Accounting Tips & Advice

Tips and advice for accounting and bookkeeping best practices, and how to use Wave effectively. The place to deepen your accounting knowledge or ask an expert.
 
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Discussion List

  • Hi, I'm newly set up as a freelancer, and getting quite a lot of work through sites like Upwork and People Per Hour. I was wondering if you could tell me a bit about how I'm supposed to record earnings for income from these sites? I work for a number of clients through them, and withdraw funds from them into my business account which is linked …
    eve1985 27 views 7 comments Most recent by mrojze November 15, 2018 1:48AM
  • I am a customer in Trinidad and Tobago, and I enjoy the convenience of Wave Accounting. However, you do not offer the payroll option to us. Is there a suggestion as to how I can creatively ACCOUNT for that?
    AdeStudee 7 views 0 comments Started by AdeStudee November 13, 2018 12:26AM
  • Hi, how do I categorize a corporation income tax payment to CRA in my transactions? Thanks
    cazzi24 7 views 0 comments Started by cazzi24 November 12, 2018 10:59PM
  • Hello Everyone! Long-time Wave user, first time reaching out to the community. I'm looking for suggestions on how to best journalize entries for guaranteed payments to members of an LLC (US). If anyone has any suggestions, I'd greatly appreciate it.
    CCJMc 3 views 0 comments Started by CCJMc November 12, 2018 10:37PM
  • Does anybody know if Wave are talking to the UKs HMRC with regards to the pending new reporting regulations that are coming in in 2019. That is the fact that the UKs HMRC are going to expect any company (or individual) who's income is greater than the UK VAT Registration threshold (currently £80K pa) and those that voluntarily register for VAT …
    kirby 20 views 1 comment Most recent by CamulTree November 12, 2018 2:48PM
  • Hi When I start to reconcile a new credit card what do I put as a starting balance? Would I put it as 0.00 or the credit card available credit or the amount of transactions made that month? What would I put in as a starting balance every month after? Also I have a credit card account that my accountant never reconciled in 2016, so how do I sta…
    James Davis 81 views 3 comments Most recent by Bonnie_67 November 10, 2018 10:57AM
  • Hi All, Our business is a partnership LLC. The partners receive distributions directly from one of the companies checking accounts each month. I am trying to get help on how to classify those distributions so they still count towards our net profit as were taxed by passthrough. Right now I have them all classified as a special line item until I…
    pmcintosh26 6 views 1 comment Most recent by Erik November 9, 2018 3:40PM
  • Hello, When first establishing my LLC, I used a company credit card for personal transactions. (Yes, aware this is a bad practice and it has been discontinued.) I carefully tracked the personal and company charges, and paid off the credit card from different accounts...ie I paid the personal portion of charges from a personal checking account, …
    MKosec 33 views 6 comments Most recent by evie November 8, 2018 7:02PM
  • Can I create sub-accounts, as well as accounts?
    Valerie Kabat 385 views 22 comments Most recent by forsenik November 8, 2018 4:19PM
  • I'm helping a friend manage the finances of her MLM business. The MLM company collects the sales tax from the independent consultants. So when the consultant purchases inventory, it includes Sales Tax. When I enter a Bill for inventory purchase, I add the appropriate tax. However, when I run the Balance Sheet, the Inventory balance now include…
    rmbk 13 views 1 comment Most recent by Tyler November 8, 2018 12:48AM
  • motmot
    Hi How do make a transaction where a guest paid in cash and I recorded in the invoice that it’s cash on hand, but later in the week I deposit the money into the bank?
    mot 1K views 14 comments Most recent by AEK123 November 8, 2018 12:37AM
  • Hello, I have a client who has entered a number of sales invoice payments to cash rather than bank. My question is, is there an easy way to bulk change these?
    JudeRose 12 views 3 comments Most recent by JudeRose November 5, 2018 7:28PM
  • I have data of receipts of 1 year from another accounting system in csv and pictures and would like to import it into wave. What is the best way to do this?
    valeriukks 11 views 7 comments Most recent by JamieD November 5, 2018 5:10PM
  • Hi, I'm new to Wave and I have a question about VAT. I do a lot of pop up shops and use card readers like iZettle. Obviously iZettle take their commission and then deposit the money into my account. (e.g. 44p on £25) Wave sees that £24.56 has gone into my account and calculates 20% VAT on that figure, not £25. Meaning that every VAT calculation co…
