The fees are taken out before the sales deposited into my account. How do I make a correct record of sales?
I need to know the answer to this as well.
The issue with this is the processing fees also need to be recorded as an expense so they can be deducted in your Schedule C taxes. Adding a negative amount may balance your account but once you go and add that amount as an expense it, Wave subtracts that amount a second time.
Here's my issue:
Billed Client $50 - $10 Processing Fees = $40 Paid (Cash In Hand). Then head over to Expenses and add $10 in Processing Fees to be deducted. This shows up in profit & loss statement as $40 Income - $10 Expenses = $30 Net Profit. When actually net profit was $40.
@oldoakpm @a1photographer definitely the right approach using split & negative amount. We've got an article here covering the detailed flow.
@dejalouco can you elaborate on the double subtraction you've mentioned? Are you using the split function with negative amount as mentioned by @oldoakpm or creating an additional transaction?