Improvements to transaction splitting

SystemSystem Posts: 300 admin

imageImprovements to transaction splitting

Occasionally, you may receive a payment that covers more than one invoice. When this happens, the easiest way to manage things is to split the transaction into the respective invoice amounts, and t...

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edited December 6, 2018 in Help Center Discussion
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  • JasonSJasonS Member Posts: 2

    Can we get the ability to split a deposit transaction across both income and expense categories? For example, let's say that I have a deposit of $1500 which is made up of $2000 income and $500 transaction fee that was netted prior to deposit. I need to keep track of the transaction fee and income separately.

  • SamdSamd Administrator Posts: 560 admin

    Hey @JasonS, thank you for the suggestion! I'll pass this onto our Product Team now for their consideration. This would simplify the process for accounting for transaction (or other) fees.

  • jowettenterprisesjowettenterprises Member Posts: 5

    Is there a way to Split a bill into personal spend (via Dir Loan) and a business expenditure?
    (My Dir Loan Account is under "Equity > Business Owner Contribution")

    edited December 14, 2018
  • daniellyudaniellyu Member Posts: 1

    Currrently I have issues with split transactions.
    My expenses were all recorded and have receipts scanned, but the payment for those expenses was made in one lumsum payment. Now I can't merge all of those receipt expenses with the split expenses because the split expenses were categoried in this lumsum payment.

  • ErikErik Administrator Posts: 194 admin

    @jowettenterprises @daniellyu at this time, these are not features in Wave. But I will certainly bring this up to the team as a suggestion, so thank you for the feedback!

  • warmhatswarmhats Member Posts: 2

    Hi,
    I am regularly doing the same thing - splitting the transaction and then merging with the receipts. It looks like that functionality is gone. Now I will have to manually split the bank transaction by adding extra one in and reducing the original one. This is not less work, but more work. Why did you remove such an essential functionality just to make math easier. The hardest part was to reconcile receipts with the payment, not to add the payment together.

    Is there any other work-around for the removed functionality?

    Thank you!

  • JordanDJordanD Administrator, Moderator Posts: 344 admin

    @warmhats part of the reason that this feature was adjusted was to make reconciliation as easy as possible. In order to complete a reconciliation, typically the transactions within Wave should match the transactions from your bank statement. When splitting transactions, this causes your transactions in Wave to no longer match the transactions on your bank statement and thus cause further complications when it comes to reconciliation.

    Of course there are times when this is not ideal, as you and others have explained. In these cases, the workflow you have explained will be the best way to complete the task. As my colleagues @Samd and @Erik have already done, I will be happy to pass along this feedback to our Product Team on your behalf.

  • warmhatswarmhats Member Posts: 2

    @JordanFromWave I understand the reasoning behind it - unfortunately you have added one good feature at the expense of another one. Unfortunately, workaround is very time consuming/painful/frustrating. I would pass on two options to dev team: 1) When splitting transaction allow for the check box - split transaction into multiple physical transactions; 2) when merging transactions allow to merge more than one transaction (receipts) if the amounts match to the split within the bank transaction. hope this helps. Thank you.

  • ErikErik Administrator Posts: 194 admin

    @warmhats thank you for the additional insight you've added here. I understand where you are coming from and will bring this up to the team on your behalf.

  • TotiToti Member Posts: 1

    I understand what you are trying to accomplish with this improvement, however, one of the features used the most was merging receipts with split transactions (like other users have posted). Please bring back the option to merge split transactions or allow to merge multiple receipts with one split transactions if the total adds up. Please look into this, as you can see below, many are having the same issue.

    edited January 19, 2019
  • MLEMMLEM Member Posts: 1

    Thanks a lot for the improvements, unfortunately, an expense cannot be entered in Split this Deposit. I thought the (+) could be edited to ( - ) to reflect the expense account so that the TOTAL DEPOSIT would still be the same. Your Product Team can fix that easily I suppose, so, please pass on to them, that will be greatly appreciated as my DEPOSIT transaction always needs to have more than 2 categories combined with expense accounts.

