Use Wave for monthly payments
chrys
Member Posts: 4
Hi everybody
I would like to use the wave for monthly payments. So I will create 20 Customers and send them a monthly recurring invoice. Is there a way to send them outstanding balance also?
For example, let's say the invoice is $50. If someone doesn't pay on January, then the February's invoice should be 50 + 50 outstanding balance and March's should be 50 + 100 outstanding balance.
Your suggestions are appreciated.
1
Comments
Hey @chrys, at the moment Wave doesn't have functionality to accrue/re-invoice unpaid balances, but that is a fantastic suggestion, and I'm going to pass it along to our Product Team. The reason this sort of functionality hasn't already been implemented is that our invoices are part of an older platform that we are migrating away from. Once this migration is complete, we're going to be building out and expanding invoice functionality. Something else that is requested often is the ability to create credits for customers, so I'd expect to see some sort of automated tracking of pending payments or credits which can be applied to future invoices.
At the moment, you could manually edit recurring invoices so that if an amount goes unpaid from a previous invoice, it is charged on the next. However, if they are paying directly in Wave, there isn't an easy way to split the payment, so the previous recurring invoice would continue to show overdue, even though technically that money was paid on the next.
Thanks @Samd . I believe this will be a great feature that will save us lots of time. I am looking forward for any updates.
ok i think i found out a solution that might work. I will create an invoice for the outstanding balance. Every time a payment is down on the outstanding balance i will do that payment on that invoice and resend that invoice manually.