"Sales" for products with in an invoice
LeslieA
Member Posts: 3
Let's say I create an invoice using products that have a price added to them. The invoice is paid by the customer. When I run a PL report, the products inside the invoice are showing up under "sales" and the invoice paid amount is showing up under the income category, therefore, showing the income x2! Am I doing something wrong here? How do I prevent it from showing up twice?
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Hey @LeslieA. When you are adding a product/service in Wave, you select an income account that should be associated with this. When you mark an invoice as paid in Wave a transaction will automatically be associated with this (most likely in the Payments by Wave holding account). You do not want to recategorize this payment as income, since the income account is already associated with the product line item that you've created. All you need to do is categorize it as a 'Payment for Invoice Number 1234' (as an example). This will ensure that your income isn't duplicated in Wave.
What about when WAVE deposits the $ into my bank account? That shows up as a transaction along with the "products" so I think that is what makes it a double income. I just noticed this.
@LeslieA When Wave deposits the payment into your account (through your bank connection) you simply need to recategorize this transaction as a 'Transfer From Payments By Wave' and the funds will move from the holding account into your bank account -- this is assuming that your client is accepting the payment via Wave. If so, this help centre article will put you in the right direction; https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave.
If you are marking an invoice as paid manually, using the same payment account to where the deposit actually occurred, you can simply just delete the bank deposit transaction so that your income amount isn't duplicated in Wave.