Viewing Sales Transactions

Scorge120

Hi,

Whenever I view my net income on my company's dashboard it shows the profit made from all invoices and income. Some of these invoices haven't been paid or paid yet, which isn't an accurate representation of actual income.

How can I view net income on my Dashboard for income that has been recorded, and using the date of that transaction instead of the date of the invoice; excluding the invoices that aren't yet paid?

Zach

Sophia

Hi @Scorge120! Wave uses the accrual-based accounting method, which means that income is recorded when you create an invoice (that is, when the income is earned, often before payment is actually rendered), rather than the cash-based accrual system where income is recorded when the invoice is paid - I believe this is what you're saying you want to see on your dashboard.

We like the accrual basis of accounting because it provides a more accurate picture of your business's financial situation at a specific moment in time, since all assets you earn and all liabilities you incur in that period are reported.

However, if you're looking for cash-based workarounds with Wave, we have this article with several examples. I hope this helps!

Scorge120

Hey Sophie, thanks for your response!

Is there any way to see or view reports currently on what revenue the business has generated and expensed on a cash-basis?

What about invoices which are never paid in full? How can this be reflected in my income statements?

Can I also see the two totals of which invoices have been paid vs. unpaid? On my Dashboard I can see the total generated by invoices payable, but I can't compare it to the net income which is shown in the table below because it is including paid & unpaid invoices in my profit.

Sophia

Hi @Scorge120, great questions! I'll respond in order

Is there any way to see or view reports currently on what revenue the business has generated and expensed on a cash-basis?

This is coming! In the updated version of Wave accounting we've created the ability to run cash flow reports to give you a more complete picture of the money moving in and out of your business. Your account will be updated to the new version this year, so stay tuned - you'll get an email from us when your account is ready to be ported over.

What about invoices which are never paid in full? How can this be reflected in my income statements?

If you have unpaid, or partially unpaid invoices and you're confident those outstanding balances will never be paid off, you need to write that money off as "bad debt" to keep your balances accurate. We have a step-by-step how to on that here

Can I also see the two totals of which invoices have been paid vs. unpaid? On my Dashboard I can see the total generated by invoices payable, but I can't compare it to the net income which is shown in the table below because it is including paid & unpaid invoices in my profit.

The Aged Receivables report (under Reports > Customers) is great for this! It shows your outstanding invoices and how long you've been waiting to get paid. You can then compare this number to the net income showing on your dashboard to see how much income you're still owed, and know exactly which clients/invoices you need to follow up on.