Progress Invoicing?

mitchfxmitchfx Member Posts: 1

I just started using Wave for my small business accounting, and was disappointed to discover there is no easy way to set up progress invoicing. Most of my jobs are longer term projects where the client pays a certain amount up front, set amounts at various milestones then a final balance on completion. I've looked into the recurring invoicing feature bit it doesn't really fit my needs since the partial payments are not usually a set % or repeating time schedule. I could, in theory, put the entire total in an estimate and bill separately for each partial payment due but this is less than ideal due to lack of clarity for the customer (plus it looks a little unprofessional/non-standard in my industry). Is there any plan to remedy this shortcoming in the near future, or perhaps something I'm overlooking? Thanks!

edited August 30, 2018 in Wave Features

Comments

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Thanks for bringing this to our attention @mitchfx! Can you tell me a bit more about your business and your field? The more information you can share, the better we'll be able to assess how we can help you.

    It isn't a feature that's currently available in Wave, but I can think of a way or three to handle that workflow still. I'd recommend creating an invoice for the full amount and specifying the payment terms as negotiated with your client in the Notes section of the invoice. When your client pays for a progress increment on the invoice, simply apply a partial payment to that invoice.

    You can resend the same invoice again for the next payment. It'll show what's already been paid, and the total remaining. If anything changes on the invoice between increments (additional expenses to reimburse, for example), you can add new line items and change the total as required. Does this help?

  • StaccountStaccount Member Posts: 1
    I'm facing the same problem here..I think as a top listed accounting solution, Wave should implement a new feature like QuickBooks. Such as, at the beginning QB asks about business type. So, it automatically helps to customize the software as the requirements of the business type. A contractor (e.g. Roads and Bridges developers, Land reclamation industries, Building Constructor,) always need progress invoicing which must be well developed in a sophisticated software like accounting...
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