Hey @BriBel! When you manually record an invoice payment in Wave, when you select a Payment Account from the drop down menu, it will have to be a "Cash and Bank" account. The actual account that receives the funds will need to be selected. If the funds are then later transferred to a different account, you can record the transfer on your Accounting > Transactions page. If you don't have the appropriate asset account created, you and create it on the Accounting > Chart of Accounts page by pressing "Add a new account" in the top right corner. Can you clarify why you are trying to select a liabilities account as the Payment account? Does your bank allow this?
Regarding the mobile app, I believe our website and our app have slight differences in terms of coding which is why you may be able to action this.
why does the mode of payment only shows limited payment options, e.g upto fixed assets only,
I have added an account on other receivables but it is not displayed as part of the method of payments
Hi @Kirui , the accounts listed are payment accounts which means they're accounts that represent the flow of money in real life. Your account in other receivables wouldn't represent that flow which is why you can't select it as a payment account. See the article at the start of this thread for more info.
What exactly are you trying to accomplish with this account? We may be able to give you some other pointers on how to handle this specific workflow if you provide some further details.
How do I record partial payment of an invoice? I bill recurring amounts monthly to many customers. If a customer gets behind and owes two $65 invoices totalling $130, and they send in a payment of $100, I would need to apply that payment $65 to the first invoice and $35 to the second, leaving $30 remaining on the second invoice. It seems as though you can only pay the whole invoice.
Also, how do I record credit card payments from another source other than Wave payments? I will receive a CC payment of $150, but the deposit to my account will be less than $150 so the deposit and the invoice will not match in amount and the difference needs to be charged to CC processing fees. With Wave payments the CC processing charge is handled automatically, but we also accept CC payments through another source and need to be able to recognize the entire amount as revenue and the difference as expense.
Hey @Amuhaya , the Chart of Accounts is home to all of your accounts that exist. These accounts work in different ways throughout the system, and if you ever need to change, edit or add an account, you can do so through the Chart of Accounts page.
Hey @NSIKathie , when marking an invoice as paid through the invoice itself, you do have an option to select how much your customer has paid you. Check out the screenshot below for an example:
Thank you, yes, I did figure this out after I posted the comment above, but I am still struggling with the CC charges when the payment does not come through Wave. More info would be appreciated.
Is there a way to have a direct link from an invoice to a payment account so the client can deposit funds instantly instead of having to manually set up a bank transfer? I see the option for paypal and credit cards but wasn't sure if direct deposit was an option.
Hey @NSIKathie ! If you accepted a payment outside of Wave and there was a processing fee deduction leaving you with the net amount, then you will need to split the transaction into two parts; the sale and a negative processing fee value. We have a great guide you can follow here.
Hello @VJ73 ! With our Wave Payments feature, you can accept and process invoice payments directly into a payout account of your choosing. Through Wave, you can process ACH bank payments, credit card payments, and AMEX payments. Alternatively, before sending the invoice to your customer, you can include any payment links you'd like in the "Message" section.
I need some help here with this app. I link my bank account with wave. if I had already received a payment from a client and l'm trying to record the payment for that invoice the payment still shows as an extra income into my transactions. I need an account from the app to help please or any staff from wave. Thank you! This program is a great program, but man... its confusing!
This option works great until they decide you don’t meet the requirements after a $2000 transaction is put through so now they decide to hold onto $2000 and won’t refund to the customer or to the buisness. And now they refuse to answer your emails, messages and discussion board posts.
I am confused! I linked my bank account. When I record an invoice as paid - that payment, plus the regular deposit into my bank account is like a double transaction! How do I record the invoice payment so that it and the regular bank deposit does not double my funds?
Would you kindly mind elaborating a bit on the transaction that you're talking about? My assumption here is that you've have marked your invoice as paid (this will create a payment income transaction) then you received the payment from your client and your bank connection has duplicated the income from the bank import.
So if you're using payments by wave, then our system should in theory automatically connect your income from the client to the invoice that was created. If however you do not have payments by wave turned on, you should be categorizing your bank transaction, rather than marking the invoice as paid.
