Bookkeep payments processed outside of Wave

If you process payments with Wave’s online payment feature, your transaction fees are automatically accounted for.

When using third-party payment processors, it's essential to account for transaction fees. These fees are deducted from the gross payments received from your customers and you receive a deposit of the net amount.

Account for transaction fees

1. Log in to your account at waveapps.com.
2. On the left-side menu, click Accounting > Transactions and find the transaction or create a new one.
3. Click the arrow to the right of the transaction, then Edit more details.
4. Click on Split transaction.
5. In the first Split amount field, enter the gross payment amount. In the Category field, click Payment Received for an Invoice in Wave and select the invoice. If no invoice exists, categorize it to the appropriate income account.
6. In the second Split amount field, enter the transaction fee. In the Category field, click Discounts and Fees, then click Merchant Account Fees. If you do not have a Merchant Account Fees account, learn how to Add a new account or category. The second Split amount will now display a (-) indicating a negative amount.
7. Click Save.