Correct procedure to reverse invoice payment in transactions?
motorambler
Member Posts: 53 ✭✭
I have to completely unwind a sale I did a couple weeks ago. Do I delete the original? Do I create a new negative dollar amount invoice? What about the associated transaction expenses (cost of goods sold, etc)?
I could really use some guidance here.
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Comments
@motorambler. If it's a situation where the payment was refunded to the customer, you would want to categorize the transaction as 'refund for invoice' and then select the invoice from the dropdown. After doing that, you will want to follow the steps outlined in this help centre article here: https://support.waveapps.com/hc/en-us/articles/115000031243-How-to-write-off-an-invoice
In the case you are just trying to remove the payment/invoice entirely, you can remove the transaction associated with the invoice and then delete the invoice afterwards.
As for the expenses, did you still pay for them? Or are they being returned for a refund?