  • DarenDaren Member Posts: 8

    Unfortunately this change is by no means an upgrade but rather a substantial downgrade to your system for our company. You mention "Occasionally, you may receive a payment that covers more than one invoice." Unfortunately for us this could not be further from the truth as a bank deposit is almost always a depositing of multiple checks from both our customers by form of invoice payment checks as well as sales. Neither the bank machine or a teller records these deposits as separate transactions but rather adds them all together and they show up as one transaction deposit. Sometimes this can be a deposit of 30 or more cheques at a time. The old system which allowed a person to split transactions into as many different transactions as you wished made it really simple to split up a bulk deposit. However this new method makes things very difficult. Not only are you stuck with the bulk deposit showing up on the transactions page even though you split the transaction but it also you are no longer able to add notes for each separate split transaction but rather only one note section for all the transactions you split for this bank deposit. As some are invoices and some are sales this makes things very difficult to add dates and information to each transaction.

    If you do not allow the system to actually split the transaction when trying to split the transaction it causes a lot of problems. If this is not changed there is only one really laborious solution I can see and that is to either ask the teller to split all the cheques into separate transactions or go to the bank machine and deposit one cheque at a time rater than a bulk deposit. Either option really sucks. A teller will look at me like I am crazy if I make this request and the bank machine deposit will take at least 10 times longer then it use to take.

    I would really appreciate it if there was a way to allow a choice on the system of the old style transaction splitting as for us that was WAY better. At the very least if there was a way to allow separate notes to be added for each split transaction that would help. Although it still would not be nearly as good as what the old transaction splitting was like.

  • Trevor_ThiessenTrevor_Thiessen Member Posts: 1

    The split feature is great. It speeds up the process and helps to verify that checks and deposits are entered correctly. It would be great if split transactions could remain linked somehow. We add the check number to the notes in transactions. When splitting up a check that was used to pay multiple bills (or deposits for multiple invoices), we now need to manually enter the same check number on all the transactions that the original check was split into. Also, if the original amount of the check was visible somewhere, would help when verifying transactions.

  • Carlos_Abreu_01Carlos_Abreu_01 Member Posts: 3

    @warmhats said:
    Hi,
    I am regularly doing the same thing - splitting the transaction and then merging with the receipts. It looks like that functionality is gone. Now I will have to manually split the bank transaction by adding extra one in and reducing the original one. This is not less work, but more work. Why did you remove such an essential functionality just to make math easier. The hardest part was to reconcile receipts with the payment, not to add the payment together.

    Is there any other work-around for the removed functionality?

    Thank you!

  • lilleelillee Member Posts: 1

    The fact that I now have to create transactions in order to merge receipts is pretty frustrating. The fix seems simple. Allow for multiple receipts to merge to a single wave transaction as long as they sum to an equal amount. PLEASE do something. This is hugely inconvenient relative to the previous format.

  • JacquieTurnerJacquieTurner Member Posts: 4

    Some help would be appreciated please...One customer paid two of their invoices in one bank transfer. Therefore I want to split the deposit, so I follow all the instructions. However, when I try to select "Payment Received for an Invoice in Wave" it comes up with "no results found" even though the two invoices are sitting right below it in the transaction listing. How do I assign it to the invoices please? Thanks!

  • Diane_CDiane_C Member Posts: 2

    Same problem as Jacquie Turner - except that I have two customers who paid two invoices by check which got deposited in one bank deposit. I also tried to split the deposit but when I try to select "Payment Received for an Invoice in Wave" it comes up with "no results found" even though the two invoices are sitting right below it in the transaction listing. How do I assign it to the invoices!

  • SophiaSophia Administrator Posts: 147 admin

    @JacquieTurner, @Diane_C, sorry to hear you're having this issue! Based on what you've written, it sounds like you can see transactions for those invoices in your list of transactions. If you can see the invoices on the transactions page, it sounds like you may have already entered them into Wave somehow, so the system may think the invoices have already been paid.

