Is there a way to add Deposits into Invoices

bkcchung

Hello,

Just starting out with Wave and love the system so far. I'm in no way a professional accountant and I've tried to set up my Chart of Accounts with the best of my knowledge. I'm confident that I have establish the basics so far.

My question would be, is there a way to add a "Customer Prepayment" item into the Invoice and have it linked to the "Liabilities" accounts of Prepayments.

Thanks in advance for any advice anyone can provide.

PatMusto

Im a contractor, so my ideal invoice would look like this:

Total $10,000
Deposit $3,000
Balance due at completion $7,000

Is it possible to do this on one invoice? It would be great for one invoice to facilitate and keep track payments.

JamieD

Hey @bkcchung! The current best workflow for deposits and prepayments in Wave is outlined in this help centre article here: https://support.waveapps.com/hc/en-us/articles/208622916-How-to-handle-invoice-deposits-or-pre-payments which definitely outlines all of the necessary steps that need to be taken in terms of tracking/accounting for the deposits themselves.

You can technically add a line item that is labelled 'customer prepayment' or 'deposit' and this would properly track this on the invoice itself. One other thing to mention here is that we are looking to add a Discounts feature in the very near future, so stay tuned!

Barsin

Hey there @PatMusto

I've merged your question into another discussion. Currently our team is looking into this feature request as they've been working heavily on the back end of the invoicing system to start to roll out new features in the future. But if you'd like to take a look at this article on How to handle prepayments and deposits it may give you some more insight into how to achieve this manually.

AlexL

Please add your feedback to the Poll in the link below to further contribute to our conversation surrounding Deposits 🙂

https://community.waveapps.com/discussion/6135/how-would-you-use-deposits-in-your-business#latest