Reconciling invoice payments with credit/debit card and check deposits

HassiekayHassiekay Member Posts: 4

If a customer pays and invoice by credit/debit (not wave payment) or check and I manually record a payment, the payment will show up in transactions as payment from the customer. How do I reconcile the cc payments and check deposits to the individual payment. The cc payments are made randomly to my bank in one lump sum, and I make deposits at the end of the business week.

Comments

  • CalliePCallieP Member Posts: 439 admin

    Hi there @Hassiekay , thanks for your message. There's a few approaches to this.

    1. The simplest approach: You can record the invoice payment, and then delete the bank-imported deposit.
    2. A 'record it later' approach: you can not record the invoice payment, and then when the bank-imported deposit comes in, you can split the deposit and categorize each split as 'Payment Received for an Invoice in Wave' and choose the relevant invoice.
    3. The most accurate approach: You can record the invoice payment to a Cheques in Transit account, and then when you bank-imported lump sum comes in, you can categorize it as 'Transfer from a Bank, Credit Card, or Loan' and then choose the Transit account. This shows that the invoice is not overdue, but the funds aren't in your actual account yet - and then once they are, you show the deposit happening on the real deposit date!

    Learn more here about bookkeeping undeposited checks: https://support.waveapps.com/hc/en-us/articles/360000389783-Bookkeeping-undeposited-checks

  • HassiekayHassiekay Member Posts: 4

    Ive tried doing the invoice payment to money in transit account, but for some reason they show up paid, then I have a problem categorizing them under transfer from bank. Not sure if it is a problem with the program or with something I am not doing correctly. This also occurs with the credit/debit card payments (these are not wave payments, but thru merchant service account)

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @Hassiekay! Can you explain a little further how you're having trouble categorizing them under transfer from bank? I'd love to try to help as best as I can - any context that you have would be great!

  • HassiekayHassiekay Member Posts: 4

    Ok, so when a customer pays me, I make a manual payment and categorize the payment to money in transit account; however, the invoice is marked paid. So, when my deposits hits my bank and shows up in my transactions page, I try to show the invoices that the deposits reflect, same with debit and credit cards, but the programs will not let me do so. It does not give me the options to go to an invoice because it has already been paid when I put the payment into the money in transit.

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hi @Hassiekay , because you've already marked the invoice as paid when the payment wasmade, there's no need to associate the deposit to your bank account to the invoice again. Instead, you can create a transfer from your Money in Transit account (where the funds are sitting) to the income in your bank account (the payment received) to reflect the proper flow of funds.

    Let me know if this doesn't make sense or if I'm missing something in your explanation!

    edited August 26, 2020
  • VizouVizou Member Posts: 4

    I marked an invoice as paid in Wave when I received a cheque and made a mobile deposit to my bank account - there is NO money in Wave for this transaction. I have to manually upload my bank statements (because since you switched to Plaid none of my accounts can connect, not one) AFTER the fact. How do I deal with this?

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