Imported Bank Transactions to match Invoice Payments?

graememoo2graememoo2 Member Posts: 1

Hi, I've been searching but cannot find anything on this topic.
I have linked my bank account and paypal, which have imported all the transactions correctly.
I have also created my first invoice. which is showing as "unpaid"

How then do I allocate an imported transaction as the payments for an invoice?
All I can see is to make a new manual payment, which adds a duplicate to the bank account.

*** RESOLVED ***
I found it! under category for the payment, it had auto categorised the payment as "Sales" I had to recategorize it as a "Payment received for an invoice in wave"
Perhaps this could be added to your video which skips over manual/imported payment allocation :)

edited March 8, 2018 in Sales & Invoicing

Comments

  • AlexiaAlexia Administrator Posts: 3,315 admin

    I'm glad to hear things turned out fine, @graememoo2! Let us know if you need help with anything else.

  • OndreOndre Member Posts: 1

    Hey I have the same problem, but even-though I have "unpaid" invoices showing in my sales tab, there is "no results" showing under "payment for an invoice in wave". Please help

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @Ondre.

    Is your bank account in the same currency as your invoice? That might be your issue, as you can only link transactions to invoices with matching currency. Is this your case?

  • vinvin Member Posts: 2

    Hey @alexia that is exactly my problem - what can I do to get around that? It seems like a simple thing to just connect a payment to an invoice...most of my clients are overseas so I feel like this might be a bit of an issue moving forward...

    Thanks!

  • CharlotteCharlotte Member Posts: 695 admin

    @vin For the moment, managing invoices in multiple currencies in this way is not straightforward. Learning more about your experience is helpful and very much appreciated. I can suggest another workaround:

    Let's say you have a Canadian business and the Invoice is for $2000 USD. You received this payment to your CAD Checking account, and you received the deposit converted to CAD.

    You could note down the details of the transaction (the exchange rate at which the deposit was converted), and manually add a payment to your invoice. When adding a payment to your invoice, enter the USD amount and adjust the exchange rate to reflect what you received from the bank. This should resolve the issue with invoices appearing to be overdue when they are in fact paid.

    The issue then is that you'd need to remove the duplicate transaction for the deposit (so as to not duplicate your income), which would result in the record not reflecting that of your bank. I'd recommend speaking with your accountant to see which method they would suggest that you use.

  • sunnyt7sunnyt7 Member Posts: 20

    Hey @Charlotte / @Alexia ,

    I'm having a similar issue. I have a Canadian business and the invoice is for $2000 USD. However, even if I receive a payment in USD to a USD bank account, I still don't have the option to link it to the invoice. "Payment for an invoice" just doesn't show up in the categories. Any ideas?

  • SamdSamd Administrator Posts: 560 admin

    Hey @sunnyt7, when you mark the invoice as paid in this case, and the receiving account is the USD account, Wave should automatically be generating the transaction associated with the invoice, and you shouldn't need to categorize it against an invoice. That being said, if you're waiting for the bank transaction to be pulled into Wave, then the best option would still be to mark the invoice as paid manually, but have that money paid into a USD Money in Transit account (you can generate this in Accounting > Chart of Accounts). Once the bank payment comes in, instead of marking it as an invoice, you'd instead choose 'Transfer from Bank, Credit Card, or Loan' and then your USD Money in Transit as the origin account.

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