Need Help with how to do a complicated credit memo work around

SophicSSophicS Member Posts: 4

I have a client that didn't issue POs correctly, needless to say I am being asked to issue a credit memo to return a payment from last year on one PO to then reinvoice on the right PO. Problem is I can't find a way to do this, especially addressing that the payment needs to come off and then go back on the books for 2017. Help!!!!

edited August 30, 2018 in Wave Features

Comments

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Hi, @SophicS.

    I'll start by saying that Wave doesn't close out years like other accounting software often does. You're always free to look back and edit things in the way that makes the most sense.

    As for credit notes in Wave, there's no dedicated feature to handle them. You can, however, simply make an invoice with a negative price to the same effect.

  • SophicSSophicS Member Posts: 4

    That really should be a feature that gets a high priority to be integrated, the invoice route does not work for corporations who deal in credit memo. You can't change all the fields on an invoice for it to act as a credit memo effectively, I tried and that's why Im at the board. Looks like I will have to migrate to a different software soon.

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Hi, @SophicS.

    I'm sorry to hear that. Could you tell me a bit more about what you need from credit notes? Do you use them often in your day-to-day?

  • SophicSSophicS Member Posts: 4

    I don't use them often, its a situation that has come up though working with larger companies and it poses a problem. I had to create one outside the system, but the problem is when the money gets debited out and back in I get taxed twice since its from an invoice from the last year. Which forces me to do a bit of creative accounting deleting things and reengineering things to put the money on prior years since it doesn't do it automatically. This might not make any sense, but it does cause a domino effect on record keeping.

  • AlexiaAlexia Administrator Posts: 3,314 admin

    I can see how that would be frustrating, @SophicS. Thank you for your feedback.

    I do recommend you check in with an accountant about those tax complications. I can't advise on the best way to handle them, but a tax specialist certainly could.

  • ingzthingzingzthingz Member Posts: 4

    I've had an issue with a credit note which does not appear on the customer statement, which therefore shows an incorrect balance outstanding

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