Retainer Invoicing

MarcusAMarcusA Member Posts: 1
Fairly new to Wave. As a DJ I can send either an estimate invoice for a quote or an invoice for a client I have under contract. My question is can I send an invoice for a security deposit and when the client pays it, add it as a payment made to the main invoice amount and subtract that from the total on the main invoice with the full amount? Basically can I make a retainer invoice then apply it?

Comments

  • JulianPJulianP Administrator Posts: 668 admin

    Hey @MarcusA , welcome to Wave!

    Wave has a workflow on how to handle invoice deposits that can come in handy for you in this case. Feel free to check it out here: How to handle invoice deposits or pre-payments.

    Essentially you will want to create a new "Customer Pre-payments and Customer Credits" liabilities and credit cards account on your Chart of Accounts page that you can then use towards invoices.

    I hope this helps!

    edited February 22, 2021
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