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Understanding Stripe Payment listings

Wilson765Wilson765 Member Posts: 3

Hi,

Getting a bit confused over the new set up regarding Stripe payments. When a payment received by Credit Card Wave automatically puts a listing for the amount in my account as income and states "Transactions that are automatically created in the Wave system can't be edited or deleted."

However, then my bank post the actual payment to my account and I now have the income shown twice that I can not merge together.

I appreciate there may be some basic error on my part, I am no accountant, but I was wondering how I reconcile my stripe payments in wave so it does not show two lots of income for a single transaction.

Any help would be really welcome.

Thanks

Steve

in Sales & Invoicing Technical Support

Comments

  • SamdSamd Member Posts: 552 ✭✭✭

    Hey @Wilson765. In this situation, Wave should be accounting for the duplication via transfers, which would look something like this: Bookkeeping Changes to Payments by Wave

    In short, invoice payments are categorized to the "Payments by Wave" account temporarily while the payment processes. Once your bank account receives the actual deposit and the record is imported in Wave, a transfer is created from the "Payments by Wave" category to your bank account category.

    In this case, it sounds like Wave did not import the deposit correctly as a "Transfer", but you can fix this with the steps below:

    1. Navigate to Accounting>Transactions

    2. Locate the bank deposit

    3. For Account, select your bank account

    4. For Category, select "Transfer from Bank, Loan, or Credit Card"

    5. For the transfer origin, select "Payments by Wave"

    This will correctly tell Wave that the deposit has landed in your bank account as a "Transfer" from Payments by Wave, and is not simply a second payment.

  • Wilson765Wilson765 Member Posts: 3

    Thanks Samd this has corrected the issue.

  • nadworksnadworks Member Posts: 31 ✭✭

    Same issue here. Do I have to do this manually for every single payment that comes in now? Wow, what an unnecessary waste of time.

    edited July 28, 2019
  • ZoeCZoeC Member Posts: 388 admin

    Hey @nadworks, thanks for reaching out! If Wave is not automatically creating the transfers for you then yes, you will need to create them manually. In order for your accounts to reconcile you need to show that the funds have left the money in transit account (Payments by Wave) and landed in your bank account which is what the transfer process (which Sam explains above) shows.

  • robjulerobjule Member Posts: 3

    Just in regards to the stripe payments and invoice doubling up. Under the older version of Wave it does not allow me to mark this as just a transfer to Wave Payments. How do you process it under the older version of Wave. Thanks for any assistance

  • JamieDJamieD Administrator Posts: 1,156 admin

    Hey @robjule. In this situation, you would want to make sure that you are either: 1) Merging the two transactions together (if they are associated with the same account and are the same amount) or 2) Deleting the bank import transaction that comes through. This will prevent your income from showing up as doubled in the reporting.

  • ValkyrieValkyrie Member Posts: 3
    We have never been able to link our bank account to wave to read correctly so just manually enter and reconcile. On the old system we were able to just manually change the stripe date to the actual cleared date and validate. Now you have blocked the ability to change the date and we are not able to reconcile the accounts and spending vast amount of time trying the locate transactions and reconcile. So much so that we are looking at potentially moving away from wave due to changes made that are not for the better. Please can you advise how to manually reconcile the account with stripe
  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @Valkyrie , very sorry to hear about the frustrations you're running into while reconciling. Are all the reconciliation issues that you're having from past dates? Or are you trying to reconcile moving forward?

    edited November 26, 2019
  • ValkyrieValkyrie Member Posts: 3
    Prior to wave doing their upgrades all accounts were reconciled. Then upgrade happens and none of the accounts reconciled. Managed to get them back on track, but now the new system does not allow you to adjust the stripe payment dates. This means that when payment is made at the end of the month, but actually payment transferred to account at the start of the following months the account is not matching which causes particular problems for quarterly VAT submissions. Not sure why the transaction aspect of the system was changed as this worked fine previously
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