Credit Card Transaction Duplicates

tbromer89tbromer89 Member Posts: 4

I am not sure the best way to describe this and I guess it is a general best practices question. I have my business checking and business credit card accounts linked to Wave and transactions automatically imported. The issue is credit card payments are counted twice

For example, each individual credit card transaction is counted as a withdrawal. Then on my business checking, the credit card payment made each month is counted as a withdrawal. So it looks like I am spending twice as much each month as I actually am, according to Wave.

What is the best way to remedy this, while keeping my reconciliations accurate and honest?

Thank you!

Comments

  • t_scibiliat_scibilia Member Posts: 1

    I've had the same issue you're experiencing and I contacted support 2yrs ago on the same issue. This is what they told me...

    "Whenever a credit card payment is received, an income transaction is automatically recorded for the full amount of the payment, and an expense transaction is automatically logged for the amount of the merchant fee.

    Days later, when those funds actually hit your bank account, an income transaction will import for the amount of the payment less the fee. Because the full payment was already recorded, and so was the expense for the fee, this imported income transaction for the payment less the fee is actually a duplicate. Since you cannot merge this with the full invoice payment transaction and the expense for the fee, you'll simply want to delete the imported bank entry for the payment less the fee.

    Essentially, whenever credit card payments are deposited into your account, and import onto your transactions page, you'll want to go ahead and delete them: they have all already been recorded from when the credit card payment was first applied.

    I hope these considerations help to address your concern!
    -- Joey Cowan"

  • MikegMikeg Member Posts: 752 ✭✭✭

    @tbromer89,
    From the above it sounds correct. You should see the expenses from the credit card as a withdrawal. In the background Wave is debiting the expense and crediting credit card payable (liability). When you make a payment on the credit card from your bank you will see a withdrawal. You will also see a deposit for the same amount except the account will be the credit card. That represent the payment made from checking and posted by the credit card. On the transaction journal you should categorize as a transfer to credit card the withdrawal from checking. Wave will normally find the matching amount. This is basically moving cash (an asset) to a liability. Just a balance sheet movement so no impact on the income statement. Hence you are not double counting expenses.

  • tbromer89tbromer89 Member Posts: 4

    Thank you both. Mike, yes what you are saying makes sense and that would solve this issue. Unfortunately my credit card payments are not showing as a "deposit" on the credit card account, just as a withdrawal on the business checking. I guess I will have to manually add these "deposit" transactions to make everything balanced.

  • MikegMikeg Member Posts: 752 ✭✭✭

    @tbromer89,
    Odd that payments are not showing up. I assume you have the credit card connected? Sometimes if there are multiple cards, one has the payment and the others have the transactions. In that case you would need to enter the payment unless connecting the master account (payment account) both charges and payments import. This is the case with one of my clients that has several cards for employees.

  • tbromer89tbromer89 Member Posts: 4

    Yeah. It shows all of my credit card transactions (withdrawals), but not the payments (deposits). Very strange. I just disconnected and reconnected the account. Hoping that solves the issue going forward.

    Thanks for your help!

  • jenb22jenb22 Member Posts: 2

    Hello, I'm having this same issue with about half of my deposits not reporting on my transactions? Does anyone know why this is? I even deleted my account and started over to find it did the same thing! Why are some deposits not recording? They appear to be from earlier on in the year....So far I'm manually entering in 100's of them.

  • tbromer89tbromer89 Member Posts: 4

    I never got a real understanding of why this happened to my account. I had to delete and relink my account as well. Then transactions started appearing correctly. However, I had to re-review and save and reconcile everything again for all of 2019. So that was kind of annoying. About two weeks after I posted this, a Wave rep responded to my post. However, I had already resolved everything.

  • AlexLAlexL Administrator Posts: 1,733 admin

    Hi @jenb22 , can you confirm a few details please? Are you missing specifically deposits? Or are you missing all transactions from a certain period? Was your bank account connected? Any further info on what's missing would be great!

    Hi @tbromer89 , there could be a number of reasons that duplicate transactions appear. This could be from having the same account connected numerous times, to an issue wth the connection, to an invoice issue as listed above. I'm happy to hear that you've since figured it out and everything is working well!

  • jenb22jenb22 Member Posts: 2

    @AlexL it was specifically deposits from about the first 6 or 7 months of 2019 in my Checking and Savings accounts. My bank accounts were connected, and all of my debits were being recorded. I've manually completed everything for 2019 and am monitoring 2020. So far it appears to be working, however some of my bank transfers (checking/savings payments to my credit card) are not being recorded on both accounts so I have to manually enter those.

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