    When invoices are marked as paid, they won't appear as an option when you're trying to categorize a payment. Could you tell us a little bit more about your workflow?

  • Diane_CDiane_C Member Posts: 2

    Yes, of course I have already entered the invoices as paid so that I could send my customers their receipts. Then I do the bank deposit maybe once a week for multiple checks. This worked fine before Wave made changes and it was far too difficult to find the answer using the new system. I finally found the answer buried in the comments section under "How to Split a Transaction":

    gabrieltomescu
    Member, Administrator Posts: 33 admin
    @jermg77 Another option would be to delete your individually recorded invoice payments, then after you split the bank deposit transaction into multiple line-items, you can categorize each line-item as an invoice payment. From the category picker in the line-item, select "Payment received for an invoice in Wave", then choose the corresponding invoice that the check is for.
    January 17, 2019

  • JacquieTurnerJacquieTurner Member Posts: 4

    @Sophia said:
    @JacquieTurner, @Diane_C, sorry to hear you're having this issue! Based on what you've written, it sounds like you can see transactions for those invoices in your list of transactions. If you can see the invoices on the transactions page, it sounds like you may have already entered them into Wave somehow, so the system may think the invoices have already been paid.

    When invoices are marked as paid, they won't appear as an option when you're trying to categorize a payment. Could you tell us a little bit more about your workflow?

    Thanks for replying Sophia. Like Diane, all of my invoices are marked as paid by the time I get to categorising payments - the only transactions it doesn't work for is these split ones. I have had some success, now that I've followed Diane's suggestion (thanks Diane!) of deleting the invoice payment. I could then split the bank payment and assign it to the two invoices. BUT, for some reason my two invoice items are still wanting to be categorised - should I be marking them as "Payment received for an invoice by Wave", or will that then be confusing in my finances since I'll have two entries for the one invoice? TIA!

  • CharlotteCharlotte Member Posts: 695 admin

    Hey @JacquieTurner thank you for following up! Could you share screenshots of the transactions you're referencing (obfuscated of any personal information)? I'd like us to walk through step-by-step, but I want to make sure I understand what you're looking at. Thank you!

  • pamidstatepamidstate Member Posts: 1

    I'll agree and chime in ... I got 3 invoice payments over 3 different days and marked them paid and deposited to my bank. Then, on Friday I go to the bank, deposit all 3 plus some cash. It would have been nice to be able to merge all 3 invoices, the cash and the deposit transaction (that is the amount of all 4 transactions) .. but the merge feature won't work for that. I guess I 'could' send my customer a receipt only at the time I deposit the check and that would work, but I like to get my customers updated asap. Thanks for listening!

  • JacquieTurnerJacquieTurner Member Posts: 4

    @Charlotte said:
    Hey @JacquieTurner thank you for following up! Could you share screenshots of the transactions you're referencing (obfuscated of any personal information)? I'd like us to walk through step-by-step, but I want to make sure I understand what you're looking at. Thank you!

    Hi Charlotte, Thanks for being willing to try and help. I suppose I have two questions.

    1. Here's a screenshot. So I've successfully split the bank payment $140 and applied it to the invoices. What am I now supposed to do with the two transactions on the left for $70? What category do I choose?

    2. I'm still getting the hang of Wave, (and this question applies to how I reconcile all transactions in Wave)... am I supposed to be merging the bank listing AND the invoice listing and then click reviewed, or is just ticking reviewed on both of them sufficient?

    Thanks for any clarification you can offer!

  • Ryan_WRyan_W Administrator Posts: 462 admin

    Hey @JacquieTurner, quick question: with regards to those other two $70 transactions, did you manually record payments directly on both of those invoices? If so, this will create two corresponding income transactions; however, since you're using the bulk deposit that your bank connection pulled in, you can simply delete those two duplicate $70 income transactions. Going forward, you can avoid these duplicates by simply categorizing the bank-imported transactions as payments to your invoices, and skipping the step of manually recording payments directly on the invoice; however, if you wanted to merge these transactions in the future, you need to select both identical transactions, and then click the "Merge" button which will appear at the top of the Transactions page. Hope that helps!

