Update to reconciliation for some Payments by Wave customers
Erik
Member Posts: 194 admin
As you may already know, when you accept online payments with Wave, we automatically create a transaction in your accounting records.
Once the payout for the transaction is deposited in your bank account, your bank connection will typically import that deposit transaction within two days. When this happens, Wave automatically creates a transfer between the Payments by Wave holding account and your connected bank account.
For Wave accounts that have the Connected Accounts page under the Banking tab in the side navigation bar, these instances required you to manually create the transfer yourself in order to keep your balance sheet accurate.
As of today, we've released an update to improve how we automatically create this transfer when we detect a Payments by Wave payout transaction in your connected bank account. This will allow Wave to automatically bookkeep the online payments you collect more reliably. You can learn more about how we do this here.
This update will apply to future transactions. We recommend double-checking transactions that may have come in before this update to see if you have all your transfers in place. The easiest way to do this quickly is to use our Search by description tool on the Transactions page to search for WAVE, WAVE MSP, or SV9T (this may vary depending on your bank) and mark any transactions you find as transfers from your Payments by Wave holding account.
This only applies to customers with a Connected Accounts page and those who used our Payments by Wave service prior to the date of this release. If you have any questions, feedback, or concerns, please let me know!
Comments
I was excited to learn this was now fixed, as I was having to manually create the transfer, and somewhere along the way a duplicate would be created, but that's another story. Anyway, I just had the first transaction come in, and it looks markedly different from the past. In the past I had three transactions when all was said and done, and the final category for each was an invoice, a transfer from Payments by Wave and a Transfer to Business Checking, for example:
Apr 4, 2019 Invoice Payment
Payments by Wave
$23.97
Invoice #401 | Payment from Gaby Jaimes
Apr 3, 2019 Created Transfer
Payments by Wave
$23.97
Transfer to Business Checking
Apr 3, 2019 Deposit - WAVE SV9T
Business Checking
$23.97
Transfer from Payments by Wave
Now, however, I have an invoice and two Transfer Clearing, for example:
May 28, 2019 Transfer from Payments by Wave to your bank account
Payments by Wave
$179.33
Transfer Clearing
May 28, 2019 Deposit - WAVE SV9T
Business Checking
$179.33
Transfer Clearing
May 23, 2019 Invoice Payment
Payments by Wave
$179.33
Invoice #410 | Payment from Feil
Hey @ReReinDC - that first set looks totally correct! The second set though where the two ends of the transfer are still showing as 'Clearing' seems to suggest that Wave didn't recognize both ends of the transfer and link them.
I'd recommend attempting to delete the Transfer from Payments by Wave to your bank account transaction. Then, head over to the WAVE SV9T Transaction, and recategorize as 'Transfer from Bank, Credit Card, or Loan' and then 'Payments by Wave' as the origin account. This should force Wave to recreate the other end of the transaction, but link it this time. Then, instead of transfer clearing, it set up the same way as the first set you posted.
If you were to leave those transactions in transfer clearing, this would likely effect your balances as it would end up showing some transactions as still lingering in the clearing equity account, rather than having been fully realized.
I recently started using invoicing by Wave, and love the option for ACH and CC payments to keep it all in one system. I have used PayPal for years but the reconciliation and fees were adding up!
Anyway, I'm having an issue with the way the payouts from Wave are showing up from Wells Fargo. They show up as the 'WAVE SV9T ...' and auto-categorize as 'Sales' but there is no duplicate transaction to create a transfer between the two. The 'invoice payment' is coming through for each transaction, as well as the 'merchant account fee' but I do not have any account listed that I can categorize the payout as a 'Payments by Wave'.
I was on a live chat the other day for a while, and they said they'd get back to me via email about the issue but haven't heard back. I'm uploading two screenshots of the only transactions I'm seeing coming through.
Thanks!
Hey @TMez . I notice this was solved over a chat the other day. If you have any other questions feel free to follow up here!