Payments by Wave Bank Deposits No Longer Balancing
britannic
Member Posts: 22
My account was upgraded at the beginning of November to the new interface. Payments by Wave (PbW) was working as expected until December 3, in that the PbW Account would be zero after the deposits were paid out. After that date, the paid out deposits no longer match the net credits and now it looks like too much was paid out (the bank deposits match the PbW payouts exactly). e.g.
Appreciate your input.
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Hey @britannic . Every time your invoice is marked as paid, it shows a debit on your account for the amount that shows up in Payments by Wave. When the money finally hits your account a few days later, it will be in the amount of the payout, and that will be show as the credit. This means that although you may see numerous debits in a single day, you'll only ever see maximum one credit per day.
Additionally, if you have constant money moving in and out of your account, you may never see a $0 balance in Payments by Wave, as you'll always see countless debits and credits.
Thanks @AlexL,
The issue is that I'm not able to reconcile the account and find the offsetting debit for some of the credits since December 3rd. I have no problem with not getting a zero balance (same as any other account).
For example, Dec 18, there was a credit/payout of $373.53 which doesn't match anything. The other 2 debits totaling $335.85 were too new to be paid out yet, so it cannot be tied to them. On December 19th, there is a credit/payout for $383.20 which does match the original debit of $383.20 on December 16th.
Please review the screenshot above and you can see that seems to be something wrong with the payouts, they are either less than or more than what is actually owed.
I tracked the issue to an invoice payment that is missing from PbW, although the matching payout is recorded. I have requested help from tech support to reinstate it.
Hey there @britannic
When it comes to Wave Payments transactions, Wave is set up to automatically record the payment transaction to a clearing account, as well as create the required transfer transaction to your bank account if you have a bank account connected to import transactions automatically. This help center article will lay out the full workflow: Bookkeeping Changes to Wave Payments.
Every deposit requires a transfer transaction. If you're missing that transfer, you'll see a balance sitting in your PbW account. You can manually create this transfer yourself!
If you don't have a bank connected, or if the transfer doesn't complete automatically, you'll need to create this transfer manually. This is the workflow for creating the transfer:
1) Select the Wave Payments account from the account dropdown at the top of your transactions page.
2) Add income
3) match the date to one of the transactions
4) Match the amount for one of the transactions
5) Account should be your payments account you want the money to land in
6) Select Deposit
7) Under category, select Transfer to bank credit or loan > Wave Payments account
This will create the transfer bringing down the Wave Payments account by the amount you've created
This image below gives you a good idea of what the transfer should look like!
My example above is trying to create a transfer from April for $500
Don't hesitate to reach out if you need further clarification.
Thank you @BarsinA; that's what I ended up doing to reinstate the transaction, essentially what we did before the UI upgrade with a journal entry.
Update: unfortunately it didn't work, because the actual credit card payment created by Wave didn't get posted to PbW. Here is what happened after I created the transfer:
After removing the second payment created in error, Wave correctly shows the credit card payment and the invoice paid as full in Sales->Invoices, but doesn't show the invoice as paid in Accounts->Transactions:
Hey @britannic . So to confirm, you don't have an uneditable transaction under Accounting > Transactions for the amount of $385 representing the payment to the invoice? The transaction date should be December 16th, 2019.
That is correct, it is missing.
I contacted support 12/29/2019 about this issue, but have had no reply to date, other than the automatic response bot.
Is there someone at Wave who fix the database entry, so I can balance my accounts?
@britannic Can you confirm whether or not the the invoice itself has been marked as paid, and what happens when you click into the payment to view the transaction?
Hi @AlexL, yes the invoice is showing as paid:
Here is the payment detail:
@AlexL, is there a way for Wave to fix the database for the missing entry?
I contacted support 12/29/2019 (Ticket 1095108), but have had zero human response.
Not sure how to proceed with resolving this issue. No feedback from support, so stuck. Thoughts?
Hey @britannic, I'm sorry for the delays in our response here. Can you send me a DM with the invoice details as well as your business name? I'd be happy to look into this for you and finally get you a resolution.