Update the income account of a product or service on past invoices

When you update the income account of a product or service that has already been used in invoices, the change does not automatically apply to existing invoices. Follow these steps to identify and update affected invoices.

Step 1: Find invoices with products associated with the old income account

Let’s assume you have a product, Chair, that is associated with the income account Sales. You change the income account to Chair income. You now need to update your past invoices to reflect the new income account. This ensures your income from a specific product is tracked correctly under the same income account for your reports.

To find invoices with the Chair product still linked to the old income account (Sales), follow these steps:

1. Log in at waveapps.com.
2. On the left-side menu, click Reports.
3. Scroll down and click Account Transactions (General Ledger).
4. Filter by the old income account; click the Account field dropdown and select the old income account (e.g., Sales).
5. Adjust the date range to include all invoices that need updating.
6. Set the report type to Accrual to include any unpaid invoices.

The report will display all transactions linked to the old income account, including invoices. Invoices will have descriptions in the format: Customer name - Invoice number - Product name.

Step 2: Update the income account on existing invoices

1. From the Account Transactions report, click on each invoice associated with the old income account. The invoice will open in a new tab.
2. Click Edit invoice.
3. Delete the line item(s) under the old income account by clicking the trash can icon next to them.
4. Re-add the product under the new income account by clicking Add an item and selecting the product from the list. Ensure the product is now linked to the updated income account (e.g., Chair income).
5. Click Save and continue.
6. Return to the Account Transactions report and repeat the above steps for all invoices that need updating.

Step 3: Verify the income is tracked correctly

After updating all the invoices, confirm that the income is now being tracked under the new income account.

1. Open the Account Transactions report.
2. Filter the report by the new income account (e.g., Chair income) to ensure the changes are reflected correctly.