This is to account for the additional Instant Payout fee. If you accept an Instant Payout, you will also see a separate expense transaction created under the Wave Payments account. The Wave Payments account is a money in transit account, or holding account. As soon as payment is recorded, you’ll see an invoice payment transaction on your Transactions page, under your Wave Payments account.How does Wave take care of the bookkeeping for you?Įvery time you’re paid through Wave, you’ll see three transactions: View all of our payment processing fees in Getting started with Wave Payments. Now you’ll see that the transaction has been split into two parts the $10 that was paid by your customer, and the $0.89 merchant fee. To view this transaction, head to the Accounting > Transactions page, click the drop-down arrow underneath Actions, and select Edit more details. You’ll see your merchant fees accounted for within the invoice payment transaction.
That's $10, minus the $0.89 credit card processing fee.
For example, if you receive a credit card payment made with Visa for an invoice of $10, you’ll see $9.11 reflected in your payment account. When a client pays an invoice through Wave, you’ll receive a deposit for the total invoice amount, minus the merchant fees. You’re all set to take payments with Wave, but what about the bookkeeping? Wave Payments' auto-reconciliation makes tracking invoice payments, well, automatic! You’re sending out invoices, and you’ve set up online payments.
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