duplicate income created from recording payments

ryanhowe

I primarily get paid with personal checks and cash. Once a week I gather all of the cash and checks and go to the bank for a large batch deposit. This deposit shows up as a transaction in Wave which I categorize as sales. At the same time, I am creating invoices and recording payments made on those invoices, which also creates an automatic deposit transaction in Wave. This means that I am then accounting for the same income twice (once with the bank deposit and once with the invoice payment). How do I fix this? If I delete the transaction created by the invoice payment, it then deletes the payment and shows the invoice as unpaid.

ConnorM

Hey @ryanhowe! I'm thinking that what you might want to do here would to be to actually leave those invoices marked as unpaid until you deposit that large batch deposit. From there, you can split the deposit out so that line-by-line each portion of the deposit is allocated to the appropriate invoice. That's also going to make reconciling your accounts with your bank statements a lot more straightforward!

LDR

I am having the same issue. Its so frustrating! I am showing double income as well. When I reconcile I have to go thru each transaction since when I mobile deposit my bank puts the total amount deposited instead of each check for each invoice. I like Connors suggestion, but there's got to be an easier way??? Any other suggestions?

Barsin

Hey there @LDR

You could also in theory categorize that bulk transaction to a holding account (money in transit asset account). This article on bookkeeping undeposited checks has some helpful guidelines which you may be able to use. Connors advice is also quite sound as well, but if you wanted to show the invoices as paid right away you can do this with the method I presented.