Credit Note

13

Comments

  • ManiMani Administrator Posts: 82 admin

    @lagreca yes, we hear you. We fully admit that credit memos and customer prepayments (deposits) are a little bit more difficult to do in our system than users deserve. We don't have immediate plans to introduce workflows for this, but I hope the below helps you and others do this easier.

    For both, you have to manually create either a single "Customer Prepayments and Customer Credits" account in your Chart of Accounts and then attach a Customer to each prepayment transaction (for tracking), or create a "Customer Prepayments and Customer Credits" account per customer if you want to be rigorous.

    For prepayments, when you wish to apply it as a payment to an invoice, you would Record a Payment, pick the Payment Account as "Other", and then select your prepayment account from the second drop down. In this way, you'd reduce that prepayment account as you also clear your receivables.

    For credit memos, you'd have to create a journal entry that debits your "income" account where you posted the sale, and credit your "credit memo" account. Here's a screenshot for it.

  • CarloSteynCarloSteyn Member Posts: 4

    @JamieD said:

    @Sarah_S @Dirk_Jonker @SteveHale. Thanks again for adding the +1 for having a credit note feature in Wave. This is something that I will bring to the attention to our product team to see if they have any plans of rolling it out in the new year.

    Any news on this development JamieD?

  • Rich_S_1Rich_S_1 Member Posts: 1

    Yes I totally agree. "Work arounds" are totally unacceptable for such a basic function as a Credit Memo.

  • SGKSGK Member Posts: 1

    Can an admin team member please indicate when credit notes will be implemented?
    Every business that has GST/VAT obligations needs this feature. I've tried to send multiple credit notes last month and it has messed up everything by doing negative invoices etc. PLEASE HELP!
    I really would like to stick with wave especially now that I have everything linked, but no credit notes is a major problem...

  • TheSoundGuyTheSoundGuy Member Posts: 1

    +1 for the CN situation. I have a raised PO from a customer that I can only have taken off their system by providing a correctly formatted Credit Note. They will not accept a negative invoice. Without this, it will sit as unpaid on my account with them which is going to cause no end of issues.

  • cndhomecndhome Member Posts: 1

    +1 for Credit Notes. Agree with all previous posts from users. This should be solved ASAP. Without a CN facility no bookkeeper, accountant or business owner can do their job properly. Simple.

  • Ryan_WRyan_W Administrator Posts: 461 admin

    Hey all, we don't currently have a timetable for implementing credit notes, although with all of the insight in this thread, I'm happy to have our Product team dig into this. Thanks again for sharing your feedback about this!

  • TheAutoSparkyTheAutoSparky Member Posts: 7

    The way I deal with Credit Notes is to rename my invoice as such. The invoices can be individually renamed as something other than an invoice. The Credit Note will still have a unique identifier in your invoice numbering.

  • kimmarie2016kimmarie2016 Member Posts: 1

    I simply would like to apply the amount of a credit to an open invoice and show each as paid without creating a refund. I do perishable merchandise and credits are a daily thing for me. Presently the credit remains an unpaid invoice. I can apply the amount to an open invoice as a payment, and have setup an internal account to accommodate the transaction, but the credit remains unpaid. If i show the credit invoice as paid, it creates a refund to the customer that really messes things up!
    Otherwise the app is fantastic, everything so far has been really easy and pleasant to use. However, I have to figure this out or its QB for me..

  • CarloSteynCarloSteyn Member Posts: 4

    @Ryan_W said:
    Hey all, we don't currently have a timetable for implementing credit notes, although with all of the insight in this thread, I'm happy to have our Product team dig into this. Thanks again for sharing your feedback about this!

