Change income category on past invoice
MCoop
Member Posts: 1
I realized that I created a new service and assigned it to the wrong income category. So it is assigning profit to the wrong category for a past invoice. I've updated the category, so am set for new invoices. But I cant figure out how to assign that income to the correct category for the invoices that have already run.
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Hey @MCoop, thanks for reaching out here. Unfortunately, when an income account is associated with a product, and that invoice is paid via Wave Payments, that invoice's product is locked into that income account. You can update the income account for the product for future invoicing, but there would be no way to retroactively delete those income accounts now that they're associated with that paid invoice. I'm sorry for the inconvenience here.
Hi @ConnorM
I've made a bunch of these mistake too as I've only realized it at the end of my financial year. May I know how then to overcome this as the reports generated would now not be correct? Thanks!
Wave is going to struggle getting traction if newbies who make mistakes don't have a way to rectify them. Any serious software has a way to correct mistakes.
Hey there @DoraDora and @Jay_Design5 ! There is one workaround available in this case to apply the new income account to product/services retroactively.
First, update your product/service income account. You can then remove the product/service item lines from all prior invoices manually and re-add them. This is the only solution available to have the new income account linked to the product/service on pre-existing invoices. I hope this helps!
Thank you for this. I managed to fix my errors. Fortunately there were only a very few as I've just started with Wave.