Profit & Loss Report

LenCiro

Fairly new Wave user here. Everything was fine and correct until I linked by bank account. Now the income is doubling, it would be nice if true, but it's not the case. I had a similar issue with doubling the cost of goods, when I paid for items with a credit card, then paid the credit card at the end of the month. ( I now just show bills as paid with other, by cash on hand, then when I pay the CC monthly I don't reflect it coming out of the P&L because it already has been accounted for). Right or wrong this is the only thing I have figured out how to do it.

Getting back to my main question, when I create an invoice it shows as income, when I receive payment I marked as paid, I don't think that is where the income doubles, I think it's when I deposit the check into my sync'd bank account. The customer does pay multiple invoices in one check.

Should I not be marking invoices as paid until I deposit the check? Will the bank sync feature then ask me what invoices the check is for?

TIA for your help!
LenCiro

ConnorM

Hey @LenCiro! Great question here, happy to help.

There are a few things in play here! First and foremost, your bank connection is always going to pull in the exact transaction that it sees when your customer pays you. If they're paying multiple invoices in one check, your best be might actually just be this Help Center article right here. That'll let you split down that deposit and associate it with each invoice that is outstanding. Now, with that said, that's going to rely on you not manually marking those invoices as paid, which, in the long run, is going to eliminate some of the work for you.

I hope that makes sense! If there's any clarification I can offer you, please let me know.