Transactions and invoice reconciliation
patbell101
Member Posts: 13
Trialling Wave I am trying to establish the most efficient workflow for working with my bank transactions and invoices. My clients make recurring payments by standing order. I can check through my transactions and allocate them to the customer but the invoices seem totally separate. After reconciling my bank transactions it seems I then have to separately locate the invoices and mark them as paid. This creates a new transaction... this is getting too complicated. Have I missed something?
0
Comments
I had missed something - or rather something was missing. I don't have "Payment sent for an invoice in Wave". I think its because I have another currency. Wave claims this should work but it misses out vital categories that prevent me from using the app properly. Does anybody know if this bug is fixable? Because having accounts in different currencies to my main one SHOULD work.
Some further tests on a dummy account. It seems that having different currency transactions is the problem. "Payment received for an invoice in Wave" (plus others) do appear when the txn is in the business currency. So much for multicurrency. Any fixes so I can manage the foreign currency invoice payments?
Hey @patbell101 . So happy to see you doing all of this testing to attempt to work out the solution. Let me try and help you out some more here.
You are correct in saying the "Payment sent for an invoice in Wave" option just doesn't appear when dealing with a foreign currency. The work around for this would be to mark the invoice as paid, and then delete/merge the payment in your Transactions page with the newly created invoice payment.
Still complicated though. My foreign payments are mostly existing regular payments. I might just account for these directly as nominal transactions. When I need to issue foreign invoices then I'll set up a separate business for the sales ledger.
@patbell101 Some other Wavers opt for the solution that you have noted. Alternatively, you can mark the invoices as paid in full in your home business currency, and perform an adjusting entry for the multicurrency conversion that displays the gain or loss on the conversion in a separate account. This approach will allow you to use one Wave account for all of your business transactions and will give you the most accurate reporting as a whole. This article walks you through the process in a more detailed manner: https://support.waveapps.com/hc/en-us/articles/208624186-Accounting-for-foreign-currency-transactions