Payments by WAVE: consolidating STRIPE and received bank account funds

nadworksnadworks Member Posts: 32

In the old WAVE I was able to "merge" the amount received by my bank account five days after receiving the STRIPE notification of the paid invoice.
In the new WAVE, the merge feature is disabled and I now have the paid invoice listed as "payment by Wave" and then again - a few days later - the income when it eventually arrived in my bank accounts.
What's the new process of consolidating the two payments? One is already associated with the paid invoice, while the other one cannot be associated to anything now.
What am I missing? And why has this changed? Step by step process please.

Comments

  • MyronMyron Administrator Posts: 143 admin

    Hi @nadworks! As you have already noticed, there have been some changes to the workflow for how invoice payments through Payment by Wave/Stripe are handled. These changes were made to make it easier to reconcile your accounts. In the new workflow, the initial invoice payment transaction is paid into the holding account, Payments by Wave. This is to show that while your customer has sent you a payment, the payment itself has not yet posted in your bank account. As the name implies, a holding account, such as the Payments by Wave account, is an asset account where your funds are held until you move them into the appropriate bank account. Now once the payment is fully processed and the payout is delivered and posted to your bank account, the funds need to be transferred from the Payments by Wave holding account to your bank account. This can be reflected in Wave by going to Accounting > Transactions and categorizing the actual payment deposit transaction in your bank account as "Transfer to Bank, Credit Card, or Loan" > "Payments by Wave"

  • nadworksnadworks Member Posts: 32

    Thanks, Myron. I wish there'd been better change management on your side. Somehow I feel you simply chucked a lot of changes and new processes at customers without any helpful emails, documentation, new process walk-throughs etc. Sort of displaying the mentality "WAVE is free, so, therefore, find your own way around it. You're on your own."
    I found that whole experience rather disappointing.
    But thanks for the reply.

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