Lag between Invoices and Payments

MOO

We have a nonprofit, so our sales are really Membership Dues. In an attempt to track accounts receivable, I have now created invoices in wave mid year for every member. Most of the members have sent checks or electronic transfers earlier in the year for their dues, and these already show up in bank transactions and have been categorized as Membership fees. The created invoices are currently unpaid. If I now go to effect payment of the invoices manually, how do I tie them to the deposit transactions already in my account so I don't have double payments?

NancyC

Hi @MOO, there are two suggestions that you can go about this right now, and it depends on if you want to keep the check deposit/electric transfer deposit transactions:

1. Recategorize the transactions for the check deposits/electric transfer deposits that are currently categorized into "Membership Dues" as Payment Received for an Invoice in Wave > Select the invoice number from the list of unpaid invoices.

2. Delete the check deposits/electric transfer deposits transactions and manually record a payment for the invoices under Sales > Invoices page. The system will then generate an Invoice Payment transactions for each invoice.

Going forward, these are the options I recommend:

• After creating the invoice, do not manually record a payment. Leave it as unpaid until the bank transaction gets imported. Once the deposit transaction is imported, categorize it as "Payment Received for an Invoice in Wave > Select the invoice number from the list of unpaid invoices".

• Manually record the invoice payment so that an Invoice Payment transaction gets generated. Once the bank deposit transaction is imported onto Wave, delete the bank transaction.