Duplicate Transactions
cjamps
Member Posts: 5
I had just started using WAVE for my business. Running a profit and loss report and clicking on details shows uncategorized income. Clicking on uncategorized income show the wave direct deposits made into my checking account from the invoices that I created which were paid my credit card through wave. Clicking on the direct deposit brings me to the transactions which are duplicates because for every invoice there is a direct deposit making the balance bigger than it is. I have tried merging the two but I get an error.
Can anyone advise?
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Hi @cjamps
So if you're using payments by wave, then our system should in theory automatically connect your income from the client to the invoice that was created. If however you do not have payments by wave turned on, you should be categorizing your bank transactions, rather than marking the invoice as paid.
If you notice that your income was duplicated and there are two transactions, it could be because you selected "mark invoice as paid", which creates a transaction. After that, once the income lands inn your account, your bank produces another income transaction as well.. Delete the bank import one and moving forward I would recommend using the choose a category option.
In your transactions page, find the income received by a client brought in by your bank connection, and select the drop down 'choose a category' option. This should allow you to scroll down and link that income to an invoice by selecting "payment made to an invoice". Categorize it to the appropriate invoice. This will detect that your invoice has been paid.
I hope this helps. Here is a handy article explaining all of this.
https://support.waveapps.com/hc/en-us/articles/208621616-How-to-create-a-transfer-between-two-accounts-e-g-categorize-a-credit-card-payment-
Does this mean that if I am 1) sending invoices to clients through Wave and 2) importing bank statements into wave, that when I mark an invoice as paid I will always get a duplicate credit?
This means I have to either lie (not mark an invoice as paid when it is in fact paid) or manually babysit Wave by tracking down and removing duplicates by hand (a painful and error prone activity).
I notice the same behaviour with transfers between accounts -- statements have the debits and credits, but categorizing then adds duplicates. I must be doing something wrong because there is no way this behaviour helps anyone.
Did I understand this correctly?
@johnt Are these invoices that are paid through Wave? If they are paid through Wave, we will take care of the all the bookkeeping automatically and you wouldn't need to manually mark the invoice as paid. You can get a more detailed low down on that here: https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave
If this invoice isn't paid through Wave (as in, you may send one of your invoices from Wave but we don't actually process the payment) AND you have a bank connection, I would recommend not manually marking the invoice as paid. Instead, watch for the income deposit to come in from your bank connection and then categorize the transaction as a 'Payment for an Invoice in Wave'. That way, you avoid duplicate transactions. This way, the invoice is only marked as paid once the funds actually land in your account (so it's still honest!
).
If you do want to manually mark the invoice as paid and you have your bank connected, you can select the duplicate transactions (check mark them on the left) and then select 'Merge' at the top of the screen to avoid duplication.
Can you say more about what happens when you create transfers between accounts? In any transfer, Wave will create two sides of the transfer to reflect the flow of funds between accounts. Maybe this article will provide helpful context? Check it out: https://support.waveapps.com/hc/en-us/articles/115004964143-Transfers-transformed
@johnt Is this for payments made through Wave? If so, Wave will automatically take care of the bookkeeping for you. Here's an article giving you a more detailed low down on that: https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave
If this is for payments made outside of Wave (as in you send the invoice through Wave but we don't actually process the payment) AND you have a bank connection, I would recommend that you not mark the invoice as paid. You can then wait for the bank imported income deposit and categorize the income as a 'Payment made for an Invoice in Wave'. This will mark the invoice as paid when the funds actually land in your account (so it's honest
).
Alternatively, you can mark the invoice as paid and then when the bank import comes in, you can select the transactions (check mark them on the left) and then select 'merge' at the top of the screen. Then, there won't be any duplicate transactions!
Can you say more about what happens when you create transfers between accounts? Wave will always record both sides of a transfer to reflect the flow of funds between accounts. Maybe this article will provide helpful context? Check it out: https://support.waveapps.com/hc/en-us/articles/115004964143-Transfers-transformed
I have a client that I sent 2 separate invoices to and they paid with 1 check which I marked as paid in Wave, so that made a transaction. The transaction was also synced with my bank so there is a double transaction, if there is only one invoice, I can merge it with the banks transaction but I can't seem to merge two invoices with the bank transaction. Is there a way for this?
Hi @Jsmith21896! In this case, the best way to deal with this would be to delete the two separate 'Invoice Payment' transactions that are generated when you record a payment directly to an invoice. This will mark the invoices as 'unpaid'. On the Transactions page locate the deposit transaction that was imported by your bank. Click on the transaction and then select 'split this deposit'. This will create two lines in the transaction. You can categorize each line as 'Payment received for an invoice' and then select the outstanding invoice. This will mark the invoices as paid and means you can keep the bank imported transaction so it matches when reconciling.