Stripe bulk payment - creating duplicate income
Good day Wave community, probably an entry level question, here is the scenario:
My business model currently includes an Online Event Registration provider that captures attendee information, availability etc, and which uses Stripe as a payment gateway
My Event Registration provider currently allows me to capture each Client registration in Wave as soon as the registration happens. I am currently splitting the amount paid by the client in two: Sale + Processing Fees (Stripe's fees). Each registration is captured individually from the Event Registration provider, providing great granularity in Wave...
Now, the issue I face is when Stripe sends a bulk payment (for the multiple registrations) to my bank account a few days later, as the total amount paid by Stripe is being added as a Sales amount, effectively doubling the income.
How should I address this? Is there a way to merge/offset the Stripe payment with multiple registration transactions as a way to avoid duplicate income? Any other/less manual approach?
Thanks in advance
Comments
Hey @Fpal - not an entry level question at all. You can reconcile the the bulk deposit showing as a duplicate by doing the following:
Navigate to Accounting>Transactions
Locate the bank deposit
For Account, select your bank account
For Category, select "Transfer from Bank, Loan, or Credit Card"
For the transfer origin, select "Payments by Wave" - this is where your Stripe payments should be landing, and is technically a Money in Transit account where funds are held until they can be cleared by a transfer (or just a general income account in situations where no bank is connected).
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.