selling subscriptions that don't align with year end

GregVeres

Hi

I am coming to Wave part way through my corporate tax year. And I have sold subscriptions that are yearly and I need to accrue part of the subscription this year and part next year. I think that the recurring invoice is for that, but it wont let me create an invoice that was issued in the past and I can't seem to figure out how to do this.

I am wondering if Wave doesn't really support this. I have looked at the Products & Services, assuming that there would be some attributes of the product that indicate it is a subscription and how long the subscription lasts, but there are no attributes like that.

Any suggestions?
I guess I could create two internal invoices, one that covers this fiscal year and one that covers next fiscal year. And then I would have to create a third invoice that I actually send to the customer but subsequently delete in wave so that it doesn't get counted toward my company's income.

Alexia

Hi, @GregVeres.

Recurring invoices don't allow you to create invoices retroactively. They aren't invoices themselves, but essentially a tool you can program to generate and send a set of scheduled future invoice. They create invoices on the dates set, which are then individually managed on the Invoices page.

If you've already received payment for that subscription and just need to re-phase it so it's spread along a longer period, we have a guide a guide on how to re-phase "lumpy" income. It's in our Fearless Accounting guide on page 69. It might help out.

GregVeres

@Alexia thank you. That did help. I also posted some feedback on the lack of subscription support over in the features section. Having a real subscription feature in wave would make using wave so much less time consuming for businesses selling subscriptions.

Alexia

Thanks @GregVeres! I'll follow-up on that one. And you're very welcome for the help!