How to apply USD PayPal deposit to USD invoices

LoriRose

I have received a single payment in my USD PayPal account for two invoices prepared in Wave in USD. The transaction has been imported into Wave from PayPal, but the option to apply it to an invoice is not available when selecting the category drop-down menu within the transactions page. My default business currency is CND. Is there some kind of work around to be able to apply this payment to the invoices? Am I missing something?

sunnyt7

I have this same issue. It's really dumb, but you can't. You have to delete the imported transaction, manually mark the invoice as paid, and then manually create the bank fee adjust. Don't ask me why.

LoriRose

@sunnyt7 said:
I have this same issue. It's really dumb, but you can't. You have to delete the imported transaction, manually mark the invoice as paid, and then manually create the bank fee adjust. Don't ask me why.

I think my issue is that Wave is not recognizing the payment because it is for two invoices so the totals are not matching, which prevents the option of applying to an invoice from appearing. Even if I attempt to split the payment, however, the option still does not appear. I found the resolution offered by Samd, in your former thread, works....

"...mark the invoice as paid manually, but have that money paid into a USD Money in Transit account (you can generate this in Accounting > Chart of Accounts). Once the bank payment comes in, instead of marking it as an invoice, you'd instead choose 'Transfer from Bank, Credit Card, or Loan' and then your USD Money in Transit as the origin account. "

In this case, you do not have to delete the imported transaction.

sunnyt713

@LoriRose even if you have the exact same totals, the option to match the transaction to the invoice will not appear for whatever reason. What's also unfortunate is that if you go to the invoice and enter a payment, you can't edit the transaction from the transaction page - to split the payment and account for transaction fees.

So it sounds like what Samd was suggesting is the only way to do it right now... which adds an unnecessary step in my opinion.

Btw, testing this out made me realize that Wave isn't calculating the foreign exchange gain/loss correctly either. Check out https://community.waveapps.com/discussion/comment/14079#Comment_14079.