Cash basis

masadid1990

Hello, since wave dont have cash basis, how you prefer us to do if we deliver to customer and they pay at the same time. Please show me with picture attached.

AlexL

Hey @masadid1990 . I'm not fully understanding. Do you mean cash-basis accounting? If so, you can access your Reports in cash-basis through the Cash Flow Report (Reports > Cash Flow Report). If I'm not understanding correctly, feel free to reach back out with further details and we'd be happy to help .

masadid1990

@alexlewiszarkos i mean i want to do invoice cash basis type, as far as iam concerned wave only have recurral invoice. So what your advice to do in wave if customer do cash basis transaction not recurral invoice?

dsfinco

Hi @masadid1990
Do you mean that you'd like to generate an invoice immediately receipt it's payment on Wave?
You are able to create once-off invoices on Wave. Only downside it, it doesn't work like Point-Of-Sale software.
If it's a new customer each time you invoice, you'll have to create a new customer each time.
You can simplify that by creating a "Customer" and renaming it to "Cash Sales" and then edit the actual customer's name each time you create an invoice using that Accounts Receivable account.
Hope this helps.

Qldpossum

I have added a customer, can I still create a one off invoice?? When I rename it "Cash Sales", it asks for other information, is that the customer and where can you record it has been paid??
qldpossum

Qldpossum

Can I save and record a payment? Will that work?

ChelseaK

@Qldpossum Yes, once you add a customer, you can create an invoice for them and send it off! It looks like you don't have a payments account, so I'm assuming you're referring to receiving a payment which is not processed by Wave. Once you receive the payment, you can head to Sales > Invoices > click on the invoice > head to the 'Get Paid' section and then select 'Record a Manual Payment'. From here, you can choose the income account the funds will go into and the method of payment.

Alternatively, if you decide to connect your bank account to Wave in order to import transactions (from your Banking > Connected Accounts page in Wave), you can wait for the payment deposit to import into your Transactions page and then you can categorize it as a 'Payment for an Invoice in Wave'. Whatever's clever!

Can you describe in more detail about renaming the invoice 'Cash Sales' and what information Wave asks for? Providing screenshots is also really helpful for us to understand the full context!