Income Account Not Populating

Jodieh12

When i mark a transaction as payment for an invoice in wave it is not populating the appropriate income account. I have assigned an income account to the product on the invoice which i presumed meant that the transaction would show up in the relevant income account however it just stays in the "payment received for an invoice in wave income account" Any guidance would be appreciated

Mikeg

Jodieh12,
When you create an invoice it will post that sale as revenue even if you have not received payment. The entry that Wave makes when an invoice is created is to debit accounts receivable (short term asset) and credit Sales (income statement). When payment is received it will debit cash and credit accounts receivable. In short, the sale was posted when the invoice was created not when payment is received.
Hope that helps.
Mike G, CPA
www.mgfinancial.net

Jodieh12

Thanks Mike. I was expecting to see the transaction in the specific income account when i recorded the receipt. I've just found what you mean when i produce a report for the specific customer