The verdict in three sentences
Your accounting must reflect what you actually collected, not what the customer saw on screen: the source is the settlement. In 2026 there are two routes — the manual CSV import (simple, free, perfect for a small business) or the settlement API (automated, for high volumes). In both cases, the rule is to record gross, fees and net separately, with the VAT on payment fees.
Manual CSV import vs settlement API
Wave lets you export transactions per day in CSV; Flutterwave exposes a settlement report via API. The choice depends on volume and team maturity.
| Criterion | CSV import | Settlement API |
|---|---|---|
| Setup cost | None | Development |
| Suitable volume | < 1,500 tx/month | High |
| Frequency | Monthly | Daily |
| Data-entry error risk | Medium | Low |
| Traceability | Archived file | API log |
| Recurring effort | 1-2 h/month | Near zero |
CSV columns and accounting mapping
The Wave per-day export contains at least: gross amount, fees, net amount, reference, timestamp. Here is the mapping to the ledger with 2026 fee data.
| CSV column | Accounting account | 2026 note |
|---|---|---|
| Gross amount | Revenue (sales) | Pre-tax to allocate |
| Wave fee | Expense (bank services) | ~1 % of gross |
| Flutterwave fee | Expense (bank services) | ~1.4 % of gross |
| VAT on fees | Deductible VAT | 18 % in Senegal |
| Net amount | Bank / cash | Credited at settlement |
| Reference | Matching | Reconciliation key |
| Currency | — | FX gap if non-XOF |
Rule: net credited = gross − fees, and the VAT on fees (18 % in Senegal) is deductible; on a foreign-currency transaction, the FX gap between the sale rate and the settlement rate must be booked as an exchange gain/loss.
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Mini case study
Moussa, who runs a decor shop in Dakar, collects 900,000 FCFA of sales/month via Wave. Fees ~1 % = 9,000 FCFA, VAT on fees 18 % = 1,620 FCFA deductible, net credited ~891,000 FCFA. Before, he recorded only the net and under-declared his gross revenue, risking a tax reassessment. With CSV mapping (gross/fees/VAT/net) and a monthly reconciliation, his VAT is correct, his bank charges are visible and reference matching takes 90 minutes/month.
FAQ
CSV or API, which to choose? Below ~1,500 transactions/month, a monthly CSV import is enough and costs nothing to set up. Beyond that, the settlement API automates and reduces data-entry errors.
Should I record gross or net? Both: gross as revenue (sales), fees as expense, net as cash. Recording only the net distorts revenue and the VAT base.
Is VAT on fees deductible? In Senegal, the 18 % VAT on payment service fees is in principle deductible; book it to a deductible-VAT account and reconcile it monthly.
How do I handle a euro sale via Flutterwave? The settlement may be credited in another currency: record the FX gap between the displayed rate and the settlement rate as an exchange gain or loss.
How often should I reconcile? A monthly reconciliation is enough for a small business, provided each CSV export is archived and matched by reference. High volumes justify a daily reconciliation via the API.
Let's talk about your project. We set up your Wave/Flutterwave accounting reconciliation with account mapping and correct VAT. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
