Account for a lump sum invoice payment

To complete the steps in this article, log in to your account from a web browser at waveapps.com.

When a customer has more than one invoice due, they may make one payment for the total due rather than multiple small payments for each of their invoices. The lump sum payment transaction must be split to record a payment on each remaining outstanding invoice.

Record a lump sum invoice payment received outside of Wave

Account for a lump sum invoice payment received with Wave’s online payments

Record a lump sum invoice payment received outside of Wave

If a customer pays with a lump sum amount outside of Wave (such as with a check), split the payment transaction to account for each intended invoice.

1. On the left-side menu, select Accounting > Transactions.
2. Find the transaction for the lump sum payment. Click the dropdown arrow to the right, then select Edit more details. Or, create an income transaction and fill in the details.
3. To split the payment, click Split transaction, until you have a Split amount section for each paid invoice.
4. In each Split amount section, enter the amount paid for the related invoice.
5. Categorize each section as a Payment Received for an Invoice in Wave and select the relevant invoice number from the dropdown menu.
6. Click Save.

If the funds you received exceeds the total of all invoices, you must record the invoice overpayment(s) separately.

Account for a lump sum invoice payment received with Wave’s online payments

If a lump sum payment is made using Wave’s online payments feature, a negative amount (indicated using brackets) will appear as due on the invoice the payment was applied to. This is the amount to be recorded on the other outstanding invoices.

You need to bookkeep this overpayment to the customer's credit account before you can apply the payment to other invoices.

Each customer can have one credit account. This account is automatically created the first time you select the option to transfer funds to a customer credit account.

To do this:

1. On the left-side menu, click Sales & Payments > Invoices.
2. To the right of the overpaid invoice, select Manage overpayment.
3. Wave automatically enters the overpaid portion in the Amount field. You can edit the amount if needed.
4. In the Method field, select Transfer to customer credit account to apply to a future payment. Wave automatically selects the customer's credit account, which you cannot change.
5. Click Submit.

This makes the balance due on the invoice zero and credits the created lump sum account for the remainder of the funds received.

Next, you need to apply the additional paid funds to the correct invoices. This will ensure that the lump sum payment is recorded on the intended invoices.

1. On the left-side menu, select Sales & Payments > Invoices.
2. Locate one of the overdue invoices included with the lump sum and click on it.
3. In the Manage payments section, click Record a payment.
4. In the Method dropdown, click Customer credit. Wave automatically selects the customer's credit account.
5. Click Submit.
6. Repeat these steps until each invoice is recorded as paid.

If funds remain in the customer's credit account after applying payments to the invoices, you will need to account for the overpayment.