Merging multiple transactions
cris4keeps
Member Posts: 1
Hi, I am try to reconcile my banking transactions with my receipts in Wave but there are instances where one banking transaction was used to purchase multiple items( generating 3 or 4 receipts) and i would like to merge all of those transactions together with that one banking transaction so that it's not duplicated. Is this possible or what's an alternative?
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Hey @cris4keeps! The issue here is that you wouldn't be able to necessarily merge these transactions together (since the bulk expense transaction would be a higher amount than each individual receipt). With that said, there would be duplicates (the bank expense + the receipts in Wave). In this situation you would most likely just need to delete the bank expense transaction that occurs so the transactions aren't being duplicated. The other option is to split the expense transaction and categorize this to match the specific bills that were created (however, you cannot split the transaction to match up with the receipts).
I have the reverse situation where I've been paid for two invoices I have generated for services with the one bank deposit and Wave won't allow me to merge the 3 transactions. If I delete the bank entry, how will that affect my bank statement reconciliation?
Hey @Chippies5169. In this particular situation, you will want to split the deposit transaction and what you can do is categorize the splits as payment received for invoice (and then select the two unpaid invoices). If you've accepted the payments via our processing and the bank deposit is a duplicate, you will just need to categorize the splits as a 'transfer from' the money in transit account associated (more than likely Payments by Wave).
Hi Jamie. Your instructions sound logical, but when I try to categorise the bank EFT transaction (which defaults to sales initially) during the splitting process, I initially select Sales, the search field comes up and when I click on 'Payment Received for an invoice in Wave', it says no results found and just defaults to Sales. I can attach the relevant customer OK.
Why can't it seem to find that I have invoices to match the deposit to?
Is it because I converted the invoice status to 'paid' BEFORE I categorised the bank transaction and it now can't find the invoice to match it to?
I can't understand your reference to using a 'transfer from' because when I try to do that, it lists other bank accounts, and not the account the money was paid into.
I don't want to delete the bank transaction....and I don't want to alter the status/existence of the invoices; I just want Wave to recognise that the payment corresponds to the four invoices.
Thanks for any insight you can give me.
Christina
Hey Christina! @Chippies5169.
Since Wave accounting works on an accrual basis, the correct way to account for this is that when you mark the invoices as paid initially, they should be associated with a money in transit account (usually called payments by wave). If you are manually marking them as paid and associating them with your checking account/bank account already then the funds will be duplicated after the deposit actually happens. However, if they are associated with a money in transit account (accounts receivable) and the deposit transaction happens in your account, you can categorize it as a transfer from money in transit account (accounts receivable or payments by wave) to show that the funds have moved from the holding account into your bank successfully.
In terms of splitting the deposit transaction, if you have marked the invoices as paid before the deposit actually happens, then invoices won't appear in the 'payment received for invoice' section when categorizing. I feel as though this help centre article should shed a bit more light in your particular situation here; https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave
Bumping this up in hopes I can properly address the need to merge 3 transactions for a single purchase.
The receipt shows the total amount, but the company charged that amount in 2 transactions. How can I merge all 3 transactions into 1? Even if I split the receipt amount into 2 transactions, I can't seem to merge the remaining credit card charges with them. How can I proceed?
Thank you!
Hey @NimbusUnlimited !
As it turns out, the merging transactions feature is for when you have duplicates of the same transaction. In your case, there are two different transactions, which is why they can't be merged.
What I would suggest instead is to keep both credit card payment transactions, and delete the transaction created by uploading the receipt. Then you can attach the receipt image to both transactions