How automated bookkeeping works
What to do if a transaction is deleted, or is not created automatically
How automated bookkeeping works
When you receive a payment through Wave, three transactions are created automatically:
- Once a payment is made, you’ll see the invoice payment transaction on your Transaction page. This will be created under an account called Payments by Wave, which is a Money in Transit account. A Money in Transit account is used to show that a payment is accepted, but the funds are still processing. Learn about Money in Transit accounts.
If you accept an Instant Payout, an additional expense transaction is automatically created under the Wave Payments account to account for the Instant Payout fee. Learn how to withdraw an Instant Payout. - When the payment is deposited in your bank account, the deposit transaction will be imported from your uploaded statement or from your bank connection (transaction import times vary depending on your bank). It’s then categorized as a transfer from your Payments by Wave account.
- After the deposit transaction is imported, Wave will automatically create the other half of the transfer transaction and categorize it as a transfer to your bank account. The two transfer transactions represent the movement of funds from the Payments by Wave transit account to your bank account.
Wave automatically keeps track of the income from invoices under the income accounts you set for each of the products and services you sell. Learn about accrual vs cash-basis reporting.
What to do if a transaction is deleted, or is not created automatically
In the event a transfer transaction was not automatically created by Wave or it was deleted by accident, follow these steps to add the transfer transaction:
- Open the Transactions page.
- Find your bank-imported invoice payment transaction, or create the income transaction.
- Select the category Transfer from a Bank, Credit Card or Loan > Wave Payments. If you’re creating a new transaction, fill in the remaining details.
- Select Save.
Learn about invoice bookkeeping in How Wave bookkeeps your invoices.