Transfers duplicating

ReReinDCReReinDC Member Posts: 6

I have payments set up and all imports from my bank account as it should. However, every single time I create the transfer to get the money from the holding account to my checking account, it creates two transfers, and I have to delete one. I mean every. single. time. What's going on?

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    ReReinDC,
    If you have both accounts connected then the issue you are seeing is probably that it is importing both the disbursement from one and a deposit into the second. It is a mechanical function. From the transaction page you are usually able to click on transfer to credit/bank account and typically Wave will find the offset. Select the offset and it should code the transfer correctly.
    Mike G, CPA
    www.mgfinancial.net

  • ReReinDCReReinDC Member Posts: 6

    Hi Mike,

    I do that and it works perfectly, however, after I'm finished, a second transfer will appear (one that has not been categorized). There seems to be no other remedy than to delete it. Just can't figure why it's happening. I thought it would all happen on it's own (according to Wave info), where Wave matches the deposit to the invoice and creates the transfer, but it only seems to happen after I've created the transfer manually, resulting in the duplicate.

  • MikegMikeg Member Posts: 995 ✭✭✭

    ReReinDC,
    Very odd. Maybe someone at Wave can look into on the technical side. Seems strange it happens after you have matched the transfer. Meaning, when you select the disbursement from the one account to transfer and find the matching one in the list that Wave has found. Best of luck
    Mike G, CPA
    www.mgfinancial.net

  • Ryan_WRyan_W Member Posts: 452 ✭✭✭

    @ReReinDC were these for invoices that were paid through our online payment processing service?

    If so, instead of marking the transaction attributed to the Payments by Wave Account as a transfer, filter for the bank account which these invoices payments deposited into. Then, locate the income transactions (which are a result of these online invoice payments) that were pulled in from your bank connection. Categorize them as "transfer from Payments by Wave" and you're all set! If I'm misinterpreting the situation, please let me know.

  • ReReinDCReReinDC Member Posts: 6

    Hi Ryan,

    I'm not sure I understand. I believe that is exactly what I am doing. I have the Invoice Payment, and then the Deposit-Wave SV9T, which I then categorize as "transfer from payments by Wave" but the result is that it creates a transfer when I do that, which I then categorize as "transfer to business checking" and all would be fine, except that at some point a duplicate transfer will appear. Every time.

  • SamdSamd Member Posts: 552 ✭✭✭

    Hmm @ReReinDC, I've created what the transfer should look like in this screenshot:

    In terms of the process, initially I had the bottom and top transactions. The bottom is the invoice payment transaction created by Wave, and the top is the duplicate payment from a bank import. Once I categorized the bank import as a transfer from Payment by Wave, it generated that middle transaction - an 'expense' out of Payments by Wave. Wave creates this so that it show both sides of the transfer.

    It sounds like what might be happening is you're also categorizing the expense transaction as a transfer as well, which would lead to Wave generating another transaction to match with this one as well. However, once you get to the 3 transactions in the screenshot, you shouldn't need to do anything else. If this is what you're doing and still getting the duplicates, can you post a screenshot?

  • Hisham_AHisham_A Member Posts: 6

    Hello,
    I am facing the same issue; the app automatically creates "created transfer" transaction, which results in duplicates. It disrupts the reconciliation and I need to track these "created transfer" manually to delete them!
    It is an unneeded hassle. Is there a way to stop this feature?

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @Hisham_A

    When you create these transfer transactions, are they in the same bank? Typically when you're moving equity between two bank accounts from separate institutions you will see a third transaction for the equity transfer. Would you mind explaining a bit further what this transfer transaction looks like or what actions you may have taken for this to show up in your account? How do your bank transactions import into your account? Manually or through a bank connection?

    Thanks for your additional assistance!

  • Him_wasAlwaysHerHim_wasAlwaysHer Member Posts: 1
    > @BarsinA said:
    > Hey there @Hisham_A
    >
    > When you create these transfer transactions, are they in the same bank? Typically when you're moving equity between two bank accounts from separate institutions you will see a third transaction for the equity transfer. Would you mind explaining a bit further what this transfer transaction looks like or what actions you may have taken for this to show up in your account? How do your bank transactions import into your account? Manually or through a bank connection?
    >
    > Thanks for your additional assistance!

