New wave user frustrated by "money in transit" jail.
JNovice007
Member Posts: 8
TL;DR
I have an invoice created and paid in wave through a credit card. But the payment is stuck in the "Wave Payments/Money in Transit" section and i can't get it out! Help.
Background:
I don't understand the accounting for these invoices. At one point on my "Transactions" page there were 3 separate line items for the same invoice, one of which was a debit line item so the numbers worked out.
I did some stupid things and started deleting line items because i didn't understand them, but the wave invoice (which was paid) is now stuck in the "Wave Payments/Money in Transit" section.
How do i get this payment out of the money in transit jail?
0
Comments
Hey there @JNovice007
When it comes to Wave Payments transactions, Wave is set up to automatically record the payment transaction to a clearing account, as well as create the required transfer transaction to your bank account if you have a bank account connected to import transactions automatically. This help center article will lay out the full workflow: Bookkeeping Changes to Wave Payments But I'm also going to explain it in a shorter version below.
In short, invoice payments are categorized to the "Wave Payments" account temporarily while the payment processes. Once your bank account receives the actual deposit and the record is imported into Wave, a transfer is created from the "Wave Payments" category to your bank account category.
If you don't have a bank connected, or if the transfer doesn't complete automatically, you'll need to create this transfer manually. This is the workflow for creating the transfer:
1) Select the Wave Payments account from the account dropdown at the top of your transactions page.
2) Add income
3) Match the date to one of the transactions
4) Match the amount for one of the transactions
5) Account should be your payments account you want the money to land in
6) Select Deposit
7) Under category, select Transfer to Bank, Credit Card or Loan > Wave Payments account
This will create the transfer, bringing down the Wave Payments account by the amount you've created.
This image below gives you a good idea of what the transfer should look like!
Check out this video for more info on how to do this!
VIDEO 4 shows users how to use Wave Payments for invoices and also bookkeeping manual invoice payments!
Don't hesitate to reach out if you need further clarification.
Thank you.