Customers paying off part of invoice from old invoicing system

AndyK

Hi,

I have two clients who paid off part off their invoices in the last financial year when I wasn't using Wave. I submit my accounts on the cash basis and last year has been submitted. Now this financial year they are paying off the rest of their invoice in irregular instalments. I record the transactions in Wave and include in the notes the original invoice details and remaining balance.

The above works but I realise I could do it better and record the amounts owed from these two clients at the start of the year and see that amount decrease in Wave as they pay off their two invoices. What is the correct way to do this?

Thanks
Andy

J_Senn

That's the thing that got me to switch to accrual a few years back! I relate, @AndyK, for what it's worth.

If you're just looking to reflect all of this in your accounts receivable and your customer statement, you could create an invoice dated the same as the old invoice in the other system for just the unpaid part. Record the staggered payments there as they come in. Wave let's you mess around in past years, so you'll just be able to do that.