Student Loans connect as bank and report incorrectly.
Strat
Member Posts: 3
I connected my Nelnet account because my business pays the loans. It imports ALL loans individually and then shows a payment multiple times. FROM the import as deposits.
Student loan payments are showing up as deposit (income) rather than Payments.
example
**Nelnet account Total ** $10,000
Loan 1: $5,000
Loan 2: $5,000
TOTAL AMOUNT PAID IN AUGUST $200 (which splits automatically among all "loans"
I'm importing FROM NELNET.
The payments show recorded as:
**Nelnet account Total ** $10,000
Loan 1: $5,000 (paid DEPOSIT $200)
Loan 2: $5,000 (paid DEPOSIT $200)
TOTAL AMOUNT PAID IN AUGUST INCOME $400
0
Comments
Hey @Strat! Thanks for reaching out. Just so I'm clear on this, is there a scenario in which you think the loan wouldn't show as a deposit? I'm thinking your best solution here might just be to create a negative amount in each loan account to show the fact that you'd paid these loans out, and that the income would just be payments against that negative amount I'd love to know what your ideal workflow would be here!
Right now each time I pay a Student Lon bill, which is money going out. Wave records it as income and records it multiple times...
Hey there @Strat
So it sounds to me like your $400 repayments to the loan are showing up as green income transactions in your transactions page, is that correct? Are there other transactions that are appearing with reversed debits and credits? This may be an issue with your bank importing incorrectly, in which case we are unable to diagnose this through the community, but instead I'd recommend filing a ticket with our support team showing some screenshots of the transactions being wrongly imported. They would be able to diagnose the issue further and escalate it to our third party data aggregator.