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CASH TAKEN FOR INVOICE

thewizleonthewizleon Member Posts: 6

Im very new to this and have a quick question - I've invoiced a customer who paid me straight away with cash. Ive marked the invoice as payment received (cash on hand) and then deposited the cash to my bank account at the end of the week. This has now been picked up by Wave - how do I categorise this as I don't want the same 'income' to be essentially counted twice

in Accounting Technical Support

Comments

  • JamieDJamieD Administrator Posts: 1,156 admin

    @thewizleon In this particular case, you would want to associate the invoice payment with a money in transit account (ex Payments by Wave account) -- mostly because you have been paid the invoice, but are waiting for the money (Wave is accrual based). Once you have the 2nd transaction come into your Wave account (the bank deposit) you can simply categorize this transaction as a 'transfer from money in transit account' to show that the funds have successfully moved from the money in transit account to your bank; https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave

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