Vendor remittance advice

Mikelunn_8292Mikelunn_8292 Member Posts: 4

Hi all. I have some suppliers who require me to send them a remittance advice when I pay them. How can I get this off Wave instead of having to export it into excel and do the remittance manually? Any better suggestions than excel? Your help will be appreciated.

edited August 30, 2018 in Accounting Feature Ideas

Comments

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Hi, @Mikelunn_8292.

    There isn't currently a way to print remittance advice directly from Wave. Can you give me a bit more context about the vendor that requires this from you? Is this a common requirement from your vendors?

  • Mikelunn_8292Mikelunn_8292 Member Posts: 4

    Hi. Sorry for the delay in replying. It is quite common with large suppliers as there a numerous invoices. They want to know which ones have been paid and which ones not. Currently I export into excel and do the remittance from there.

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Not a problem, @Mikelunn_8292, I promise that we understand how busy business owners can be!

    Can you tell me bit more about your business? I'm curious to have more information on your general workflow and see if we could help a bit further.

    Wave is built with businesses that offer services in mind. It's why, for example, we don't currently have features for inventory management, or for handling purchase orders. Having a bit more context will help us see how much of an impact building something like this would have on our average Waver.

    If you're curious to learn more about how we choose what to build for Wave next, check out this post!

    edited April 30, 2018
  • djfloriandjflorian Member Posts: 4

    I just wanted to add a voice for Vendor Remittance request. I was actually quite surprised that this wasn't already a feature as EVERY supplier I have ever dealt with has required one, whether they be a small or large business.

    I'm hoping this will be implemented in the near future :)

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Thanks for throwing in on this, @djflorian!

    Can you tell me a bit more about your business? the more we know about how this would make your life easier in the context of your specific business, the better! I also recommend you check out the post I linked in my last reply. It goes into details on how we choose new features to add to Wave.

  • kacperjedkacperjed Member Posts: 3

    +1 on the remittance advice feature. I'm a web developer, and am required to send remittance advice to Amazon, for example, when using their Pay by Invoice feature (on Amazon Business). I also send remittance advice to the company from which I'm renting my offices.

    Being able to download a PDF remittance advice would mean that I don't have to put this into spreadsheets each time. Essentially, it's an invoice with a different title - so if this could be implemented, then it would be great.

    It's a feature which I had with Xero, and I dearly miss it!

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Thank you, @kacperjed, for sharing your own experience.

    Could you share an example of the template you use right now? I'd love to have a better idea of what you would need.

    Do you use these very often in a given month?

  • kacperjedkacperjed Member Posts: 3

    Thanks for your response!

    I use the Google Sheets invoice template.

    Things that I change are: rather than the "due date" I have "date paid"; and rather than say "Invoice" it says "Remittance advice". One additional thing which I do add is an account number (for Amazon) since the reference number field is used by the actual reference I create for the remittance advice.

    Everything else stays from an invoice, except you switch around the payee and supplier.

    I just want to reiterate that remittance advice is a must-have for any larger business, especially one which has to pay the same supplier more than once during the same period. I sent remittance advice, but also receive it - when for example, a client wants to make a single payment for multiple projects I worked on in the past month. Rather than pay the individual invoices one by one as they cropped up, they can pay on the same day and tell me what they paid for in their remittance advice.

    Thanks for your help!

  • AlexiaAlexia Administrator Posts: 3,314 admin
  • kacperjedkacperjed Member Posts: 3

    No worries! Thank you for listening to us :) Do you know if this is something which you might implement?

  • AlexiaAlexia Administrator Posts: 3,314 admin

    It's not impossible, @kacperjed, but I can't guarantee it.

    We have a discussion over here that elaborates on how we choose what to build next for Wave. Give it a read if you'd like to know more.

    While I can't promise we'll add this feature to Wave, I can promise you I'll make sure the right people on my end take a look at this discussion. Talking about features like this one on the Community is one of the best ways for your needs to be heard by our product team and for your suggestion to get traction with other Wavers. I can tell you that your admins are never too far, and we take our job as liaison between our Community members and our coworkers at Wave HQ very seriously :)

  • SeajaysSeajays Member Posts: 6

    +1 on this as well, we're a small club, and we pay supplier bills etc., as well as pay member for any expenses they incur. We put these through as Vendor bills as well. For all of them it would be good to have a single click button when paid that sends remittance advice to the vendor email, as at the moment we have to pay, record in wave, then also draft and send an email to let them know it's been paid.

  • ErikErik Administrator Posts: 194 admin

    Thank you for adding your experience, @Seajays! I'll add that additional insight when bringing this up to the team!

  • BobbyMossBobbyMoss Member Posts: 1

    +1 (plus all my business centre clients!). I pay 99% of my suppliers via bank transfer and from experience it is sometimes difficult to match up payments in your bank statement to outstanding debtors, which is why so many companies want to receive a remittance advice (particularly larger ones with lots of transactions).

    kacperjed gives a good suggestion but essentially it needs to show 'Payee' (i.e. supplier); Date of Payment; Payment Ref (cheque no or 'bank transfer'); Bill Ref (the supplier's invoice no); Bill date / Due Date; Amount Paid ... and ideally Original Amount and Balance (but I could live without those last two).

    And as Seajays says - email notification to the vendor email on file.

  • TTTTTT Member Posts: 9

    Any update on this? I also wish I could send remittance advice to our contractors through wave. They invoice us and we put Remittance Advice in the envelope with their pay.

  • BarsinABarsinA Administrator Posts: 1,202 admin

    Hey there @TTT

    To be completely honest with you, with our current roadmap of upcoming updates, we are putting a heavy focus on invoicing and payments. I apologize that this feature request has not been addressed at this time. Will log your comment as a feature request to our team.

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