Help with inaccurate 'All Accounts' and 'Payments by Wave'

brightstar123brightstar123 Member Posts: 2

Hi everyone, I'm a new Australian-based small business owner and I'm struggling with a problem with Wave. Everything has been working well, however I have noticed that my 'All Accounts' balance is inaccurate because it contains duplicate transactions.
For example, my 'Payments by Wave' page will show "Invoice payment for Invoice 5" and then my bank account page will show a Stripe transaction that I can rename as payment for invoice 5, but can't appear to do much else with. The Payments by Wave page doesn't clear once the Stripe payments appear in my bank account - things would be fine if this happened.
Apologies if I have explained this in a confusing way! Please let me know if anyone has any advice, or if I need to provide more information. I suspect I'm probably doing something wrong managing my Stripe payments, however they aren't easy either as they appear in my bank account as just a long series of random numbers/letters, and with nothing identifying which invoice they are for. Thanks for any help, I really appreciate it.

Comments

  • mcullisonmcullison Member Posts: 3

    I have the exact problem. :(

  • SamdSamd Administrator Posts: 557 admin

    Hey @brightstar123 and @mcullison,

    It sounds like what's happening is a duplication with the original transaction created by Wave, and then the secondary transaction imported by your bank. Wave should ideally be accounting for these duplications along these lines automatically: Bookkeeping Changes to Payments by Wave

    In short, invoice payments are categorized to the "Payments by Wave" account temporarily while the payment processes. Once your bank account receives the actual deposit and the record is imported in Wave, a transfer is created from the "Payments by Wave" category to your bank account category.

    It is sounding like Wave did not import the deposit correctly as a "Transfer", but you can recreate the process to get rid of the duplicates:

    1. Navigate to Accounting>Transactions

    2. Locate the bank deposit

    3. For Account, select your bank account

    4. For Category, select "Transfer from Bank, Loan, or Credit Card"

    5. For the transfer origin, select "Payments by Wave"

    This will correctly tell Wave that the deposit has landed in your bank account as a "Transfer" from Payments by Wave, and is not simply a second payment. That being said, this workflow is specific to the updated version of Wave and if you're still on the original system, you could do this as well, but it would require setting up a Money in Transit account which payments are first paid into.

  • mcullisonmcullison Member Posts: 3

    Hi @Samd YOU ARE A LIFE SAVER!!! This solution worked for me! I've spent hours trying to figure it out. It's easy once you know! Thanks for letting me know!!! Have a GREAT Day!!!

  • Carver0611Carver0611 Member Posts: 2

    Hi @Samd, I'm trying do a similar thing.

    Both the original and duplicate transactions appear in my bank account, where the original payment and merchant fee need to be moved to the Wave Payments account. I was able to successfully move the merchant fee to Payments from Wave, but the original payment was not. I get "there was an error saving this transaction" trying to change the account to Wave Payments from the original payment (this was linked to an invoice as payment). When I tried to move the merchant fee back to the Bank statement (I thought maybe I could just delete the 'stripe payment' deposit to balance things), then I wasn't allowed, as I get the error message "Transactions that are automatically created in the Wave system can't be edited or deleted", even though the transaction wasn't originally in the Wave Payments account

    I did a bunch of account reconciliation through fixing a bunch of similar anomalies in mid January just gone, but you guys must have changed something else, and I can no longer do the same thing.

    Can you please let me know what else I need to do to fix this please?

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