Duplicated income in the Profit and Loss report
Sofya
Member Posts: 1
I've been advised by Wave support to categorize all invoices paid with checks under "money in transit" account. Now, when I go to create a profit and loss report, all my sales are duplicated as there are three accounts that fall under income:
- Sales (I categorize all bank deposits that are linked to my account as "Sales")
- money in transit (invoices paid with checks)
- wave transfers (invoices paid with cc or ach)
I only need Sales included in the P&L report. The other two accounts are just duplicates of Sales. Please help!
Thank you,
Sofya
1
Comments
I'm having the same issue. Because of this, my income on my P&L Statement is showing as more than double what it actually is. Wave, please assist.
Hey @Sofya & @GRevamp , thanks for reaching out. To confirm, are you referring to recording cheques in transit as per this Help Centre article? If so, that is part 1 of the process - after the check deposits, it needs to be transferred out of the transit account and into the bank account. Then, when there's a transfer, it will have two deposits + one withdrawal = 1 deposit. By this I mean:
The net result is that there is only one income, as the other green + black transactions cancel each other out.
As for Wave Payments/transfers, if that's what you mean by CC & ACH payments, the bookeeping for that should be automated and no parts of the transactions should be deleted. If any parts have been deleted, it becomes unbalanced, as the 'equation', as it were, is the same as for undeposited cheques (2 deposits + 1 withdrawal = 1 deposit). Learn more here about that.
If any of this does not apply to what you are referring to, would you be able to walk through the steps you take when recording sales, one at a time, and provide any relevant screenshots as well? Thanks so much.