Accounting for overpayments

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Comments

  • KatjaKatja Member Posts: 3

    Please create a credit note facility for customers. It is a nuisance to have to log overpayments elsewhere as these credits do not appear on customer statements. Pease make provisions for this. This is a simple accounting feature.

  • emcgustyemcgusty Member Posts: 1

    Here is end of chat with Wave support on issue where they recommended I should talk to an accounting professional - they ended chat before getting my response ... "You guys (Wave) need to talk to an accounting professional, and fix the system. As an accounting professional I'm telling you, the advice you are giving due to the self imposed system limitations is a bit negligent as it is leading people to recognize the liability of an overpayment as income. Setting up a sales item only allows income accounts and this is a liability/contra-asset. You should allow a sales item to be classified to any account someone wants. Or allow reapplies with Payments by Wave like any other payment - system handles it very well. Or tell people they have to refund the money due to system limitations - not very convenient last choice but easiest. Please create a trouble ticket for this." You guys are a billion dollar company and this issue is easily correctable.

  • StirrinDustStirrinDust Member Posts: 1

    just a button that says "pay invoice with overpayment" would be awesome. I did what you suggested and is sorta worked. Thank goodness I'm just tracking team membership dues. This is dirty accounting. Same problem everyone else has with it not showing as a credit on the statement.

  • Charlene_HCharlene_H Member Posts: 8

    i don't get this at all. Why does it have to be so complicated!? When the client overpays, why doesn't Wave just automatically shunt the amount into a holding account so it can be split?

    actually, wait a minute: this is increasing the amount of sales recorded! how's that going to work come tax time!?

    The Wave Payments system is dumb. Instead of slamming the payment straight into the account - real money or not - it should go into a holding or disposition account and we should be able to dispense it appropriately. The workaround described with all that nonsense about adding another income account means I have to claim sales I didn't make.

    edited April 15, 2021
  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey there @Charlene_H !

    After doing some digging on the back end, I noticed that you reached out to Wave support recently via live chat and had one of our agents assist you with this. Happy to see that! If you have any other questions or inquires, don't hesitate to reach back out. :smile:

  • TechAgnosticTechAgnostic Member Posts: 1

    I have a credit memo and an invoice for a customer. How do I apply the payment? The split feature expects me to split only invoices, and doesnt allow negative amounts

  • Hal_Pottle765Hal_Pottle765 Member Posts: 1

    I want to show the cost of an item and then show a credit that covers the the cost of the line item

  • KiahDKiahD Administrator Posts: 267 admin

    Hey @TechAgnostic,

    When you split a transaction, you should be able to select a category other than an invoice payment for the splits. In addition, if you would like the split amount to be negative, you can select a Discounts & Fees category.

    If you don't have one set up, you can create it by heading to your Chart of Accounts and clicking Add a new account, ensuring to select Discounts as the Account Type.

    Hi @Hal_Pottle765,

    When applying the overpayment to a new invoice, it's not required to add the full amount held in the overpayment account, so you can add a credit which only covers the cost of a specific item! However, this will be linked to the invoice in general, rather than the specific item.

    One workaround that I can suggest to this would be to record the item sale separately from the invoice. Then you can select the Customer deposit/overpayment account as the account, to cover the cost!

  • Susan_CaseSusan_Case Member Posts: 1

    I followed the instructions regarding an invoice overpayment last year when this happened in May, yet it's still carrying over to this day when i print out a balance sheet, etc. it always shows (95.20) as the closing balance. how do i correct it on my BOOKS, not on an invoice?

  • StephamiStephami Member Posts: 4

    This is an awful workaround. It makes my register complicated and makes it hard for customers to understand what has happened. You should let payments made via Wave be split

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