    No I’m lost help me I have my chime that it and need this deposit Asap
  • CalliePCallieP Member Posts: 439 admin

    Hi @Him_wasAlwaysHer , thanks for getting back!

    So if these transfers were occurring between two different bank accounts, then in Accounting > Reconciliation, you would not be able to see the third part of the transfer. This would cause it to look like a duplicate, when in fact, it's 2 parts of an overall 3 part transaction experience! I'll explain more below. (This is a lot of info!)

    How transfers look in Wave
    When you categorize a transaction as a transfer, an automatically made transaction called Created Transfer appears, as you've noticed. This results in 3 parts of a transfer appearing in your transactions. As an example, let's say the transfer is of a deposit from one bank account to another. You'll see:

    • The initial deposit
    • You categorize it as a transfer, which causes another deposit to appear in the other account to which it was transferred, for a total now of 2 deposits
    • A third transaction, Created Transfer, appears, and is a withdrawal
    • 2 deposits - 1 withdrawal = 1 deposit

    So whenever you create transfers, the transfer transaction is there to balance out the deposits which occur in both accounts naturally when transferring a deposit from one place to another. So, that transfer should not be deleted.

    How reconciliation works in Wave
    In Wave, your accounts are considered reconciled when the balance in Wave is the same as the balance on your bank statement. This means that even if line items don't match perfectly, as long as the balance is correct, the account is considered reconciled. This choice was made to reflect the reality that many business owners' accounting doesn't necessarily match line-for-line with their bank statements for various reasons; e.g. foreign exchange rate changes, adjustment entries, or starting balances being entered in lieu of transaction lines. So this enables those users who do not have exact line matches to still achieve reconciliation (as long as they know why the lines don't match, that is enough).

    If you're feeling unsure about how transfers appear in the account-isolated feature of Reconciliation, I would recommend heading back to Accounting > Transactions and viewing the transfer holistically between both accounts that the transfer impacts to help clarify.

  • jdodjdod Member Posts: 3

    Having an issue where each time I mark something as a transfer, a Created Transfer appears. I understand that at least one created transfer should appear when you mark something as a transfer, (in my case paying a credit card from my bank account) but I get two created transfers, and this means my reconciliation is off by the payment amount. These four lines represent a single payment. From what I've read there should only be three?

  • Catherine_MCatherine_M Member Posts: 1

    I have the same issue than @jdod

  • MikegMikeg Member Posts: 995 ✭✭✭

    @jdod,
    Before categorizing a transfer, both items need to be there ie. the disbursement from one account and the "payment received" (deposit) in the second account. Once you have established that they are then under category select transfer to Bank or Credit Card and your matching transaction should be listed there. Even though the payment was received before the date it was disbursed from your snip, it should still find. I just tried myself and had no issue. If you are able to correct then I would delete the Create Transfer transactions that have occurred. This happened because Wave was not able to find a match.

    edited July 23, 2020
  • jdodjdod Member Posts: 3

    Thanks Mike- just tried again it's working perfectly now. While trying to solve this I'm sure I deleted created transfers, categorized and uncategorized each transaction 50 times and could never get it to find it's match. Not sure what's different but I'll take it!

  • MikegMikeg Member Posts: 995 ✭✭✭

    @jdod,
    Maybe the software fears you now. :)

  • jdodjdod Member Posts: 3

    I figured it out, it was me all along. I was selecting what's circled in red, when I should have selected the matching transaction in green.

    Hopefully someone can learn from my mistake!

    edited July 23, 2020
  • ChieCMChieCM Member Posts: 2

    I tried matching transfers but wave also creates it own. so time consuming deleting their entries.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @ChieCM , if Wave can't find the exact opposite transaction to pair with, it will create a transaction on the other end. Make sure that both transactions are even and able to be paired before creating the transfer.

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