Automated Wave Money bookkeeping

Wave Money is currently in limited release and available by invitation only. If you haven’t received an invitation, learn more about Wave Money here.

 

Transactions appear in your Wave Money app shortly after they are processed. Select a transaction to see more information about it, including the transaction date, settled date and payment method. 

This transaction is then pushed to your Transactions page in your desktop Wave account. This can be found under Accounting > Transactions. Wave categorizes this transaction automatically. The transaction type, and the time taken until the transaction appears in your desktop Wave account, depends on the original transaction itself. Take a look below for more details.

Withdrawing money from an ATM

An expense transaction is created in accounting once the transaction has settled in your Wave Money account.

A transaction usually takes about 24 hours to settle in your account.

Making purchases

An expense transaction is created in accounting once the transaction has settled in your Wave Money account.

Sending money by ACH transfer

An expense transaction is created in accounting as soon as the transfer is complete. If the transfer fails, a second (income) transaction is created in accounting to reverse the expense.

Sending money by Email transfer

A transaction is created in your Wave Money app as soon as the transfer is initiated, which will also reflect on your bank statement. An expense transaction is created in accounting once the recipient accepts the funds.

If the transfer fails, a second (income) transaction is created in your Wave Money app, and on your bank statement, to reverse the expense.

Receiving money by ACH transfer

An income transaction is created in accounting once the funds land in your account.

Receiving money by Instant payout

  1. As soon as a customer completes an invoice payment, you’ll see the invoice payment transaction in your Wave Payments holding account in your accounting.
  2. Once you accept an Instant Payout for that payment, the funds are deposited in your Wave Money account, and an income transaction is created in accounting.
  3. Wave then automatically categorizes this transaction as transfer to your Wave Money account, and creates another transaction to represent the transfer from your Wave Payments account. These transactions represent the movement of funds between your Wave Payments holding account and your Wave Money account.

Need a more detailed explanation? Take a look at Automated bookkeeping with Wave Payments.

Receiving money by Check deposit

The full details of the bookkeeping process can be found in Wave Money check deposit and bookkeeping.