All our efforts are geared towards creating a more powerful platform for our customers. The updated invoicing system is one of such improvements for a better platform. The new system uses a composite solution for various payment methods including: Credit card, ACH, Apple pay and more. To enable this feature, please contact the Wolf team.
Let's take a look at the invoicing features on the platform.
When your Internal team navigates to the “Accounting” tab and selects “Invoices”, they will see different categorizations of invoices. These include “Pending categorization'', “Draft Invoices” and “Finalize Invoices”. Every invoice that is created goes to “Pending categorization'' and by default goes to drafts before they’re finalized.
Creating an Invoice
We can now create multiple open invoices for each client. Allowing us to categorize and separate line items across different invoices.
To create a new invoice for a given client, simply navigate to the Accounting tab -> Invoices/ Charge Clients. From there, click the addition icon to the extreme right of the client name, give the invoice a name, click create and we’re done.
States of Invoices
There are two states of invoices, Draft and Finalized:
Draft Invoices are editable and changes are permitted to be made. However, payment is not allowed on Draft invoices. If we navigate to the draft invoices tab, we’ll be able to see the content of the invoices, which includes the total amount on the invoice and the number of items. To the right of each invoice we can see three icons, one for previewing and editing the invoice, one for expanding and the other for finalizing the invoice.
Finalized Invoices are locked. This means that no further adjustments can be made to the invoice as we have now initiated the charging process. After finalizing an invoice, your Internal team will be able to configure the period in which they want clients to be charged, whether immediately or a couple days after etc. The platform also has the ability to auto finalize invoices and your Internal team has the ability to give an offer to clients so that the categorization happens automatically.
When we navigate to finalized invoices, we will see the date of the invoice, the invoice name, the total amount charged, the number of items and the stage of the payment process (uninitiated, pending, succeeded). If we click on the “Preview and Pay Invoice” icon, we can view the invoice. At the bottom of the invoice where it shows “Payment Method”, the Internal team will see three options, “manual, wire and add new”, while clients only see two options available, “wire and Add New”.
Draft Invoices
Finalized Invoices
Preview of Invoice
Implementing the New Invoicing System
In order to take advantage of the new invoicing system, your Internal team will need to migrate the old system to the new one; and do a bit of configuration to the financial setup on your platform. This will include taking measures to ensure that your Stripe account is connected.