Invoice and Transaction Duplicate entry and receipts

PriscillaPriscilla Member Posts: 4

Hello,
I am new to Waveapps, I am trying to work out how to invoice a customer and record a manual payment, then match up the payment from the customer in my transactions section which is linked to my bank account.
I am having similar problem with reciepts, if I upload a receipt how to I link to it's relevant transaction please?

Any help greatly appreciated :)

Comments

  • BarsinABarsinA Administrator Posts: 694 admin

    Hi @Priscilla

    Welcome to Wave community :smile:
    Let me just forward you to this thread which might answer your question regarding the -->duplicate receipts<--

    In regards to your duplicate invoice entries, this is a little different. So if you're using payments by wave, then our system should in theory automatically connect your income from the client to the invoice that was created. If however you do not have payments by wave turned on, you should be categorizing your bank transaction import, rather than marking the invoice as paid.

    In your transactions page, find the income received by a client brought in by your bank connection, and select the drop down 'choose a category' option. This should allow you to scroll down and link that income to an invoice by selecting "payment made to an invoice". Categorize it to the appropriate invoice and it will in turn show up as paid, not creating a duplicate

    If you notice that it's been duplicated and there are two transactions, it's likely because you selected "mark invoice as paid", which creates a transaction, and then your bank import brings in the income transaction as well.. Delete the bank import one and moving forward I would recommend using the choose a category option. This will detect your invoice has been paid. In the drop down there is a 'more option' category, you might have to locate the invoice in there.

  • RMenschelRMenschel Member Posts: 11

    Barsin, thanks for your response to @Priscilla. We have the same sort of problem, and "wait for the bank transaction import" isn't always a good option.

    Example: Recently before heading to the customer's job site to finish a job, we printed a detailed invoice for the customer. It was a very nice invoice, which we handed to the customer upon completion of the job. The customer was pleased with our work, and so he wrote out a check and handed it to us for payment in full. We photocopied the check for our records, and deposited it into our bank's ATM on the way home (after bank hours).

    That was Friday. If we waited for the deposit to be posted to our account and download into Wave so we could categorize it, that would not have happened until Monday, three full days later. This customer and we are open for business on the weekend, and to us every day counts. The bank has branch hours on Saturday, but does not post transactions until the weekend is over.

    We were able to record the customer's payment into Wave Friday night, and send him a receipt by email Friday night showing the invoice paid in full, with the online link to the invoice showing that it was paid in full by check. That is the customer service we aim for, and we've already heard back from the customer that he appreciated the fast turnaround on the receipt. If we had waited for the bank, we could not have sent the customer his receipt or flagged the invoice as paid in full for 3 days.

    (We cannot use Payments By Wave because part of our business, and part of this job, included some minor computer maintenance, which prevents us from using Payments according to the Terms and Conditions of Payments.)

    We need the ability in Wave to indicate "this transaction is the same as that transaction". This applies not only to our receipts, but equally to our payments. If I load a vendor's or store's receipt into Wave, Wave records it as an expense transaction, and then when the bank's credit card charge entry hits Wave I have a duplicate entry. I should also be able to say "these are the same" and have Wave link the two entries such that my ledger and reports show a single activity rather that duplicate activities.

    Quicken can do it, and has done it for well over a decade. It's not that hard. One option: Merge all of the information from the manual transaction into the downloaded transaction, and then delete the manual transaction.

    Better: give us the ability to say "these several receipt transactions are the same as that one bank deposit transaction." If I have two jobs, generate two receipts for two different invoices, and deposit both checks into the bank, I get one download transaction for the total amount. If I link multiple receipts to that bank deposit transaction, and the totals match, you should be able to copy the receipt information into "splits" within the bank transaction.

    Wave: is there any chance this enhancement can be included in a (near) future upgrade?

  • AlexLAlexL Administrator Posts: 1,533 admin

    Hi @RMenschel . First off, thanks for taking the time to add your thoughts as well as write an incredibly detailed post on how your business is run, and what would make it run even more smoothly.

    To start, this is not something that is currently on the roadmap for the near future. With that being said, I'll definitely pass your feedback along and let the team know that we have a user reaching out about it.

    In regards to waiting for a payment to hit your bank account so that you can apply it to the payment itself, the reason this is done is so that you're able to properly reconcile your accounts at the end of the month. If you mark an invoice as paid on the last day of the month, but the money hits your account a few days later in the new month, your accounts will not reconcile properly due to a discprency in the timeline.

    To get around this, when you receive the check and mark the invoice as paid, you should apply the money to a Money in Transit account instead of your bank account. Then, when the money actually hits your account a few days later and is pulled into Wave, you can categorize it as a transfer FROM that same Money in Transit account, thus moving the money to your bank account on the appropriate day and allowing you to reconcile.

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