single transaction for subscription income
GregVeres
Member Posts: 24
I just received email from Wave talking about upcoming new features for transactions. The most important feature for me would be something designed to properly record subscription revenue. Right now when I collect subscription revenue I have to enter 3 transactions:
1. the original invoice payment
2. the deferral transaction (to defer the revenue that happens in the next fiscal year)
3. the recognition transaction (to transfer the deferred revenue back to the income account)
I really should be recognizing these yearly subscription payments monthly or quarterly, but because they are so painful to enter, I enter them yearly.
It would be nice if we could setup "compound" transactions, or "macro" transactions. I would love to be able to create a macro where I setup the three transactions and some substitutions and then when I have to enter one of these transactions, I use the macro transaction to enter all three at once.
The three don't have to be tied together. I don't expect to be able to delete the macro or even undo the macro. I would be happy enough to have to delete all the transactions manually if I made a mistake and had to delete the transactions
Comments
@GregVeres, I too deal with subscriptions - well, sort of - mine are HOA dues...but similiar. Reading through your post I thought - why couldn't there be a checkbox on the Products / Services setup page that basically asks if this is a pre-paid subscription - if it is for a pre-paid service then Wave might ask us how many months this pre-paid product / service will cover (for me, 12 months) but I can see that this could vary by company and/or product / service. Some might cover 1 month, others 3...etc. And then there might be another checkbox that asks if we would like to have the Journal transaction automatically created - if you check the box then Wave would automatically divide the Invoiced amount by the number of months we set and create the Journal entry automatically for us for that amount - it should probably add up all of the monthly journal entries so we don't have 500 automatically posted journal transactions for the month - but one...
Could something like this accomplish what you were thinking?
Yes. Yes it would. I suggested something like that back in Aug 2018. I can't find the link to it, but when I searched for my name, the question I asked about it showed up, not not the feature request I submitted. Since it was asked for 1.5 years ago and nothing came of it, I assumed that it isn't something they want.
So, when I saw the email that said they would be working on transactions, I figured I would chime in with another suggestion to help make what I do easier.
Hi @GregVeres and @GrantWHall! Thank you for taking the time to add your feature ideas to the Community. This type of insight is really helpful for our team to have when making changes or planning the future roadmap. There are changes being made at present and while this is not one of the immediate ones hopefully it is something we are able to look at in the future. Thanks again!