Cash On Hand & Bank Deposits

jdarris07

I'm having an issue with my Cash On Hand payments doubling up on my income. What I mean is, my Cash On Hand invoices are going to my Services income, and then when I actually deposit this Cash On Hand into my bank account, this deposit goes to my Uncategorized income as well. Therefore, If I mark a $50 invoice as cash on hand, it is actually showing up as $100 in my total income.

Is there a way to fix this? Or do i just need to go in an manually delete my Cash On Hand invoices in order to make things even. I hate this idea because I need record of my invoices.

Thanks

ConnorM

Hey @jdarris07! What you can actually do here is merge the two income transactions, as they should be able to be merged, so as not to double your income! Tick off the boxes beside both of those transactions, and the 'merge' button should highlight.

JellyfishChris

Hello @jdarris07 (or anyone at Wave). How can we stop the duplicate income transactions? Manually merging hundreds of payment/income transactions is not a solution. Seems like every payment made using anything other than a credit card, this is an issue.

Say...
-I invoice a client today and they give me a check.
-I mark the invoice as paid in Wave.
-An Invoice Payment transaction is created.
-Then, a few days later, I deposit the check in the bank.
-The bank account automatically syncs with Wave.
-An Uncategorized Income transaction is created (on a different day), which (wrongly) duplicates/doubles the income in Wave.

I read somewhere else that we need to manually categorize Uncategorized Income transactions as 'Payment Received for an Invoice in Wave'. I can see a few problems with this...
The customer wants a receipt when they make payment, not when we get around to depositing their check and our bank syncs with Wave. The Invoice needs to be marked as paid in order to send a receipt.
-Manually matching up payment transactions with Uncategorized Income can be challenging. Especially if we do multiple transactions on different days, of the same amount and deposit the checks all at once on a different same day, or multiple checks get deposited at once and all totalled (and show up in Wave as a single Undeposited Income transaction (where the dates and amounts don't match)). Complicated.
-Unless I'm missing something, manually categorizing transactions cannot be done on the app. And, is generally cumbersome and time-consuming.

Thanks for any advice.

NancyC

Hi @JellyfishChris

When you manually record a payment for an invoice, the system will automatically generate an Invoice Payment transaction to record the payment. If you also import your bank transactions onto Wave, this will cause the duplicate transaction issue you're seeing.

There are two easy ways to prevent this from happening:

1. After creating the invoice, do not manually record a payment. Leave it as unpaid until the bank transaction gets imported. Once the deposit transaction is imported, categorize it as "Payment Received for an Invoice in Wave > Select the invoice number from the list of unpaid invoices".

2. Manually record the invoice payment so that an Invoice Payment transaction gets generated. Once the bank deposit transaction is imported onto Wave, delete the bank transaction.

For the all invoice payment that are currently duplicate, the easiest way to fix this is to delete the bank transactions.