In your transactions page, find the income received by a client brought in by your bank connection, and select the drop down 'choose a category' option. This should allow you to scroll down and link that income to an invoice by selecting "payment made to an invoice". Categorize it to the appropriate invoice and it will in turn show up as paid, not creating a duplicate
If you notice that it's been duplicated and there are two transactions, it's likely because you selected "mark invoice as paid", which creates a transaction, and then your bank import brings in the income transaction as well.. Delete the bank import one and moving forward I would recommend using the choose a category option. This will detect your invoice has been paid. In the drop down there is a 'more option' category, you might have to locate the invoice in there.
I use a prepaid card for online purchases where I transfer the amount I need from the bank to the credit card when needed. What chart of account item should I add?
You can add a prepaid credit card account by heading over to Accounting > Chart of Accounts > Add a New Account. For the account type, you can select "Credit Card". When you transfer funds into this account, you can record this like a credit card payment but it would create a positive balance. Then when you record purchases with your prepaid credit card, you can allocate the transactions to the new account to reduce the balance created by the fund transfer.
With that being said, since this is a prepaid credit card as opposed to a standard credit card, I suggest reaching out to a professional CPA to ensure your books are accurate.
If you'd like to delete an invoice head to Sales > Invoices > Select the arrow beside the invoice > Delete.
If you were paid on a invoice via Wave Payments and then issued a refund, you'll find that the invoice can't be deleted. This is for two reasons:
as your payment processor, this is a record of the payment that occurred, and since real funds were moved on the invoice, this record is a requirement
this is the most accurate picture of your business: since funds really did come into your business and then go out, keeping a record of this means greater accuracy on your business' performance.
If you'd like to write off an invoice that has been refunded in Wave please follow the steps in this guide on How to write off an invoice!
Comments
Hey @BriBel! When you manually record an invoice payment in Wave, when you select a Payment Account from the drop down menu, it will have to be a "Cash and Bank" account. The actual account that receives the funds will need to be selected. If the funds are then later transferred to a different account, you can record the transfer on your Accounting > Transactions page. If you don't have the appropriate asset account created, you and create it on the Accounting > Chart of Accounts page by pressing "Add a new account" in the top right corner. Can you clarify why you are trying to select a liabilities account as the Payment account? Does your bank allow this?
Regarding the mobile app, I believe our website and our app have slight differences in terms of coding which is why you may be able to action this.
I hope this helps clearing things up!
why does the mode of payment only shows limited payment options, e.g upto fixed assets only,
I have added an account on other receivables but it is not displayed as part of the method of payments
Hi @Kirui , the accounts listed are payment accounts which means they're accounts that represent the flow of money in real life. Your account in other receivables wouldn't represent that flow which is why you can't select it as a payment account. See the article at the start of this thread for more info.
What exactly are you trying to accomplish with this account? We may be able to give you some other pointers on how to handle this specific workflow if you provide some further details.
Let us know!
What do I use the Chart of Accounts for? I have listed the information there but I do not clearly understand its use.
Amuhaya
How do I record partial payment of an invoice? I bill recurring amounts monthly to many customers. If a customer gets behind and owes two $65 invoices totalling $130, and they send in a payment of $100, I would need to apply that payment $65 to the first invoice and $35 to the second, leaving $30 remaining on the second invoice. It seems as though you can only pay the whole invoice.
Also, how do I record credit card payments from another source other than Wave payments? I will receive a CC payment of $150, but the deposit to my account will be less than $150 so the deposit and the invoice will not match in amount and the difference needs to be charged to CC processing fees. With Wave payments the CC processing charge is handled automatically, but we also accept CC payments through another source and need to be able to recognize the entire amount as revenue and the difference as expense.
Hey @Amuhaya , the Chart of Accounts is home to all of your accounts that exist. These accounts work in different ways throughout the system, and if you ever need to change, edit or add an account, you can do so through the Chart of Accounts page.
