Issues categorising wave payments

Sharlene_N

Hello,

I have just started to use this platform a couple of months ago and am experiencing some user issues.

I am trying to reconcile my transactions, this is becoming difficult because I had started off incorrectly and didn't create a chart of accounts and was categorising all transactions as either an asset or expense, in most cases I've been able to amend the transactions however there are some system generated Wave payments I am unable to edit or properly categorise.

Another issue I am experiencing is splitting invoice payments between assets and liabilities, for example:

I receive an invoice payment of $400, $300 is a liability as it is owed back to the customer at the end of their contract and the other $100 is income for my business, in Wave the payment shows up as $400, what can I do to reflect the actual transaction that has occurred.

Is there anything I can do to fix this? A part of me wants to just download the data and start a fresh account so I can try to do this correct from the beginning however it's a lot of work so if I can somehow fix the current problems that would be preferable.

JulianP

Hey @Sharlene_N !

Welcome to Wave. We're excited to be a part of your entrepreneurial journey!

I believe you are referring to Stripe Payments transactions. The way our Wave Stripe Payments system works is as follows:

1. As soon as payment is recorded, you’ll see an invoice payment transaction to your Payments by Wave account (money in transit account).
2. Then you will need to record the actual payment/deposit landing in your bank account. You can do this by importing your bank transactions via Wave Connect/CSV Uploader or creating them manually.
3. Once the bank deposit transaction is recorded in Wave, you will need to categorize it as Transfer from Bank, Credit Card, or Loan > Payments by Wave. This will automatically generate a transfer transaction showing the movement of funds from your "Payments by Wave" account to your bank account. This will balance out your accounts as well.

For more information on how Wave Payments bookkeeping works in Wave, feel free to check out our Help Center article here: Wave Payments Bookkeeping

Regarding your deposits that you return to your customer, I'm afraid that Wave doesn't support this type of invoicing. The only way to record an invoice deposit or pre-payment in Wave is with the method outlined in this Help Center article: How to handle invoice deposits or pre-payments. You can then look into issuing a refund to reimburse your customer.

If you're looking for assistance with reconciling your accounts, I suggest taking a look through our Reconciliation Help Center article as well if you haven't already.

I hope this helps!