Invoices defaulting to unpaid if catagorised

PoochrunnerPoochrunner Member Posts: 2

when I report my invoice as paid I merge it with the bank transaction and change the catagory to the service that the payment is for. The problem is when I go back into the invoices its back there again showing as not paid. If I leave the catagory alone the income does not show on my profit and loss report because the invoice has its own unique catagory. How do I work around this problem?

Comments

  • JamieDJamieD Administrator Posts: 795 admin

    Hey @Poochrunner. Let me breakdown how invoice payments/income tracking works for invoices.

    Basically, when you are creating a product/service in Wave, you will want to associate that with a specific income account. After an invoice has been marked as paid in Wave, that invoice is already associated with the income account, it doesn't actually need to be categorized. When you are merging the transaction, the first transaction that was created (aka the invoice payment transaction) will always take precedent, so there isn't a need for re-categorization. Hope this helps!

  • PoochrunnerPoochrunner Member Posts: 2

    No, it doesn't help at all as that is not what is happening.
    I have created my services in Wave the invoices are not already associated with the income account. I do want to categorize my services so that I can see where my income is coming from, it isn't automatic.
    When merging the transaction the first transaction that was created is the payment from the customer and NOT the invoice payment transaction - why would I mark it as paid if I haven't been paid? - and the payment from the customer does not take president.
    My customers pay via bank transfer and not by card if that makes a difference?

  • JamieDJamieD Administrator Posts: 795 admin

    @Poochrunner Just to clarify something I had mentioned earlier .. When an invoice is paid in Wave with the product & service that is tied to a specific income account, the funds paid for that invoice will be associated with that income account in the profits & loss statement. These three screenshots reference what I'm referring to (the product on the invoice has Sales as the income account, and I've marked the invoice as paid:

    If you are referring to actually accepting payments via our processing.. the process is similar except for categorizing the actual deposit transaction that comes through via your bank connection. When a payment is made through Wave, our software will automatically mark that payment as paid and associate it with a money in transit account (payments by Wave). You would then want to categorize the bank deposit transaction as a 'transfer from payments by wave' to show that the money in transit amount actually landed in your bank account (this should be done automatically for you, but if it does not happen, you will need to do this.. see here: https://support.waveapps.com/hc/en-us/articles/115004964423-Bookkeeping-changes-to-Payments-by-Wave). Again, in terms of the income account/reporting .. this will all be done for you automatically since the invoice itself is being marked as paid and the income account is associated with the product & service (there isn't a need to categorize an invoice payment as the income account which is why the invoices are being reverted to as unpaid).

Sign In or Register to comment.