When payments are made using Payments by Wave, your invoice will automatically be marked as PAID and recorded in your Transactions listing. You will also see an automatic Expense listing on your Transactions page which records the processing fees associated with each payment. These expense transactions will be allocated to the Merchant Account Fees category.
There is no manual intervention needed to reconcile these credit card payments!
Make sure you don’t record your income twice!
If you also have your bank account integrated on your Wave Dashboard there will be a small amount of manual intervention needed to keep your books properly reconciled. In this scenario, in addition to having the Invoice Payment and Merchant Account Fees automatically recorded, you will then see the Deposit Amount automatically imported. The easiest way to handle this is to simply delete the imported bank transaction and leave the automatic Invoice Payment and Merchant Account Fee transactions listed.