Splitting Payments
LeaningDog
Member Posts: 1
I feel like I'm losing it. I need to split some payments to multiple invoices but I don't have that option. I've read the two (very different) guides on how to do it, but there is no option in my account to split payments. Is this something I need to turn on in the settings somehow?
When I click the arrow to the right of the transaction, the only option is 'delete'. Or when I click on the transaction itself, it doesn't bring up a menu like the other guide shows. Frustrating!
Anyone have the cure?
Thanks
EDIT:
I figured it out!
For those with the same quandary:
You cannot split an invoice payment. You need to delete the transaction from the list, then add it back in manually as uncategorized income. You can then split that transaction into however many parts you need to and apply it to the appropriate invoices.
Comments
Hi @LeaningDog.
You are right, this is how to do it in the old version of Wave. The new accounting interface makes it much easier and faster. Not everyone has been migrated yet, so you might have to wait a bit longer, as the resources become available for us to move everyone over. I'm happy to hear you found a workaround in the meantime!
Any updates on when this feature might be available to everyone? I just started using Wave for invoicing as a way of streamlining my accounting process, but it's pointless if I still have to manually enter all of my payments.
Hi, @mkericson.
We're working towards migrating all of our users to the new version of Wave right now and we aim to be done within the next few months. We have to be careful throughout the process to ensure your data's integrity, so we'd rather take things slowly rather than put your data at risk.
Do you find that you often receive payments for multiple invoices in a lump sum through online payments? You shouldn't have to record payments done online through our payment processing system otherwise.
No, and perhaps I'm misunderstanding the earlier post. The problem I'm having is that when an invoice is paid--despite the fact that I've designated an income category for each product and service contained in the invoice--those items do not appear in those categories. It simply comes in as a single, uneditable line item categorized as an invoice payment. If I can't split the transaction, then I cannot correctly allocate that income into the correct categories.
Hi, @mkericson.
That's all handled automatically. You won't see it on your Transactions page, but it'll be separated appropriately in your reports. Here's what happens in the background:
When you create an invoice...
When you receive a payment...
You don't have anything else to do.
If you change the income account linked to one of your items, note that it won't change that account on past invoices, only future ones. To change this on past invoices, you'll have to find these invoices on your Invoices page, click the arrow to their right and go to "Edit Invoice". Hit "Save invoice" without changing anything and it will update the income account for your items.
So how do you split an invoice into multiple payments? My company usually provides an estimate then invoices 30%, 30% and then the balance 40% of the invoice total. How do I credit an income account? How do I debit the accounts receivable for the invoice total? These steps are unclear and I do not know where to do this?
Hi @Capitalmind! Are you trying to create a Journal Transaction? If so, you can create one by navigating to the Transactions page and then clicking: More -> Add Journal Transaction. If you are trying to show the payment in a different way, you can categorize each deposit transaction you receive as 'Payment received for an invoice'. Doing this will mark the invoice as partially paid. This will ensure that each time a deposit is received for the invoice it is being applied to it until the full amount has been received, then it will be marked as 'paid'.
> Hi @Capitalmind! Are you trying to create a Journal Transaction? If so, you can create one by navigating to the Transactions page and then clicking: More -> Add Journal Transaction. If you are trying to show the payment in a different way, you can categorize each deposit transaction you receive as 'Payment received for an invoice'. Doing this will mark the invoice as partially paid. This will ensure that each time a deposit is received for the invoice it is being applied to it until the full amount has been received, then it will be marked as 'paid'.
Hi Emma
I need to send an invoice to costumer but split in 2 so the 1st one is 50% and second one 50% how to do a split invoice and sent it to costumer, thank you
I also need the same thing. I require 50% down and 50% upon completion and there is no way to split the invoice in half to send to the customer to get that first half. They want the invoice to reflect only the first 50%.
@Sam_74 @Derrik When you send an invoice to your client, you can give them the full amount and include two separate line items. One, for the deposit, and two, for the completed work. Your client has the option to enter in how much they want to pay once they receive the invoice, so this could be for the total amount, or simply just the deposit amount (you can write that in the memo of the invoice itself). There are a few features coming to invoicing soon which may benefit your situations, stay tuned!
Excited to see! 😊🤞🏻
Hey there @tsfjax @Sam_74
This is actually something you can today! It's not included in an update. Your client has the ability to change the amount of the invoice and only put 50% down if you're using credit card processing through payments by Wave.
Be sure to also make sure your invoice date is due at the end of the project so it doesn't show as overdue and sends reminders to pay the rest!
Thanks though
Has there been an update on how we can split an invoice into two or more payments?
I want to send a $1500 invoice payable in 3 instalments of $500. Each with their own due date.
Hey @MitchGulliver !
At this time, there are 2 ways to do this in Wave:
You can send your customer a standard invoice and allow them to make partial payments of $500.00 until the outstanding balance is cleared. You can include your desired due dates in the invoice's notes section with this method. Then, manual payment reminders can be sent.
You can send your customer a recurring invoice for 3 instalments of $500.00 each. This option might not suffice in your case since it generates 3 separate invoices.
I hope this helps!