Applying overpayment on one invoice to another invoice
ccj
Member Posts: 4
I have a customer who has 2 outstanding invoices in the system. Let's say each invoice was worth $10.
Using the Wave credit card gateway, the customer paid the full amount owing on the account, but as a single payment against just 1 of those invoice. E.g., They opened Invoice #1, and paid $20 against it.
Invoice #1 is now marked "Paid", and if I look at their overall account statement, they no longer owe any money.
However, Invoice #2 still appears as overdue, and its balance appears in A/R aging reports.
How do I apply the overpayment on Invoice #1 against Invoice #2?
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Hey @ccj!
Unfortunately, there is currently no way to smoothly carry over a credit from one invoice to another. This issue has been raised to our Product Team so that possible solutions can be discussed for future updates to Wave.
That being said, you would still be able to account for this overpayment credit with a workaround in Wave (I will use an overpayment of $100 as an example):
Navigate to Sales>Products & Services and click "Add a product or service".
Name the product "Invoice Overpayment" and click the Sell this checkbox.
Once the Sell this checkbox is selected, create a new income account for this item by clicking the "+" button. You can choose any income account in the account popup page and simply rename it to something like "Invoice Overpayment".
Navigate to your overpaid invoice and edit it -- add the newly created "Invoice Overpayment" product as an item on this invoice. Change the price of this product to $100. This will mark the invoice as paid.
Navigate to your unpaid invoice(s) and edit it -- add the newly created "Invoice Overpayment" product as an item on this invoice. Change the price of this product to -$100. This will effectively mark the invoice as paid.
I hope that helps!
Thank you, Ryan, for both the update, and the suggested workaround.
When a payment made direct into my bank account is for more than the value of one invoice, eg double if the client is paying two invoices, it would be good if when I select an invoice to link the payment to in my transactions that the system highlights the fact the amount deposited is more than the invoice amount, so I know to split it to the other invoice as well, rather than overlooking this and leaving the other invoice marked as overdue