Vendor bill with non-refunded credit balance

justdave

I received a bill from a vendor that has a credit balance on it. I want to record the bill because we track different line items in it to different internal accounts when it gets paid (so I will have credits to the various accounts the refunds applied to). But the vendor did not issue us a refund, the credit is being applied to our next bill. So the amount due is actually $0 (and our next bill will show the credit carried forward as the first line item). What's the proper way to account for this without screwing up my balances?

JulianP

Hey there @justdave !

To be frank, Wave isn't currently designed to handle bill credit balances I'm afraid. I do have one workaround available that you can try though. When you record your next bill, you can create a new negative item line to it to represent the credit balance that will be applied to from the previous bill. Please keep in mind that this is only a workaround though and it may not suffice for your needs. I suggest reaching out to a professional CPA to see what other options you might have available to you.

justdave

Thanks, that's pretty much how I did end up handling it. I added a positive amount equal to the credit as a line item on the credit bill to get the amount due back to $0, then added a matching negative amount to the following bill for the credit forward.