This seems easy, but at the moment its not. I have a heap of transactions imported from bank. These payments have had fees deducted by my payment processor. Splitting the transaction seems easy. I can allocate the total amount to my Income account, but every time I try to click on Discounts and Fees I get nothing. I have a Pymt Processing Fees expense account setup in Expenses, but I cannot select this in order to finalise the split transaction. Any ideas?
I'm having the same problem with Discounts and Fees as of today. Looks like a bug.
Hi @mashtreasurer + @amy_e_brown . Please ensure that your account is located under Payment Processing Fee in Expenses and not under Operating Expense. If it's located under Operating Expense it won't show up when selecting Discounts & Fees.
Folks, same problem here. Invoice is for $1,800. The payment comes through for $1,790. The bank has a separate transaction for a $10 fee. Category is matched with the invoice, but shows $10 outstanding. What should I do?
Hey @Kirill . The steps in the article should help you with this one. You'll want to split out the income so it houses both transactions, one amount being categorized to the invoice and displaying $1800, and the second being $10 and categorized to Discounts & Fees > the account of your making. The total of the transaction itself and the amount displaying will be $1790. Take a look at the screenshot below for more help. Keep in mind that category 2 is the Discounts and Fees account that I have created and chosen to house these fees in.
@alexlewiszarkos - this totally works! Thank you so much! As a side note - $10 fee is processed separately by the bank (as a separate transaction), but this is a bank issue, not the accounting issue. I am all good now - thank again!
Glad to hear it @Kirill
I gifted my products as part of a giveaway. The products, sold individually, cost $165. Sold as a bundle, they cost $135. I am trying to classify this as $165 sales income (split into 3 products), minus $30 product discount for bundles, minus $135 discount for gifting the products. This all ads up to 0 so I thought I'd be good to go but when trying to save the transaction, I get the message "165 remaining to be categorized". What's wrong here?
Hey @Nikoniko. If you are trying to categorize this in Wave, you will need to make sure that the total transaction amount is for $0.00 (since you are showing that $165.00 went into Sales and then two separate discounts happened as well). I have a screenshot of an example of what this should look like in Wave.
I have an invoice for $1440 and the bank subtracted $10.80 for fees. How do I split this transaction?
I tried add -$10.80 as processing fee, but it tells me "10.80 remaining to be categorized"
Hi @ogozogo . Please ensure that the total transaction amount is $1429.20, line 1 for Sales is $1440 and line 2 is -$10.80 as processing fee.
Ok, this is not working for me and I need a bit of help. I have been paid by a client for services, say for 2500. The invoice is logged as paid for that amount. I have a bank deposit that comes across for 2400. I can modify the bank deposit to address the merchant fees, but I cannot modify the invoice. SO I am showing up with 2 deposits in my overall cash flow. I cannot find a way to tie the two records together. What am I doing wrong?
Hey there @tonyp
Just curious, are you manually marking the invoice as paid?
So if you're using payments by wave (credit card or ACH payment processing on invoices), then our system should in theory automatically connect your income from the client to the invoice that was created. If however you do not have payments by wave turned on, or you accept a check, you should be categorizing your bank transaction, rather than marking the invoice as paid.
In your transactions page, find the income received by a client brought in by your bank connection, and select the drop down 'choose a category' option. This should allow you to scroll down and link that income to an invoice by selecting "payment made to an invoice". Categorize it to the appropriate invoice and it will in turn show up as paid, not creating a duplicate
If you notice that it's been duplicated and there are two transactions, it's likely because you selected "mark invoice as paid", which creates a transaction, and then your bank import brings in the income transaction as well.. Delete the bank import one and moving forward I would recommend using the choose a category option. This will detect your invoice has been paid. In the drop down there is a 'more option' category, you might have to locate the invoice in there.
Thanks, this is what has been happening and this will help moving forward.
I landed on this article from another wave article titled "How To Enter Expenses from Amazon Income?" I am an amazon seller and this does not work for splitting the Amazon deposit. I need to split the deposit to an amazon sales, refund and fees account but I cannot categorize to my Amazon Fees account because it is considered an expense. I'm aware that I could create an amazon fees account under the account type "Payment Processing Fee" but this is not accurate will not reflect accurately in my Cost of Goods Sold. This is very easily handled in quickbooks and they do not restrict the accounts you can split your transactions too. I'm extremely disappointed in wave as every other function seems to work great but this limitation is a deal breaker for me.
I've started using Wave to manage membership payments. In addition to using payment links I also need to be able to accommodate users that pay by direct debit using GoCardless. So I issue an invoice to the customer for £35 (post payment - just for their records) but I need to apply this to a payment in my bank account import for say £34.50 because a processing charge has been deducted by GoCardless. I can't see a way of doing that.
Hi @AshburtonChamber . I've merged your comment into this thread as it should answer the question for you !
Thanks @AlexL - this worked perfectly (once I realised I had to undo the Manual Payment on the invoice). Thanks again!
It would be great to be able to bulk apply sales taxes even after transactions have been split in this manner to account for processing fees. I'd like the sales tax to apply to the "Sales" component of the transaction (e.g. the $100 in this example).
I followed these directions in order to remove Paymaster and P&H contribution fees from a payment. I created new categories under the Discounts & Fees. When I added -$50 using my Paymaster category, it came up with a box that says "50.00 still needs to be categorized" with a button that says "Categorize". When I press that button, it just adds another split. It will not let me save my transaction with these new categories and fees!!!
Hey @curtbonnemvo . Can you send me a screenshot of what the transaction looks like with the window open?
Never mind, I figured it out!
Hey guys, I guess this won't work if my local currency is different to the currency of the payment being made, correct? I mean, I am not able to edit the transaction because of the multi-currency situation.
Hey @Isopo . In general, you can't categorize a transaction to an invoice if the invoice is in a different currency as the payment has to be applied through the invoice.
We're hoping to have this changed in the future, but it hasn't been implemented in the software yet.
This is great, but there really needs to be a way to accomplish this through mass edit. This is going to take me all day, and lots of time going forward.
I am having the same problems as curtbonnemvo and ogozogo.
No matter what I do, it always asks for x amount "remaining to be categorized".
The procedure is obviously not very clear. What's the solution to this issue? I follow your instructions exactly, but it doesn't work.
Hi @keith123 , if you send me a screen of your transaction with the window open, I can point out to you what the numbers should in fact be.
Basically, you want the total amount to be the amount that you received, the result of line 1 minus the discount in line 2.
Feel free to send a screenshot over.
I am trying to follow your steps but under invoice details everything is greyed out with the following message "Multicurrency invoice payment transactions cannot be edited on the transactions screen, please edit the payment directly on the invoice to make changes to this transaction"
EDIT: I did read a comment above that says multi currency is not possible. However, my home currency is CAD, but the invoice in question was issued in USD and deposited into a USD bank account so there should be no currency conversion issue as all bank fees are also in USD. I just need to figure out a way to account for the fees as wave is stating balance is still owed on the invoice whereas the invoice is paid. The balance is what the bank transaction fees were
Hi @malley , can you go through the steps in the article but assign the payment to the invoice as the last step. If you go through, create the split, assign it as a discount and apply the payment last, this should work.
Let me know.