Transaction Duplication Question

PlentifulEarthPlentifulEarth Member Posts: 5

Hi there!

I'm selling items on Amazon Seller Central. After 2 weeks, Amazon transfers the money to my Bank Account.
Meanwhile, my bank account spends money on shipping, etc. for Amazon.

This means that for 2 weeks, I don't have an accurate display of the current profit. This is why I wanted to use an accounting software life Wave. So, both are connected to Wave.

However, when the money transfers from Amazon to my Bank Account, this results in duplicate transactions, which show a strange profit amount.

How can I avoid this, but always have an accurate understanding of my current profit margin?

Tagged:
edited December 12, 2018 in Accounting

Comments

  • ErikErik Administrator Posts: 194 admin

    Hey again, @PlentifulEarth! For this, you would be able to follow our guide for recording check payments in transit here: https://support.waveapps.com/hc/en-us/articles/360000389783-Recording-Check-Payments-in-Transit

    The same steps are useful for any payment that takes time to show up in your bank account.

  • PlentifulEarthPlentifulEarth Member Posts: 5

    Thanks Erik!

    How can I use Zapier to automatically record an Amazon Seller Central transaction as money in transit?

  • SamdSamd Administrator Posts: 560 admin

    Hey @PlentifulEarth! When setting up the Zapier 'Zap', you should have the option to choose the destination account in Wave as your Money in Transit account. It should essentially show as something along the lines of: When Amazon Seller Central transaction occurs, then create same transaction in Wave, with funds being categorized into Money in Transit. You may need to create an account of this type first by heading over to Accounting > Chart of Accounts

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