How do I categorize an invoice payment?
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How do I categorize an invoice payment?
When you buy or sell a product, the reported income or expense for these products will be associated with the income or expense category (account) configured in Product Settings.
Here's an example ...
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It would be much more helpful if you made the illustrations correspond with the narrative. Otherwise, not so helpful.
hey @Sliver thanks for catching that! Mistakes do happen and we appreciate you taking the time to point it out. We'll make sure it gets updated ASAP
So I've done this but now it shows up in my transactions twice. i have the invoice with the payment as one transaction and the actual deposit from the credit card as another transaction. So its showing like i made two sales instead of just one. Is there a way to fix this?
Hey @AngelicRed, did you 1) manually record a payment on the invoice and then 2) your bank connection imported the transaction once the money actually hit your bank account? If so, this is expected to create duplicates: recording a payment on an invoice will automatically create an income transaction in Wave. To fix this, you can either 1) delete the transaction by clicking "remove payment" on the invoice, or 2) selecting both identical transactions and clicking the Merge button at the top of the transactions page. Going forward, I recommend just waiting for the transaction to hit your bank account, and then categorizing this as a payment for an invoice in Wave.
Hi - I used to be able to click through from the transaction to search for an invoice and mark it as a payment for a particular invoice. I want to keep the transactions categorised as certain things, as well as being linked to an invoice in the system. Is this possible? Or do I need to categorise the transaction as a payment for an invoice in wave?
@DevilsElbowTreasurer Ya, you would need to categorize the transaction as a Payment for an Invoice in Wave (or at least this is highly recommended in order to keep track of your Invoice Payments as opposed to just categorizing the payment as 'Sales').
If I leave the transaction that was automatically imported from the bank and also mark the invoice as paid I will have 2 records. For future payments what is the best way to do this without having to merge every payment or delete every duplicate?
Hey @Dave_Y123. Technically the best way to handle this is that when you are marking the invoice as paid, you associate it with a 'money in transit' account such as Accounts Receivable, or Payments by Wave. Then, once you actually receive the funds in your bank account and the deposit transaction comes through, you would categorize that transaction as a 'transfer from money in transit account.' This shows the money movement from the holding account to your actual bank.. I feel as though this help centre article will be beneficial to you here: https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave
I would like to see a feature added to categorize an invoice after services have been completed. Currently, once an invoice has been paid by a customer, the company has no visibility of what action item to take on invoices that have been paid other than reviewing the invoice notes to see if service has been provided.
Hey @edenjardincentre, thanks for your feedback here! In terms of this feature idea, would you like to see it on the invoice, or the payment transaction or both? Are you often paid before you carry out a job or after? If you have any more information to provide about your workflow it helps our team to see why this feature is important to you and your business and if this would be useful for others as well!
Thanks for response. We receive payment before services are carried out. Currently, our staff has to go through the paid invoices and manually add them to the calendar along with the inventory items being rented out. We are looking to improve our workflow to be able to categorize on both if possible.
@EmmaP Is there a way to automate this after updating the product income category?
We have over 350 invoices, going one by one to remove and add the products would be unrealistic.
Hey @OdedG , I'm afraid there isn't a way to automate this process at the moment.
Hi. How can I add an item that is a liability (for example, a customer leaves a deposit on rental equipment) on an invoice? Invoices only appear to accept income items. Thanks.
So are you saying that if the incorrect account was assigned when creating the invoice I will have to go back and re-do all of my invoices to get the changes to take effect? I'm not prepared to lose half my life, goodbye wave
Hey there @Mike_NYC_Lawyer ! In this case, you will need to record a pre-payment/deposit by creating a new "Liabilities and Credit Cards" account for your customer. You can then use this newly created deposit/pre-payment account to "Record Payment" on the invoice. We have a great Help Center guide on this that you can check out here.
Hello @jkidman_101 ! To clarify, was the incorrect income account selected for a product/service? If so, and you have since updated the income account for a product/service, you will need to go into each invoice, remove the item line in question and re-add it to apply the same product/service with the new income account. I apologize for the inconvenience this may cause.
Unfortunately this did not work for me. Followed the steps but the income is still showing as classified under a different category than the one specified in the Products & Services dashboard. In Products & Services I classified the income as 'Design Income' in the Profit & Loss Report it still displays as 'Sales'
Please advise
I figured out a work around and want to share.
The problem is that the steps above did not work. Despite reclassifying the income with a different label in Products & Services the income was still showing in the old category in Profit & Loss and other reporting.
Solution:
Go to each invoice, edit invoice, duplicate the item, check amount and description are the same, delete the old one. Refresh Profit & Loss. Shows in the correct category.
Essentially refreshing the information.
Hope this helps someone else, have been trying to figure this out for days!!
I want to be able to charge different hourly rates, but can't figure out how to enumerate this. For instance, my services cost $35 for the first hour, then $25 for additional hours. So, if I work for someone, for 4 and a half hours, that should be 35 + (3.5 x 25) = $122.50. I don't want to break this down every single visit of service. I bill monthly for several visits... so at this rate, my invoices will be 3 pages long!. PLEASE allow for change in rates!!!
Hey @Lee_B ,
In Wave, each product/service has a set cost. This can be edited, however the cost will remain the same for each line item, and there is no way to account for different rates within the same line I'm afraid.
What I recommend in this case, is to have two lines on each invoice, for two different services. You can create a separate line, with the service "First hour", for all 1st hours of each visit, then another, with the service "Additional hour", for all additional hours for each visit. These services can have different rates!