How to record a payment for an invoice

You received payment from your customer for an invoice in Wave and now need to mark the invoice as paid. Here’s what you need to do.

If you use Wave Payments, Wave takes care of the bookkeeping for you and the invoice gets marked as paid as soon as the customer makes a payment.

There are two ways to manually mark an invoice as paid in Wave:

If you use Wave for bookkeeping and import transactions through a bank connection or upload statements, avoid duplicates by categorizing the payment transaction associated with the invoice to mark your invoice as paid instead of manually recording a payment.

Record a payment on the invoice

  1. Click Sales on the left navigation menu and select Invoices.
  2. Locate the invoice and click on Record payment to the right of the invoice under Actions.
  3. Edit the Date and Amount if required.
  4. Select the Payment method or type of payment you received.
  5. Select the Payment account, the account where you received the payment.

    To ensure accurate transaction records, you can no longer select Property, Plant and Equipment, Other Long-Term Liability, and Business Owner Contribution and Drawing accounts as a Payment Account for your invoices.

  6. Add any relevant notes in the Memo / notes field.
  7. Click Submit.

The invoice is marked as Paid. An income transaction is also created on the transactions page (Accounting > Transactions) and the category field will show the invoice details.

Categorize a payment transaction associated with the invoice

  1. Click Accounting on the left navigation menu and select Transactions.
  2. Locate the income transaction associated with the invoice.
  3. In the Category dropdown select Payment Received for an Invoice in Wave and select the appropriate invoice

The invoice is marked as Paid.

If you manually record a payment on the invoice before the same transaction is imported (through a bank connection or statement upload), you will see two transactions on your transactions page for the same invoice. To avoid duplicates, you can merge the two transactions. To merge, click on the checkboxes beside the two transactions, and select the Merge button at the top of the page.