Learn how to manage and bookkeep overpayments with a video.
When a client pays you more money than is due on the invoice, they have made an overpayment. There are three ways you can manage the overpayment:
Refund your customer
If you received the payment through Wave's online payments feature, you can refund your client the overpayment. Wave will automatically account for the refund.
If you received the payment outside of Wave, manually record a payment on the invoice for the full amount received. Refund your customer outside of Wave, then record the overpayment as refunded on the invoice.
To record the overpayment refund:
- Open the overpaid invoice.
- Select Manage overpayment.
- If in your web browser, in the Method dropdown, select how you refunded your customer.
- Select the account where the funds were withdrawn for the refund.
- Wave automatically fills in the overpayment amount. You can edit this if needed.
- Select Submit in your web browser or the Record as refund button in the mobile app.
Create a customer credit
If your client doesn’t want a refund and prefers you put the extra money towards future invoices, you can record the overpayment in a customer credit account. Learn how to Bookkeep a customer credit.
Apply the overpayment to other existing invoices
If your customer paid a lump sum amount for multiple invoices, you can apply the overpayment amount to other invoices.