Can't set up bank account - fails after entering shareholder information
wvmomma
Member Posts: 4
I've chatted with support twice and they just keep telling me to enter my bank information, but I can't get to that place. When I click on finish payments setup I get to step 3, Your Details. I enter me as 0% (I'm the elected CFO) and the one shareholder who owns more than 25%. I check the box that says, "I confirm there are not additional owners with 25% or more of the business." Click on Save and Continue and get an error: Where do you want to deposit your money? There was a problem connecting your account. Chat sent me to articles about owners of accounts and setting up payments, but that gets me right back to here. The business is wholly owned by an S Corp and is an LLC. I chose Corporation because it's a pass-through entity. There is one shareholder who owns more than 25% of the S Corp and no option here to enter the S Corp itself as the owner.
Comments
Hey @wvmomma - you're getting that error on the bank connection screen? Hmm, it may be an issue with the direct bank connection, but we should still be able to get you setup for receiving funds. When trying to connect a bank this way, if you choose 'Other Institution' or search for 'X', it should prompt you with the ability to manually input details such as routing and account number instead.
Thanks, Samd. I should have gotten back on here to state that it suddenly just worked. It was really weird. I didn't change browsers or anything. It wasn't even letting me get to the bank connection part. It was stalling out after I entered company shareholder information. I'm good on that now. Just trying to learn how to handle customer credits now since Credit Memos don't exist! Love Wave otherwise.
Ah glad to hear it @wvmomma, but that is strange! Also, apologies that we don't offer credit notes as this time, but I'll definitely be submitting a feature request. It is one of our most requested items, and I can confirm that our Product Team is looking at this functionality now, I just don't have an ETA as to when we would be able to implement it. I think the easiest workaround for tracking customer credits at the moment is to create a specific liability account for said customer (under Accounting > Chart of Accounts) if there isn't currently an open invoice you could apply this credit to. We have a guide you can access here.