Receipts and Bills, are they the same entries?

tosino48tosino48 Member Posts: 1

Hello Everyone,
I am new to waveapps. I found it excellent so far but there is this question i need to ask about receipt and Bills.
When email receipt for a bill to wave, it shows up in the wave account and i am able to assign that receipt to the expense category it belong. My question is, do i still need to create that expense as a bill in the Bill section?
Would this mean a double entry or it is designed to be recreated at the bill side as well, since they both fall under the group Purchases.
Thanks
Tosin Ayorinde

Comments

  • SamdSamd Administrator Posts: 513 admin

    Hey @tosino48 - you wouldn't need to create the bill in this case, unless you wanted a bill for your records too. Some people may create the bill first, as a reminder that money is owed, and then mark it as paid later. When you then scan the receipt, you should be able to categorize it as a payment against that bill which will close it out as paid off. But you can also just use the receipt transaction without the bill at all.

  • GiroinGiroin Member Posts: 5

    Hi,

    I am also new to wave, as far as I know it's exactly the same. Both go as expenses. Do not recreate it as a bill as it will be a double entry I guess.

    The only difference I can see is that when you create a bill you can either record a payment or find the bill on the transactions and record it form there while on receipts you upload the file and the only option to record the payment is through receipts menu. I can't find an option to record a payment of a receipt on transactions list.

    Thanks,
    Giorgos

  • GiroinGiroin Member Posts: 5

    Hi,

    I am also new to wave, as far as I know it's exactly the same. Both go as expenses. Do not recreate it as a bill as it will be a double entry I guess.

    The only difference I can see is that when you create a bill you can either record a payment or find the bill on the transactions and record it form there while on receipts you upload the file and the only option to record the payment is through receipts menu. I can't find an option to record a payment of a receipt on transactions list.

    Thanks,
    Giorgos

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