bank account is also connected to Wave, you'll see the duplicate import whenever those funds actually land in your bank account. You have a couple of options for handling this. You can either

1) Merge these identical transactions by selecting both in the Transactions page, and then clicking the Merge button which will appear at the top of the page.

2) Don't record payments on your invoices directly; instead, wait for the bank connection import to appear, and then categorize it as "payment for an invoice in Wave", which will let you assign it to the correct invoice.

3) Simply delete the bank connection imported transaction.

Ideally, I recommend 1), simply because it gives you the best audit trail.