How to categorize deposits?

christyprice

Hi! I'm new to accounting and Wave, so learning something new every day!

I currently have Zapier set up to automatically bring in my Square sales and I split these into two categories: sales and payment processing fees.

I also have my checking account linked, so when Square pays out money to it, those deposits are currently uncategorized. How should I categorize them? Not sales, correct, because it's already been categorized that way initially?

Thanks so much!

AlexL

Hey @christyprice . There's a few different things to address in this post. Are you sending your invoices out through Wave? Also, when your customers pay you through stripe, does this money go into a stripe account until you move it into your bank account, or does it hit your bank account right away?

Let me know and we can dig into this some more for you

christyprice

The sales are occurring in Acuity Scheduling and I have Zapier set up to bring in the Square transaction to Wave. When the Square transaction gets to Wave, it is split into two categories: sales and Square payment processing fees.

My checking account is also linked in Wave. So, when Square (a few days later) deposits the "sales" portion of the transaction to my checking account, it appears again in Wave. I'm not sure how to categorize this properly.

Thanks for your help!

ConnorM

Hey @christyprice! Thanks for that context! I'm thinking that your best, and quickest solution here would simply be to delete that automatically imported bank income transaction, such as to not doubly account for that income.