Ability to MERGE multiple transactions
GrantWHall
Member Posts: 24
We use the INVOICES and BILLS features of Wave. Many of the payments for our INVOICES come in around the same time and therefore are deposited at the same time into our bank account. If we Record a payment for the INVOICES from the Invoices page it will create a record on the transactions - but so will the automatically pulled transaction from the bank for the deposit. Currently, there is no way to merge multiple INVOICE payment transactions with the deposit from the bank which matches the total of the invoices.
I could make the case for BILLS as well; however, at least for us, our Bills are a one-to-one. The Bill comes in, we create a Bill in Wave. Most of our bills are on auto draft, so when the auto draft transaction pulls from the bank we then record the Bill to the row from the bank.
Comments
Hi @GrantWHall! You are correct, currently in Wave you can't merge a transaction that does not have the same amount and account with another transaction. When you are working with large deposits that cover a few invoices, you would want to wait for the bank imported transaction to arrive in Wave and categorize that as 'Payment received for an invoice'. Then, when the deposit transaction arrives in Wave you can categorize it as needed for invoice payment(s) with out having duplicate invoice payment transactions to deal with.
@EmmaP, after reading my initial post again - I don't think I clearly stated what I am suggesting as an idea. Let me try again and see if I can make it a little more clear.
I send out a bunch of invoices, I begin receiving payments for those invoices. For our example, let's say that all of the invoices were for $200. I receive six payments on one day - $1,200 in total.
I then go to Sales > Invoices **and **Record a payment for each of the invoices - creating six transactions for the payments on the Accounting **> **Transactions page.
I deposit the $1,200 into the bank account.
A day or two later the deposit transaction is pulled from the bank account into the **Transactions **page.
What I would like to be able to do is select the six transactions created when I recorded a payment for the invoices - that total up to $1,200 and merge them with the deposit that came from the bank for $1,200.
Using the Record a payment feature from the Invoice gives me more options than using the Payment received for an invoice from the **Transactions **page. I am able to track the payment date more accurately, the payment method, and to enter notes about the payment.
Because the above process does not currently work - I have been using the Payment received for an invoice from the **Transactions **page, since it is my only option. What I am suggesting is extending the **Merge **feature beyond a one-to-one match.
I hope this helps explain a little better what I was trying to suggest as a new feature for Wave; however, if you still have any questions - just let me know.
@EmmaP, agreed, which is what we are currently doing in Wave since it is our only option. The Record a payment for this invoice process offers additional options, like the true payment date, the payment method, and allows me to add notes - where the Payment received for an Invoice does not.
What I am suggesting is allowing me to select multiple transactions that were created using the Record a payment for this invoice process and match them to the deposit transaction that was pulled from the bank.
For example:
I issue a bunch of invoices, for our example let's say they were all for $100 to make everything easy. I receive six payments on the same day. I go to each of the invoices and Record the payments for each invoice - creating transactions on the Transactions page.
I deposit the $600 into the bank account.
A day or so later the deposit is pulled from the bank account into the Transactions page.
I would like to be able to select the transactions that were created by using the Record a payment for this invoice (totaling $600) and Merge them with the $600 deposit automatically pulled from the bank account.
Hey @GrantWHall! Thanks for your thorough explanations around your workflow at present, and the desired workflow that you'd like to see implemented into Wave. What I'm going to do here is mark this as something for my accounting teams to review, though I can't guarantee that this type of change will be added to the platform, and if so, I have no timeline on when that would happen. What I can guarantee, though, is that we will review what you've given us to think about! Thank you again for your efforts here.
@ConnorM, Thanks! In my opinion, that's all we can ask for...
@ConnorM @EmmaP I see what @GrantWHall is saying. It would be akin to a journal transaction with one large debit and several smaller credits. Such a journal transaction is already possible in Wave when the singe debit and multiple credits balance. As long as the debits and credits balanced, the "multi-merge" should function just like a journal transaction.
Has this feature been incorporated? I'm pulling my hair out trying to figure out how to tell Wave that this one $400 deposit is comprised of 16 separate $25 CASH payments from 16 separate customers & invoices.
If it hasn't been solved yet - I would like to suggest that WAVE incorporate a 'Deposit' function (like quickbooks) where your recorded payments from invoices go into a 'pending deposit' (money in transit?) status - then when you get ready to bring the money to the bank - you group your deposits - and record them. That would make matching the downloaded bank transaction a simple merge.