I have followed the instructions noted above, however, when I get to the last step, quoted below. By following this process the balance in my prepayment account increases, not decreases, when I record a payment on an invoice.
“When you'd like to record a pre-payment against an invoice, head to Sales > Invoices and select Record a payment next to your customer's invoice. For the Payment method, choose Other, and for the Payment account, choose the account you created in the second step. This method allows you to reduce the pre-payment account as you clear your receivables.”
Could you please share below a screenshot of your Account Transactions report for your "Upfront Payments" liability account? Then we can investigate further what is causing this issue.
The balance in your pre-payment liability account should be decreasing as you account invoice payments against it. Could you please send me a screenshot of the transaction(s) which is causing the balance to increase?
When it comes to transactions in Wave, they can either be a Deposit, a Withdrawal or a Journal Entry. This means that a deposit can't have an expense deducted from it, and vice versa. The only exception to this is if that expense/deposit is in the Discount or Fee category.
If this is the case, you can create a Discount or Fee account by heading to Accounting > Chart of Accounts, and clicking Add a New Account. Then, you can use this to categorise the other split(s) of the transaction as an expense on a deposit (or the other way around)
Yeah, I have to echo @jnpr 's comment from January. This is such an inelegant way to deal with deposits. I too have browsed through forums and have seen so many requests for a simpler way to request a percentage of the invoice paid when you're designing the invoice.
There should be a simple button underneath the invoice total, such as "Request Deposit", or "Create Payment Schedule" (if you need to do more than a deposit and final payment.
That it's such a requested and obviously useful feature that isn't here yet is a bit infuriating. As it stands, I'm adding in a negative "Initial Payment" line item and duplicating the invoice for final payment, which is absurd – but the quickest way I've found to currently do it. Please fix this, Wave team!
How does this work for payments through the Wave electronic payments as they are system locked and un-editable. Is there a procedure that can be used as a workaround?
Comments
“When you'd like to record a pre-payment against an invoice, head to Sales > Invoices and select Record a payment next to your customer's invoice. For the Payment method, choose Other, and for the Payment account, choose the account you created in the second step. This method allows you to reduce the pre-payment account as you clear your receivables.”
Hey @Reconstruct !
Could you please share below a screenshot of your Account Transactions report for your "Upfront Payments" liability account? Then we can investigate further what is causing this issue.
Hi @Kerry125 ,
The balance in your pre-payment liability account should be decreasing as you account invoice payments against it. Could you please send me a screenshot of the transaction(s) which is causing the balance to increase?
How do I handle a net deposit? In the deposit, it won't let me deduct an expense when I split the transaction?
Hey @Barbarajk !
When it comes to transactions in Wave, they can either be a Deposit, a Withdrawal or a Journal Entry. This means that a deposit can't have an expense deducted from it, and vice versa. The only exception to this is if that expense/deposit is in the Discount or Fee category.
If this is the case, you can create a Discount or Fee account by heading to Accounting > Chart of Accounts, and clicking Add a New Account. Then, you can use this to categorise the other split(s) of the transaction as an expense on a deposit (or the other way around)
Yeah, I have to echo @jnpr 's comment from January. This is such an inelegant way to deal with deposits. I too have browsed through forums and have seen so many requests for a simpler way to request a percentage of the invoice paid when you're designing the invoice.
There should be a simple button underneath the invoice total, such as "Request Deposit", or "Create Payment Schedule" (if you need to do more than a deposit and final payment.
That it's such a requested and obviously useful feature that isn't here yet is a bit infuriating. As it stands, I'm adding in a negative "Initial Payment" line item and duplicating the invoice for final payment, which is absurd – but the quickest way I've found to currently do it. Please fix this, Wave team!
How does this work for payments through the Wave electronic payments as they are system locked and un-editable. Is there a procedure that can be used as a workaround?