Transactions showing up twice

Rachellh123

In my Profit and Loss Report, I have both bank transactions and invoices that are manually entered as "client- income" showing up twice, and therefore doubling my income. How do I link these when I manually mark an invoice paid so they don’t appear twice? In other words, what is the best approach to manually marking invoices paid when they are also being registered as bank transactions, thus showing up as sales income? And how do I do this retroactively in order to reconcile my 2018 Profit and Loss? Seems to be a problem with Wave and there's no obvious solution unless I'm missing something....
Thanks, Rachel

Ryan_W

Hey @Rachellh123 in this case, this is expected behaviour; manually recording an invoice as paid will create income transactions, and if the bank account which receives those payments is also connected, you're correct in noting that this creates duplicates.

The ideal workflow for most people is to wait for the bank connection to update and import your statement on a rolling basis. Then, you'd simply categorize the relevant income transactions as Payment received for an invoice in Wave, and select the specific invoice the payment applies to.

That said, some people like to mark their invoices as paid manually so they can issue receipts immediately. If that's the case for you--thus creating duplicates--you can simply merge each duplicate into one "master" transaction. To do this, fund both matching transactions in the Transactions page, click the check boxes to the left of each respective transaction, and then click "Merge" (it'll appear as an option at the top left corner of the page). Hope that helps!

rorndorff

I realize this post is almost a year old, however, I am having a similar issue with an invoice marked as paid manually and the deposited payment from square. The issue is these two totals do not match because square deducts fees. I have split the square transaction and have a line for the total of the invoice and a second line for bank fees, but the system won't allow me to merge the two transactions so it is over reporting income. How can I fix please? -Ray

ConnorM

Hey @rorndorff! Thankfully we've got some good news here, you should be able to account for the fees using the steps below:

1. Create a special holding account to record full invoice payments. Head over to the "Chart of Accounts" in the Accounting tab. Click "Add an Account" and choose "Money in Transit" as the account type under the "Asset" header.

2. When an invoice is paid, add an income transaction to this account for the full amount of the invoice before fees, and categorize this transaction to "Payment for an Invoice in Wave" to mark the invoice as paid.

3. Add an expense transaction to the holding account for the amount of the merchant fees, categorized to "Merchant Account Fees."

4. When the invoice deposit is pulled in from a bank connection (this should be the invoice amount less the merchant fees) categorize this transaction as a "Transfer from..." and select the holding account.