    This is very concerning, that Wave does not see this as a necessity for an accounting platform. As many have mentioned, because of this I too am now on the lookout for an alternative option :(

  • finleydesignfinleydesign Member Posts: 2

    I don't believe there is an accountant, account software of anything relating to accounts in the world which doesn't provide "credit note" option, the fundamental basics of accounts is credit / debit, it's just a negative invoice, so not sure what the complexity is, however staggered Wave doesn't offer credit note facility

    Does need looking at urgently

    PS Just noticed a huge issue to, if I create an negative invoice and call it a credit note, then makes no odds, as the original invoice is still showing as due!

    edited March 27, 2019
  • Shepherds1Shepherds1 Member Posts: 1
    We also need a credit note function. It’s a key accounting document. I’m very surprised wave is choosing to ignore its users requests and trying to make work around? Most other software I’ve looked at has this function.
  • StevenChenStevenChen Member Posts: 5

    Need credit note for Reteniton ~~~!

  • wvmommawvmomma Member Posts: 4

    Now that I'm fully invested in Wave I find this weakness. So far Wave has been great to use for invoicing, but not having a credit memo feature is rotten. I sure would like to see this added.

  • TheAutoSparkyTheAutoSparky Member Posts: 7

    @finleydesign said:
    I don't believe there is an accountant, account software of anything relating to accounts in the world which doesn't provide "credit note" option, the fundamental basics of accounts is credit / debit, it's just a negative invoice, so not sure what the complexity is, however staggered Wave doesn't offer credit note facility

    Does need looking at urgently

    PS Just noticed a huge issue to, if I create an negative invoice and call it a credit note, then makes no odds, as the original invoice is still showing as due!

    This is true. But then I follow the practice in which I create a 'Undeposited Funds' account and mark both invoices paid into that account. The account will balance back to zero with both invoices paid. Not difficult. As long as you make a reference in the credit note to the invoice that is being credited.

  • finleydesignfinleydesign Member Posts: 2

    @TheAutoSparky said:

    This is true. But then I follow the practice in which I create a 'Undeposited Funds' account and mark both invoices paid into that account. The account will balance back to zero with both invoices paid. Not difficult. As long as you make a reference in the credit note to the invoice that is being credited.

    yeh but its 2019!!!!

  • robinHrobinH Member Posts: 1

    Another vote for this!

  • DixitexDixitex Member Posts: 4

    Need credit note function. It is common practice on most other bookkeeping programs. When a customer returns an item a credit note should be issued showing refund and putting item back into stock.

  • JamieDJamieD Administrator Posts: 1,091 admin

    Hey everyone! Just thought I would give you an update -- we hear you, and our community team is going to be working a response to add to this post. Stay tuned.

  • njqtnjqt Member Posts: 1

    one more vote ;o)
    Thanks you !

  • AlexLAlexL Administrator Posts: 605 admin

    Thanks so much for your continued contribution to this thread over the last few years.

    We recognize this is a limitation to a number of our customers at present. For full transparency, one of the major projects we’re working on for 2019 is an overhaul and update to our invoicing system. Though we can’t guarantee this will be implemented, this is the best time for submitting feedback in regards to this feature, and we thank you for your patience, and for letting us know how much of a priority this is for you to see in your accounting software. It is something we’re having serious conversations around implementation at the moment, and the feedback in this community has been a major factor in this discussion.

    Look for the product team ( @Rahim ) to engage you more in the future because it will help them better understand this when looking at it.

  • AlowtherAlowther Member Posts: 1
    Credit memos are a basic function used in every other accounting software e.g. Xero.. This is definitely a must. Being new to wave I most definitely find this a tad disappointing and would definitely reconsider going back to paying for software for that basic function. You really can't function properly without it
  • JohnwcJohnwc Member Posts: 1

    To add my voice to this thread. Any discussion about workarounds and request for use cases to clarify need is shocking. Credit notes are not a new or unique accounting concept. They are basic and required to maintain proper accounting records for tax reasons. This discussion has been going on for YEARS; entirely too long.

  • GraceGrace Member Posts: 2

    Yes we really need this. It's driving me crazy as the particular invoice is forever there messing up the aging report. Cant wait!

