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Money in transit

CIBIICIBII Member Posts: 2

Hi,
Can anyone help? I'm new to Wave and have found that Wave has this account called money in transit but i have already imported my bank statements! If i transfer the funds over to my bank i will have duplicate entries! You can't delete the Wave money in transit and it would take a long time to delete all the Wave income in the bank! Any ideas if i tranfer it to the bank where i can transfer it out to get rid of it?

in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hi @CIBII . Can you give us some more insight into this? Money in transit is an account category in your Chart of Accounts, which means you can have a number of different accounts listed here. Is the account called Payments by Wave, and is the balance a result of payments that you have received through payment processing with us?

  • CIBIICIBII Member Posts: 2
    Hi,

    Yes it is from payments by Wave for payments processed by yourselves. If the bank statement had not been uploaded then these amounts from money in transit would have been fine. If I transfer the amount from the money in transit account (payments by Wave) for the year in question to the bank account it would make my bank balance out by this amount. I would need to delete all these transactions to get my bank balance correct. If i did this my balance sheet would not balance! It balances at the moment with the money in transit amount in there but it is not correct as the company does not have this money.

    How can I resolve this? Unfortunately I have to file the company accounts by 31st December so I only have a few days left. I have never used Wave before but have used many other accounts software.

    Kind Regards

    Karen
  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @CIBII! I think the best bet here would be to transfer everything from your Money in Transit account to you bank account, and then either delete the bank entry, or merge those transfers with the bank entries! That should be the quickest fix for this situation.

  • KalicoKalico Member Posts: 1

    Hi, Is there information somewhere about reconciling the Money In Transit Account? Obviously there is no statement from a bank to reconcile as the amounts are generated by Wave. It would be great to have someone explain this process. Thanks

  • EmmaPEmmaP Member Posts: 639 ✭✭✭

    Hi @Kalico! Thanks for your feedback on this! Because there are no bank statements to reconcile against you could use the information under: Sales -> Payments instead. The invoice payments that are recorded there should match what is recorded through the holding account.

  • SariahJacksonSariahJackson Member Posts: 1

    I am having this issue as well. There are multiple transactions under "money in transit" that have already been deposited to my bank account. I have tried moving these transactions to my bank account, so that I can merge the transactions with the amounts that have already been reconciled in my bank account. But, when I try to do this I receive an error that "transactions automatically created by wave cannot be edited or deleted"
    How can I get these transactions out of "Money in transit" as they have already been deposited and accounted for?

  • christyellerchristyeller Member Posts: 2

    This software is completely unusable now because of this problem. I have been using Wave for years and now this year none of Payments by Wave ever get put into the correct bank account inside wave so I cannot reconcile any of my statements. You mention moving them from in transit Payments by Wave ... to the bank account, but there is no way to do that and zero instructions about how to do it. It used to happen automatically, as it does in every other accounting software. I have spent over 4 hours trying to solve this problem.

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