Accepting Payments without creating invoice

ERV

I'm an owner of a travel agency. Each vendor pays us and is all kept track in my CRM, separate from WAVE. I need to keep track of monies I have received from each vendor (which I'm assuming I would actually call a customer in WAVE since I get paid by them) as well as balance the W2 at the end of the year with what I have received. Will I have to create an invoice for every deposit for each vendor (customer)? It seems like a lot of work and I want to be sure there isn't an easier way. Example: $200 payment from Carnival - I need to keep track of how much I receive from Carnival - assuming I have to create an invoice for each deposit?

Brent_Ontrax

Hi @ERV, why don't you just enter them as Accounting Income Transactions, no Invoices required and you can then either select the Customer to enter it against (if you enter them) or you can just type the customer name into the description field.
Brent

Thorian

In bookkeeping therms you would do that differently. Create an account under chart of accounts for each of the companies you accept payments from. Then when you get a transaction in your bank account you book it against the account of the specific company (without creating an invoice). This gives you a great report and overview on every single vendor.

Then when you actually use the money for something you would create an invoice and move the money from that account use it as payment source with the target of where the money went.

I strongly suggest to not have your vendors as "customers" but your real physical customers as customers. Will make your life a lot easier.

If you do it like this you get charts for every activity, vendor, customer and have it neatly displayed, searchable and clean.

I hope this helps you to solve your problem. If not and you are open for some brainstorming please feel free to contact me directly.