How to provide a customer receipt before payment is recorded

There may be times you want to provide your customer with a receipt for their payment before that deposit appears in your Wave bank feed. To issue a receipt for a Wave invoice, you first need to mark the invoice as paid. Here’s how to issue the receipt, even if the deposit transaction hasn’t appeared in your bank feed yet.

  1. Navigate to your Chart of Accounts and create a new Money in Transit account. We suggest calling it Undeposited Funds.
  2. Use this account as the payment account when marking your invoice paid. Now you can send your customer a receipt even though the deposit transaction hasn’t been recorded yet!
  3. When the funds are deposited and the transaction imports into Wave, categorize the transaction as a Transfer from Bank, Credit Card, or Loan and choose the Undeposited Funds account you created as the “from” account.

    The system will automatically create the other side of the transfer transaction to represent the money movement from Undeposited Funds to the bank account where the funds were deposited.

This method will also work for bulk deposits as long as all the invoice payments represented in the bulk deposit were marked paid to the Undeposited Funds account.

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