Wave Online Accounting is free cloud accounting software that you can use to easily do your bookkeeping and invite your online accountant to log in and use your bookkeeping to do your accounts and tax returns. We have more pages about Wave Online Accounting here.

Wave Online Accounting still doesn’t have a credit note facility yet, but there is a workaround to post and allocate credit notes on Wave.

To post a credit note on Wave, you have to create a new invoice with negative amounts.

Then to allocate the credit note against the invoice, you need to create a positive income transaction and a negative income transaction in the bank account. Both amounts need to be for the total credit value, so that they offset each other in the bank account and don’t change the bank balance. Then you need to allocate the positive receipt against the invoice, and the negative receipt against the credit note.

That’s it!

CloudBook Online Accountants are Wave Online Accounting specialists. So if you need more help with Wave’s free online accounting software, come back to view our helpsheets, or sign up for one of our low-cost fixed fee accounts packages which includes support with Wave or other online accounting software throughout the year.

UK Bank Feeds and MTD

Wave accounting no longer supports UK bank feeds or Making Tax Digital (MTD) returns. For software that does support these things, try Pandle. We will help you with any online accounting software.