Payments by Wave

TrueFacadeTrueFacade Member Posts: 1

I deleted/removed a Payment by Wave transaction from the Transactions list, now it is not longer reflecting a credit on Transactions or the bank account balance and is now only in Payments by Wave account. This is throwing off my reconciliation. Any way to get that to show up in Transactions and reflect my bank account balance properly?

Comments

  • kyleshoneymankyleshoneyman Member Posts: 1

    I am having this issue too. A duplication of the payment (less $1.10) showing up in my transactions. Firstly an Invoice Payment (Payments by Wave) then a few days later a Direct Credit by Stripe. Does this mean it is credited twice in my transactions or is it just visually there twice?

  • AlexLAlexL Administrator Posts: 1,949 admin

    Hi @TrueFacade and @kyleshoneyman . The accounting flow for both Payments by Wave and Stripe payments that are being processed through Wave invoices are the same. When you're paid, Wave automatically accounts for this and puts it into your Payments by Wave holding account. When this money hits your bank account a few days later, if you have your bank connection set up to import transactions, Wave will automatically pull these transactions in and create a transfer, moving the transaction OUT of Payments by Wave and INTO your corresponding bank account. In total, you should be seeing 3 transactions (1 Payments by Wave transaction, and 2 transfer bank account transactions). We have an article that breaks down this entire process and will give you further insight that you can take a look at [here].

    If you don't have a bank account connected to Wave that imports transactions, you will have to upload your bank statement which should automatically create the transfers for you when the deposit transactions are added into Wave.

  • paulstanfordpaulstanford Member Posts: 2

    I'm having a similar problem and it's only started this month (april). What is happening is that I am being paid by a client and this is being recorded by Wave as an invoice payment. Then about a week later I get another transaction showing a faster payment receipt from Stripe for the same amount. It is double counting my sales. I am using the Stripe integration to receive payments through Wave invoicing and my bank is connected to Wave to import transactions.
    This is my second year using Wave and I have not had this problem before - its only started this month and I haven't changed any of the setup.
    Can you please advise what to do to fix it?
    Thanks

  • AlexLAlexL Administrator Posts: 1,949 admin

    Hi @paulstanford . When Wave imports this Stripe payment from your bank, Wave should automatically create the transfer from the holding account (Payments by Wave - where payment was recorded when it was first paid by your customer), to your bank account. Are these transactions that are automatically imported being categorized as transfers? This article should break down the process of how it works for you. https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave

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