Payments by Wave - In Transit Funds

rainwlildsrainwlilds Member Posts: 2

Hi there,

I recieved my first credit card payment the other day and noticed that a transaction was credited immediately under the Account "Payments by Wave". That Account appears under the heading "Money in Transit. That makes sense because it has to be process via Stripe first before hitting the bank account.

When it did come into the back account however, the transaction hasn't updated to reflect the correct Account. It is still in the "Payments by Wave" Account and I'm unable to even manually change the Account.

Any help would be appreciated.

Thanks,
David

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Comments

  • EmotionalHealthLtdEmotionalHealthLtd Member Posts: 9

    I'd love to hear the answer to this as well.
    Previously I deleted the Stripe bank transactions as they duplicated the invoice transaction
    But now my bank account does not reconcile and the amount is similar to the in transit funds
    What do I do
    And why was there no email about this
    Wave made major bookkeeping changes and left us to figure it out for ourselves
    Well yes it is a free service and I don't need to be spoon fed but I've spent a day trying to reconcile

  • rainwlildsrainwlilds Member Posts: 2

    Is this a community forum? It would be great to get a response from the devs. @EmotionalHealthLtd Glad to see that it's not me. Must be a bug or something...

  • SamdSamd Administrator Posts: 560 admin

    Hey @rainwlilds and @EmotionalHealthLtd, sorry about the difficulty this is presenting when reconciling. Wave should be auto-reconciling these transactions if a bank account is connected and the deposit transactions are being imported: Bookkeeping Changes to Payments by Wave

    In short, invoice payments are categorized to the "Payments by Wave" account temporarily while the payment processes. Once your bank account receives the actual deposit and the record is imported in Wave, a transfer is created from the "Payments by Wave" category to your bank account category.

    You can replicate this manually when the transfer reconciliation fails by following these steps:

    1. Navigate to Accounting>Transactions

    2. Locate the bank deposit

    3. For Account, select your bank account

    4. For Category, select "Transfer from Bank, Loan, or Credit Card"

    5. For the transfer origin, select "Payments by Wave"

    This will correctly tell Wave that the deposit has landed in your bank account as a "Transfer" from Payments by Wave, and is not simply a second payment.

  • HandymanHeadleeHandymanHeadlee Member Posts: 42

    We're still transitioning over to Wave and I'm still entering 2018 transactions. I'm just now trying to reconcile Payments to Wave to my bank account for August (when we started accepting Payments by Wave) through year end. We've chosen not to connect our bank account to Wave, so I assume this is why my August bank account reconciliation is off by the same amount as our Payments to Wave balance for that period. How do I manually record these transactions so my bank account statement will reconcile? I'm guessing a journal entry? Debit Payments to Wave and Credit Business Checking under Cash and Bank Assets? Thanks for any help you can offer!

    UPDATED TO ADD I did a journal entry debiting Business Checking and crediting Payments to Wave (I had the debits and credits backward above!), which fixed my checking account reconciliation, but now the Payment to Wave reconciliation is off by the same amount. Any suggestions on the proper way to do this would be greatly appreciated!

    edited April 13, 2019
  • Ryan_WRyan_W Administrator Posts: 461 admin

    Hey @HandymanHeadlee instead of creating a journal, you can just create an income transaction for the amount you received to your bank account (in lieu of having a bank connection established). Then, when you categorize this income transaction, you'll want to categorize this transaction as "Transfer from Payments by Wave", which will clear out the Payments by Wave account and properly attribute this income to your bank account.

  • HandymanHeadleeHandymanHeadlee Member Posts: 42

    Thank you, @Ryan_W! I knew there had to be a better way :)

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