Update to reconciliation for Payments by Wave customers

Charlotte

As you may already know, when you accept online payments with Wave, we’ll automatically create a transaction in your accounting records.

Once the payout for the transaction is deposited in your bank account, your bank connection will typically import that deposit transaction within two days. When this happens, Wave automatically creates a transfer between the Payments by Wave account and your connected bank account.

We recently learned that in some instances this transfer was not being successfully created. These instances required you to manually create the transfer yourself in order to keep your balance sheet accurate.

As of today, we've released an update to improve how we automatically create this transfer when we detect a Payments by Wave payout transaction in your connected bank account. This will allow Wave to automatically bookkeep the online payments you collect more reliably. You can learn more about how we do this here.

This update will apply to future transactions. We recommend double-checking transactions that may have come in before this update to see if you have all your transfers in place. The easiest way to do this quickly is to use our Search by description tool to search for WAVE or WAVE MSP (this may vary depending on your bank) and mark any transactions you find as transfers from your Payments by Wave holding account.

This only applies to Canadian customers who've used our Payments by Wave service prior to the date of this release. If you have any questions, feedback, or concerns, please let me know!