Recategorize invoice payments?

zakrayzakray Member Posts: 4

Is it possible to split and recategorize payments in the transactions list? Most of my payments include different categories, like expenses, in addition to the income. But when I try to split or recategorize it changes the invoice status to not paid.

Comments

  • Ryan_WRyan_W Administrator Posts: 374 admin

    Hey @zakray if you're splitting income transactions (which were initially attributed to a full invoice payment) where you're then allocating some of the total to other invoices/categories, then it's expected that the invoice would move to an unpaid status (because you've taken a portion of the total and attributed it to something else after splitting it).

    Would you be able to share a bit more insight into why/how this is your desired workflow? I don't think I'm fully grasping or envisioning what need this may fill, so I'd love to get a bit more detail so I can make a more complete recommendation!

  • zakrayzakray Member Posts: 4

    Thanks Ryan. The most common use case for me is when I bill clients for the use of my equipment in addition to my labor. The easiest way for me to keep track of that is to split the income amount so it's $X for labor and $X for equipment. This lets me see how much equipment income I take in over time using the Reports section.

    Perhaps there's a better workflow I'm missing?

  • SophiaSophia Administrator Posts: 147 admin

    Hi @zakray, are you sending your clients invoices you create in Wave? If so the easiest way to do this will probably be to create two income categories, say, call one "labour/job income" and the other "equipment income." When you create the invoice, assign the invoice line for labour to the labour account, and the line for equipment to your equipment account.

    This way, when you mark the invoice as paid (or your client pays you through Wave) income to both those accounts will be recorded automatically, and you'll be able to see how much of your income is coming from each element. Let me know if that works for you!

  • zakrayzakray Member Posts: 4

    Thanks Sophia, but I can't seem to make it work. I recategorized a previous invoice like you suggested but it doesn't seem to be updating my category totals in Reports.

  • JamieDJamieD Administrator Posts: 448 admin

    Hey @zakray. Could you please confirm a screenshot to show us what happens when you recategorize these particular invoice transactions so that the amounts differ on the profits & loss statement for your income accounts? Usually, income accounts are tracked at the product & service level (you choose an income account for a product/service you are selling, include it in the invoice and Wave automatically tracks this for you without you categorize the payment as income).

    Let us know when you get a chance.

  • zakrayzakray Member Posts: 4

    Hey Jamie, might have been my mistake. I tried again and it seems like it worked now. Thank you!

    One other small request would be the ability to remove old products/services from the list. Currently it doesn't let me because they're attached to old invoices. Maybe the ability to just "hide" them?

  • Ryan_WRyan_W Administrator Posts: 374 admin

    Glad to hear that @zakray! As for old products/services, we're working towards adding an "archive" option that'll clean up that list. I don't have an ETA, although it's something we're aware of and figuring out!

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