Escrow based accounting
Hi all,
I'm building a startup which providing an online escrow services.
Currently im using Manager.io(offline) which able to serve my requirement so far.
I've been looking around how waveapps works and im not sure if it able to process the payment like this for example:-
I want to record a transaction from a buyer in my website where the total amount (escrow money + service fee) and then, escrow money will be release to Seller.
Currently, the way im operating in Manager.io, i will split the total amount received into 2 acc where i redirect escrow money into escrow account(special account created under liability) and escrow fee under income.
Once, payment need to be release to Seller, i will use 'make payment' function in there and pull the amount from escrow account and manually put payee name(Seller name).
p/s: Due to waveapps offering api services which i think it could improve my startup operation and accounting process where if i'm not mistaken i'll able to directly send POST data from my web platform transaction into waveapps via api. Therefore, no manual key in involve which is a great great improvement for our internal process.