Receipts and Bills, are they the same entries?
tosino48
Member Posts: 1
Hello Everyone,
I am new to waveapps. I found it excellent so far but there is this question i need to ask about receipt and Bills.
When email receipt for a bill to wave, it shows up in the wave account and i am able to assign that receipt to the expense category it belong. My question is, do i still need to create that expense as a bill in the Bill section?
Would this mean a double entry or it is designed to be recreated at the bill side as well, since they both fall under the group Purchases.
Thanks
Tosin Ayorinde
0
Comments
Hey @tosino48 - you wouldn't need to create the bill in this case, unless you wanted a bill for your records too. Some people may create the bill first, as a reminder that money is owed, and then mark it as paid later. When you then scan the receipt, you should be able to categorize it as a payment against that bill which will close it out as paid off. But you can also just use the receipt transaction without the bill at all.
Hi,
I am also new to wave, as far as I know it's exactly the same. Both go as expenses. Do not recreate it as a bill as it will be a double entry I guess.
The only difference I can see is that when you create a bill you can either record a payment or find the bill on the transactions and record it form there while on receipts you upload the file and the only option to record the payment is through receipts menu. I can't find an option to record a payment of a receipt on transactions list.
Thanks,
Giorgos
Hi,
I am also new to wave, as far as I know it's exactly the same. Both go as expenses. Do not recreate it as a bill as it will be a double entry I guess.
The only difference I can see is that when you create a bill you can either record a payment or find the bill on the transactions and record it form there while on receipts you upload the file and the only option to record the payment is through receipts menu. I can't find an option to record a payment of a receipt on transactions list.
Thanks,
Giorgos
Hi Wave Team,
What is the benefit of putting an invoice into the bill section instead of in the receipts section? Would it be better to just put it directly in the receipt section as long as it was already paid? Thank you
Hey @mjglso - receipts would definitely work as well, especially if you wanted to have an image file of the invoice you've paid connected to the transaction.
Right now the benefit of adding it as a bill instead would be that you could more easily duplicate the transaction (if it were month-to-month or recurring). The other part is that is that you could track the invoice as an owed bill before it was paid (and thus part of your Accounts Payable), whereas receipts is only able to track already paid items.
Thank you @Samd !