Hey @NSIKathie , when marking an invoice as paid through the invoice itself, you do have an option to select how much your customer has paid you. Check out the screenshot below for an example:
Thank you, yes, I did figure this out after I posted the comment above, but I am still struggling with the CC charges when the payment does not come through Wave. More info would be appreciated.
Is there a way to have a direct link from an invoice to a payment account so the client can deposit funds instantly instead of having to manually set up a bank transfer? I see the option for paypal and credit cards but wasn't sure if direct deposit was an option.
Hey @NSIKathie ! If you accepted a payment outside of Wave and there was a processing fee deduction leaving you with the net amount, then you will need to split the transaction into two parts; the sale and a negative processing fee value. We have a great guide you can follow here.
Hello @VJ73 ! With our Wave Payments feature, you can accept and process invoice payments directly into a payout account of your choosing. Through Wave, you can process ACH bank payments, credit card payments, and AMEX payments. Alternatively, before sending the invoice to your customer, you can include any payment links you'd like in the "Message" section.
I need some help here with this app. I link my bank account with wave. if I had already received a payment from a client and l'm trying to record the payment for that invoice the payment still shows as an extra income into my transactions. I need an account from the app to help please or any staff from wave. Thank you! This program is a great program, but man... its confusing!
I am confused! I linked my bank account. When I record an invoice as paid - that payment, plus the regular deposit into my bank account is like a double transaction! How do I record the invoice payment so that it and the regular bank deposit does not double my funds?
Hey there @aj1804 @Lynn_1978
Would you kindly mind elaborating a bit on the transaction that you're talking about? My assumption here is that you've have marked your invoice as paid (this will create a payment income transaction) then you received the payment from your client and your bank connection has duplicated the income from the bank import.
So if you're using payments by wave, then our system should in theory automatically connect your income from the client to the invoice that was created. If however you do not have payments by wave turned on, you should be categorizing your bank transaction, rather than marking the invoice as paid.
In your transactions page, find the income received by a client brought in by your bank connection, and select the drop down 'choose a category' option. This should allow you to scroll down and link that income to an invoice by selecting "payment made to an invoice". Categorize it to the appropriate invoice and it will in turn show up as paid, not creating a duplicate
If you notice that it's been duplicated and there are two transactions, it's likely because you selected "mark invoice as paid", which creates a transaction, and then your bank import brings in the income transaction as well.. Delete the bank import one and moving forward I would recommend using the choose a category option. This will detect your invoice has been paid. In the drop down there is a 'more option' category, you might have to locate the invoice in there.
I use a prepaid card for online purchases where I transfer the amount I need from the bank to the credit card when needed. What chart of account item should I add?
Hello @GAB !
You can add a prepaid credit card account by heading over to Accounting > Chart of Accounts > Add a New Account. For the account type, you can select "Credit Card". When you transfer funds into this account, you can record this like a credit card payment but it would create a positive balance. Then when you record purchases with your prepaid credit card, you can allocate the transactions to the new account to reduce the balance created by the fund transfer.
With that being said, since this is a prepaid credit card as opposed to a standard credit card, I suggest reaching out to a professional CPA to ensure your books are accurate.
How do I reverse a payment?
If an invoice was marked as paid but the payment did not go through, how do I now reverse this payment in Wave?
Hey @Fanie !
If you'd like to delete an invoice head to Sales > Invoices > Select the arrow beside the invoice > Delete.
If you were paid on a invoice via Wave Payments and then issued a refund, you'll find that the invoice can't be deleted. This is for two reasons:
as your payment processor, this is a record of the payment that occurred, and since real funds were moved on the invoice, this record is a requirement
this is the most accurate picture of your business: since funds really did come into your business and then go out, keeping a record of this means greater accuracy on your business' performance.
If you'd like to write off an invoice that has been refunded in Wave please follow the steps in this guide on How to write off an invoice!
This app is very useful and very helpful. It literally has everything you want and need to know to do business and be successful.
I don't even know what to say!!!
The app is Great!