Merchant Payment Statements and Reconciling question

SPS_John

I must be old school
How to reconcile wave payments?
I've been stuck on this issue for some time, and the amount of transactions that result in duplicates or unmatched transactions is mind-boggling.
When working with other merchant payment systems, I always had a monthly statement to work from. Are there reports that can be obtained?

There are two types of payments that come in for invoice payments:
1. WAVE SV9T
2. WAVE FUNDING

How do I track the payment to the card used to make the payment? Merchant payment statements typically provide this information.

I think I'm running into batch payment issues that make it difficult to reconcile the transactions.

OR - what is the workaround that people are using?

Thank you! John D.

ConnorM

Hey @SPS_John! Thanks for reaching out here - this one has definitely boggled a few minds, so I'm sorry that it's not entirely apparent. With regards to the payment bookkeeping itself, have you taken a look into this article at all? That might help start you up - the Wave SV9T transaction is the automatic bank import transaction - step two of that article I'd sent. Batch payment issues can get funky, especially as far as reconciliation goes, so if you could provide more context around that particular part of your inquiry here, I'd be more than happy to break this down further!

Attollo

Hi @ConnorM - Got the same basic question as SPS_John. I started with Wave for the automatic invoicing and easy invoice payments through Wave link to credit card payment.

I've also been using Quicken and am tired of the double work. So moving deeper into Wave and leaving QB's behind That means I've got a year's worth (2019) of reconciling now!! I noticed my sales are way inflated and it has something to do with the same issue as SPS_John. (Can you tell I'm not an accountant yet?)

I think once I understand how Wave works with regard to invoice payments/bank transfer/reconciliation I'm home free. See the attached screenshot. BTW I added the (FIAT) as a reference when working on this issue. It's the name of the client associated with this transaction.

Do these transactions look correct?

I'm a more visual learner so could you show an example associated with these steps found here: https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave

Every time you’re paid through Wave, you’ll see three transactions.
1. As soon as payment is recorded, you’ll see an invoice payment transaction to your Wave Payments account.

2. Two business days after payment is sent, the deposit transaction will be automatically imported from your bank connection.

3. Once the bank-imported transaction is pulled in, Wave will automatically create a transfer between your Wave Payments account and your bank account. That transaction represents the movement of funds from the holding account to your bank account.

Thanks- Paul

Barsin

Hey @Attollo

So I think the key thing to point out here is that the Payments By Wave account is a "money in transit" account. Though it may technically be an asset account as defined in Wave, it's not one that requires reconciling, much like your accounts receivable. The reason for this is, there's no real world account for it, therefore there's no there's no record of it. Reconciliation is meant for real world accounts that exist in your bank (or Anchored Accounts). These types of accounts give you real world bank statements and therefore allow you to reconcile your Wave accounts with the real world transactions. I understand that this may appear in your Wave account as unreconciled, however it doesn't require reconciliation.

Check out this article, particularly the money in transit portion for a bit more clarity on what this type of account is in Wave.

https://support.waveapps.com/hc/en-us/articles/115005444543