Payments by Wave Uncategorized Transaction
ADG2000
Member Posts: 1
Waves handles all payments by Wave automatically, but as you can see from that above pick one of the three transactions was imported with no category and when I attempt to add the category Wave creates an additional forth transaction. Any help or ideas would be appreciated thank you.
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Hey @ADG2000! What are you trying to categorize that payment as? I'd love to try to help you as best as possible, it's definitely odd that it's creating a fourth transaction automatically! Are you trying to categorize it as a transfer? Looking forward to speaking further on this.
The payment processed by Wave ultimately lands to the bank statement only. But in case of payments received through Wave checkouts or stripe, the account section captures "Payments by Wave" and not the bank. Hence when we go to bank reconciliation, we don't get that payment reference there and those transactions remain unreconciled.
Can anyone help me resolved this issue?
Hey @CMA_Akta_Kariya ! I'm sorry to hear that you are having invoice/checkout payment bookkeeping issues. Do you mind sharing a screenshot with me as an example? This will give me a better understanding of your issue.
Essentially, there should be 3 transactions when you are paid through Checkouts, or invoice payments processed through Stripe. Below is a breakdown of these 3 transactions.
1 . A Wave Payments income transaction when a payment is made(the Wave Payments account is a money in transit account, or holding account).
2. A second income transaction to your bank account (created manually or imported via a bank statement)
3. A transfer transaction showing the movement of funds from the Wave Payments account to your bank account.
This transfer transaction is created automatically when you categorize the bank deposit transaction as a Transfer from bank, credit card, or loan > Wave Payments. This will balance out your Wave Payments account, allowing you to reconcile this account successfully.