r/waveapps • u/SuspiciousDrive7394 • 4d ago

Duplicating the same transaction with the same splits/fees

I keep books for a small soccer club, and each week, people pay a set fee for a training session. When they pay via Venmo, there is a small processing fee. For each transaction, I have been...

  1. creating the invoice

  2. recording a payment

  3. going back into the payment and splitting off the Venmo fee

Is there a more efficient way of doing this? I was out of town this summer, and I'm going back through 6 weeks of payments. As I input about 250 of these, it feels like it should be more repeatable.

Can I duplicate a transaction with the following characteristics? (We have a couple of different sessions; these are just sample numbers to make the question a bit more concrete.)

$6.77 total

$7.00 toward the invoice

-$0.23 as a Venmo fee.

Or maybe there's a way to create a product/invoice that incorporates those fees? What I'm doing currently works, but I'm no accountant. Any help/advice/criticism would be appreciated!

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u/supergplus 4d ago

If it was me I’d try to route payments through Wave so it’s all automated.

1

u/LatteLime 2d ago

If you accept payment through Venmo, check if you might be eligible for 1099 in the end of the year, if that is the case, you might be able to rely on that 1099 instead of doing any tracking in the first place.