How can we track orders placed/booked that are in process but not yet Invoiced?
chrisschroeder2
Member Posts: 6
For our kind of business it is important to tack our backlog of customer committed to orders. These are very different from quotes(work very well!) as they have actually been accepted/agreed to by both parties. They are also very different from the invoice (works very well) stage as the work is in process, not completed, partially completed etc. In many cases we may invoice partially and be paid partially (this works well). However we have to use separate accounting to track what POs are open, how much has been completed, how much has been invoiced and what the remaining order backlog/balance is. I have to believe that other users have the same need so perhaps we are just not understanding a possible work flow for this. ? Just for clarity we are talking about incoming orders that exist between the estimate step and the invoice step where all the work happens for us.
Do you have or do you plan to have at any estimated future date this kind of capability in Wave?
Is anyone else interested in this?
Comments
Just wondering if we could just add an account under ' Expected Payments from Customers ' in which we would place order amounts? Perhaps then we debit it out from there and credit it to accounts payable when sending the invoice?
Hey @chrisschroeder2 !
I'm afraid that Waves does not support this type order tracking. One thing you can do as a potential workaround is create invoices for these orders and leave them unsent. Then when the time comes, you can send them and edit the due date. Alternatively, you can create invoice drafts as well. This may not suffice though.
If you want to create a workaround with a ' Expected Payments from Customers ' account, I suggest reaching out to a CPA to ensure that you don't get incorrect advice on how to do your accounting.