Duplicate Payments

mcullisonmcullison Member Posts: 3

All of my invoices and the deposits from Wave Payments are showing as Sales in my Reports basically doubling my income on my reports.
Here is what I have tried based on what I've read in other discussions:

  1. I tried but I can't merge the invoice payment and the wave deposit. It says they have to be from the same account. (One is Payments by Wave and the other is Capital One Checking.)

Plus, even if that worked things are complicated on the 1st of each month when I have 4 recurring invoices that process that day and go into my checking from Wave as 1 deposit.

  1. I tried deleting the bank deposit in the checking account but then the checking account became unreconciled.

    Please advise. I am stumped on what to do.

Comments

  • ZoeCZoeC Administrator Posts: 389 admin

    Hey @mcullison , I think confusion here may lie in the bookkeeping changes for payments that have been made in Wave, Every time you’re paid through Wave, you should be seeing three transactions.

    1. As soon as payment is recorded, you’ll see an invoice payment transaction to your Payments by Wave account.
    2. Two business days after payment is sent, the deposit transaction will be automatically imported from your bank connection.
    3. Once the bank-imported transaction is pulled in, Wave will automatically create a transfer between your Payments by Wave account and your bank account. That transaction represents the movement of funds from the holding account to your bank account.

    This help centre article explains that further. I hope this helps to clear things up for you! :smile:

  • FinancialBookkeepingFinancialBookkeeping Member Posts: 12

    I think the way Wave treats these has changed, at least twice - over the last 6 years. Going back and auditing transactions I see it seems (hopefully!!?) the latest version updates makes this a cleaner process, but when I scroll back to 6, 10, 18 months back it treated them differently, and going back to 2015-2017 they were different yet again... Can you confirm this so I don't go crazy trying to triple recheck these unnecessarily...

Sign In or Register to comment.