What do you need to do when your clients pay your invoices using Wave Payments?

When your client pays you through Wave Payments, your invoice will automatically be marked as PAID and recorded in your transactions list. You will also see an automatic expense listing on the 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! Just make sure you don’t record your income twice.

If you 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.

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