  • davewarfeldavewarfel Member Posts: 12

    Also adding my vote for getting this functionality back. I would love to once again have the ability to:

    • provide a unique description for each transaction in a split transaction, as well as
    • be able to split a transaction into both an income & expense account (for keeping track of online transaction fees)
      See here for screenshots of my situation.

    Thanks for listening, Ryan.

  • JacquieTurnerJacquieTurner Member Posts: 4

    @Ryan_W said:
    Hey @JacquieTurner, quick question: with regards to those other two $70 transactions, did you manually record payments directly on both of those invoices? If so, this will create two corresponding income transactions; however, since you're using the bulk deposit that your bank connection pulled in, you can simply delete those two duplicate $70 income transactions. Going forward, you can avoid these duplicates by simply categorizing the bank-imported transactions as payments to your invoices, and skipping the step of manually recording payments directly on the invoice; however, if you wanted to merge these transactions in the future, you need to select both identical transactions, and then click the "Merge" button which will appear at the top of the Transactions page. Hope that helps!

    Thanks Ryan, great! Yes, I had manually recorded the payments on the invoices - good to know I can just delete them. And yes, then I can apply those invoices to the bulk payment. I think this is working now! Thanks for your help, I appreciate the customer service I've been getting from the team at Wave as I figure out the accounting for my new business!

  • JAIJAI Member Posts: 1

    +1 for the ability to merge receipts to split transactions. I have a vendor that runs my credit card once a month for the balance due, but provides individual invoices every time I buy parts. I would like to be able to assign the invoices to each each of the transactions I split off of the bulk charge.

  • DavidMorsDavidMors Member Posts: 2

    @Ryan_W - Thanks! My scenario is paying bills which appears to be similar to paying invoices. I am using the step you recommend "by simply categorizing the bank-imported transactions as payments to your invoices" by splitting according to the following.

    https://support.waveapps.com/hc/en-us/articles/115004964203?focus=all

    Is there a way to autofill the amount when a bill is selected through 'Payment Sent for a Bill in Wave' to pay and recalculate what is left? It seems the norm will be pay the whole bill and there is always an option to change the value if not.

    While we are at it :smile: A table of all outstanding bills that is sorted by date that allows you to select multiple bills at once until the transaction is reconciled.

    @Ryan_W said:
    Hey @JacquieTurner, quick question: with regards to those other two $70 transactions, did you manually record payments directly on both of those invoices? If so, this will create two corresponding income transactions; however, since you're using the bulk deposit that your bank connection pulled in, you can simply delete those two duplicate $70 income transactions. Going forward, you can avoid these duplicates by simply categorizing the bank-imported transactions as payments to your invoices, and skipping the step of manually recording payments directly on the invoice; however, if you wanted to merge these transactions in the future, you need to select both identical transactions, and then click the "Merge" button which will appear at the top of the Transactions page. Hope that helps!

    edited March 3, 2019
  • cgaraicgarai Member Posts: 15

    Another problem with split is that it doesn't tally what the balance of the transaction remains, so you have subtract each new split from the original to make sure the splits add up. If the original 'category 1' just kept adjusting so the total matches that would really speed things up.

    And a +1 for some sort of annotation for each transaction

    Thanks
    Chris

  • AlexLAlexL Administrator Posts: 1,529 admin

    I'm seeing a lot of +1s to different features that would enhance the current workflow of transaction splitting. Thanks for providing use cases for these as well as for keeping this conversation so productive. We love to hear how we can enhance your workflow while using the software.

    @DavidMors We've left out autofill when assigning both received and sent payments because we do have business owners who will pay/receive this money in portions depending on the Bill or Invoice.

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