Invoice payment
palosanto
Member Posts: 7
Hello,
In the old Wave system after creating an invoice and applying the payment, for example a cheque, the cheque deposit entry was merged with the invoice.
But now I process the payment in wave but I cannot merge it with the bank deposit entry so I have 2 identical amounts registered as income. How do I handle this? Do I have to delete manually the cheque deposit entry every time?
Please advise
Juan
2
Comments
I have this exact same problem. I applied a payment to an invoice and input check #, amount, etc. Then I deposited the check. Now, transactions are downloaded into Wave, but the deposit is not merging with the already entered payment.
The process below, given to me by Mave, does not work for this scenario because the manually applied payment is not listed in your bank transactions.
Appreciate any help,
Heidi
Hey @palosanto and @hafnerdesigns! Sorry to see you are experiencing issues with merging your invoice payments with an incoming transaction from your bank. The reason you may not be able to merge the two transactions together is because the cheque deposit transaction may not be categorized once it is imported, and an uncategorized transaction cannot be merged into another transaction. I would suggest that you categorize the deposit as Sales and then merge the two transactions together. That should do the trick!
Thank you. I'll try this with my next transaction
@QaisE, thanks for your response. I did try that but had some complications. I assume you're suggesting that we make a double-entry of sorts and then merge the two.
Thanks. Assigning the deposit as "sales" did the trick and I was able to merge the 2 entries.
@hafnerdesigns What complications did you run into? Qais was working off the assumption that you had both the manually applied payment transaction and the bank imported transaction for the deposit. Is the merge solution still resulting in the same two transactions showing on your account or is something else happening? Screenshots can be useful here to illustrate your points.
@hafnerdesigns Please see the two first posts. The solution (3rd post) is to apply to the deposit entry the category of "Sales".
Then if you select your applied invoice payment and the bank deposit (identical) you can merge them.
But usually a deposit comes as "Uncategorized " and it doesn't let you merge, that's why you need to clasify it as "Sales".
Then it becomes a single transaction classified as "Invoice xxx | payment from account yyy"
I have a similar problem: I want to categorise the payment received for an Invoice as an "Income" transaction so it will appear in my Year-End "Income & Expenditure Report" - but if I do so, the Invoice's "payment" disappears and the Invoice becomes "Overdue".
The payment is paid directly into the bank by the customer via bank transfer - which is NOT linked to Wave: I record the payment manually into Wave.
How can I record a payment received for an Invoice as an "Income" transaction while at the same time mark the invoice "paid"?
Hey @Luison, great question! Any transaction marked to an invoice will be tracked as income in Wave, so the best workflow would to leave your payments associated with the invoices themselves (recategorizing severs this link, leaving you with seemingly unpaid invoices as you noted).
The way income works for invoicing is at the product level - each individual product or service will have it's own income account tied to it. This can be as simple as 'Sales', or you could have a specific income account for each unique product or service. When you mark an invoice as 'Paid', on the back end, Wave accounts for this by moving the amount from Accounts Receivable to your deposit account. But it also earmarks these funds into their respective income accounts for tracking.
This is really complicated. Was it fixed in 2021?