  • pika161pika161 Member Posts: 6

    +1 ...how can you developp an acounting system without credit notes ???

    it is part of the basics of accounting all over the world ....it is like building a car that can only turn on the right ..and not on the left ...

    edited June 11, 2019
  • naylagnaylag Member Posts: 8

    +1 for Credit Notes and urgently please! It drives me crazy. I've tried different workaround, but it still messes up my sales! I need to cancel invoices for reasons such as project cancelled, or mistake/change on the details. So the work has **not **been done, therefore it cant be treated as bad debt. Please can you update us about this function?

  • JamieDJamieD Administrator Posts: 1,091 admin

    Hey everyone. While I don't currently have an update in terms of where we are of adding a credit note feature in Wave.. I do want to reach out to say that your +1's and voices are being heard. We're going to be looking at this thread when we roll out the planning of adding this specific feature to invoicing. Once we have a more solid idea/timeline of when this will be on a roadmap and when we're working on invoicing in general.. we will be sure to update everyone here. Appreciate your patience on this for the time being.

  • arsenarsen Member Posts: 3

    Hi Wave team, I've been following this thread for over a year now. I really admire the application and it's ease of use, I find it is everything quickbooks is meant to be but done right. As many people have stated, Credit notes are a crucial and essential feature. Not having this is like having a store with no return policy.

    For a year now Wave admins have been saying they will be taking this up to the product team but still no result. I am not able to successfully migrate books since this is missing. The patches recommended all produce a an undesirable side effect.

    As Wave keeps striving on the best overall solution on the market, workarounds seem to make the product less than desirable and prevent me from recommending it to others.

    I hope you guys can raise some flags ASAP because I would love to start migrating and accepting payments online using wave.

    Best!
    Arsen H.

  • JamieDJamieD Administrator Posts: 1,091 admin

    Thanks for your input here @arsen. We are currently exploring the possibility of creating a new, more dynamic Customer section in Wave. We still do not have any immediate plans of improving this directly, with the added functionality of a Credit Note. Stay tuned for more updates, we will definitely let our users know in this thread when/if this becomes a feature we release.

  • NeilRNeilR Member Posts: 12

    +1 for a credit notes - such a standard and commonly used function - yet missing. I have an invoice from last financial year. Last year's accounts have been finalised and submitted to the Tax Office. The client has sent a request and the needs less services. I can't just alter last years invoice. It should however just be a simple matter of issuing a credit note in this financial year.

    I've forgiven Wave some issues up until now:

    • the upgrade that removed a function i used regularly leaving me with a workaround that creates more work.
    • the time i tried to import 365 days of personal transactions into the personal account and wave decided to import some of them into the business account and some into the personal account, requiring days of my time to go through 12 months of transactions and categorize them
    • The discovery 2 weeks ago that the software upgrade erroneously re-dated some of my transactions to a previous financial year, before I even opened the business bank account, which put my balance sheet and P&L out after they were signed off in FY18. That's cost 3 days of my time and my accountants to rectify by going through transactions line by line - my accountant is not free and it causes issues with audit trails and tax office reviews.

      Its not enough to say its 'not on our road map' or 'here's a workaround'. Locking previous years accounts and allowing credit notes are such basic, standard functions for any accounting software. As a company director I am legally liable for the truthfulness of my accounts and can face huge penalties and sanctions from various authorities for getting it wrong. The ramifications of getting it wrong can be serious for me and my accountant. I'm in the process of investigating alternatives having discovered that you can't do credit notes. I just can't risk it anymore.

    Like others, I also find it strange that you don't consider getting the basics right a priority. Perhaps your product team should revisit Wave's core belief #4, as you aren't even reaching industry standards yet:

    4: Reinvesting in our products
    We are relentlessly unsatisfied with the status quo and obsessively work to raise the bar on industry standards. It’s in our DNA to continuously push the boundaries of what’s possible, so that we can introduce innovative solutions that better anticipate your needs and make managing your finances easier.

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