Is there a way to separate invoices for income and expenses?

propsgeraniumpropsgeranium Member Posts: 3

I invoice clients paid work and expenses on separate invoices. Is there a proper system to do this so that I can tell whether an invoice is paid work or an expense when it comes time to do accounting?

Comments

  • AlexLAlexL Administrator Posts: 1,514 admin

    Hi @propsgeranium . I'd appreciate if you could provide me with some more info on exactly how this looks. What do you mean when you say paid work vs. expense? What exactly is the difference?

    Also, if you could give me your exact reasoning for why you do this and how it helps your business I can provide you with some more insight on this.

  • propsgeraniumpropsgeranium Member Posts: 3
    Hi @AlexL
    I want a quick way to differentiate expenses from paid work so that I can quickly add all the totals for paid work when it comes to tax time. Right now they all show up as an invoice in the list and I have to enter the invoice file to see if it's an expense or paid work. This takes up time to have to open every invoice.

    Is there a proper method on doing this?
  • AlexLAlexL Administrator Posts: 1,514 admin

    @propsgeranium . I'm still a little bit confused to be honest with you. Invoices are used to track the money you're making from your customers, while Bills are used to track the money you're paying your vendors.

    If you're using Invoices to determine your expenses as well, you should switch over to Bills or add your expenses into the Transactions page manually.

    Let me know if I'm still missing something.

  • propsgeraniumpropsgeranium Member Posts: 3
    @AlexL

    Let's say a client needs a video done. But I need to rent a camera to shoot that video. I pay the rental company to rent the camera and bill the client for the rental. Do I bill them on the same invoice as the one that includes my services? Or is it a separate invoice?

    Do I need to use another system to track my reimbursed expenses or can I do it with wave?
  • barrytbarryt Member Posts: 30

    I track this by following the steps recommended by wave here:

    https://support.waveapps.com/hc/en-us/articles/115000588103-Claim-reimbursable-expenses-on-an-invoice

    My income and reimbursable expenses are all on the one invoice.

  • AlexLAlexL Administrator Posts: 1,514 admin

    @propsgeranium . For reimbursable expenses, you can follow the steps in the article that @barryt has posted as it was created for this exact reason.

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