Is there a way to add anticipated income?

PlentifulEarthPlentifulEarth Member Posts: 5

Hi!

I want to be able to see what my current profit margin is, at all times.

However, the payment schedule that Amazon's Seller Central is on creates issues with my profit and loss. Amazon pays every 2 weeks. I spend my cost of goods before my payment comes. This means that my account is only truly accurate twice a month.

For 28 days out of each month, my Wave's account shows a loss. 2 days, it shows my true profit.

My current solution:

  • Zapier: I can send sales immediately into Wave and it works nicely. UNTIL I get the deposit from Amazon. Now, I have "duplicated" transactions.

Any suggestions?

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Comments

  • ErikErik Administrator Posts: 187 admin

    Hi @PlentifulEarth, you can still use Zapier to send your sales immediately to your Wave account, but have them filed under a "Money in Transit" asset account. This would represent the funds that are coming to you, but are not in your bank account yet. Once you receive a deposit, you can categorize it as a "Transfer from Bank, Credit Card, or Loan" and select your Money in Transit account as the origin.

    This way, your sales are recorded immediately, and deposits are correctly recorded later on without duplicating income.

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