    Barney1 11 views 5 comments Most recent by Barney1 November 3, 2018 12:32PM
  • I'm very new to Wave and just issued my first refund using Wave. I have refunded $100 out of $250 back to a student. Their invoice originally said 0.00 due after they paid the 250. Now after the $100 refund it says $100 is due. I'm confused...
    marpie76 49 views 9 comments Most recent by Charlotte November 2, 2018 11:45PM
  • TGWTGW
    The update appears to have removed all the inputed sales tax from my reports. I understand I need to create a new sales tax and switch these over. This is a lot of work! Is there a way to do this as a batch rather than one by one? How then do I delete the old sales tax?
    TGW 2 views 3 comments Most recent by Samd November 2, 2018 7:27PM
  • Hi- New art business. ( just graduated from hobby status-Yay!). Entered a local art show, with rules stating the art center would take a 40% commission on any/all sales. I sold two pieces. I received a check for 60% of the sale price. Do I just call the 60% net the sale price (easier, yes)? However, I would like to enter the original sale price a…
    Jed_Sutter 10 views 9 comments Most recent by Samd November 2, 2018 6:06PM
  • I've scoured the web looking for any documentation on setting up Wave for an ecommerce site, and have come up empty. Is there any documentation that Wave provides as a guide to setting up accounting for online product sales?
    bocachicabaits 15 views 1 comment Most recent by Samd November 2, 2018 3:54PM
  • AC1AC1
    Hi, I am trying to pay dividends but I am a little confused the the various accounts to be created. First, I read somewhere stated to create "Dividends Payable" in Due to You and Other Business Owners. Is it required to create "Dividends Paid" in Retained Earnings? What are the transactions to be posted? Thanks!
    AC1 21 views 3 comments Most recent by Everesttaxandfinance November 2, 2018 2:34AM
  • Hi. If I get paid for more than one invoice on the same day from various sources (not direct via Wave) I've found that Stripe will deposit these as a lump sum. So for instance I had 2 invoices paid on the same day, 1 for $495 and 1 for $185.90. The $495 was paid via my website and the $185.90 as a credit card payment via WAVE. After stripe fee…
    DaveyG 12 views 1 comment Most recent by Charlotte November 1, 2018 2:12AM
  • Hi, I'm trying to figure out the best approach for recording the lending of money to my company. When I've lent money I had been adding an income to the Checking Account and categorising it as Shareholder Loan, but this doesn't look right in the reports. Should I add an income to the Shareholder Loan account then create an expense Checking Acc…
    trist 15 views 0 comments Started by trist October 30, 2018 4:02PM
  • I stuck at the second month, no idea where it went wrong, please help, no one in support replies my email See Aug 2018 I have -89.65 different. I assume it's opening balance carry from July. I went in add an income, Personal net worth, as below: but I made it worst: I've checked every single transaction on my statement are matc…
    waveisawesome 21 views 1 comment Most recent by MerlinAccounts_UK October 30, 2018 11:31AM
  • Kindly advise me as to account purchased materials return to vendor and sales return from customers. Thanks and Regards
    suguspic 14 views 3 comments Most recent by suguspic October 25, 2018 2:34PM
  • How to do vat reverse charges in Wave?.
    ThePlayground1 21 views 4 comments Most recent by MerlinAccounts_UK October 25, 2018 1:12PM
  • I have a product that I digitally pay for an account balance, then buy different services from that account balance. Money leaves my account when I fund the supplier account, then when someone purchases an item from me, i need to process that somehow in the accounting. Can someone help me with the way i should process this Kind Regards S…
    StuartBlack 11 views 2 comments Most recent by StuartBlack October 25, 2018 6:43AM
  • Hi there! I own several properties and I employ a property manager. The PM collects the rent, they take their percentage and then cut me a check for the rest. My question is how do/should I track that in the WavesApp? Since the app is linked to my bank, the transaction is good but not sure how I should add PM Fees. Example: Rent: $500…
    UpInThisJoynt 11 views 1 comment Most recent by Charlotte October 25, 2018 2:45AM
  • I have just started using Wave for doing our accounting for a community group. I want to start it from 1.7.18 but I am having trouble setting up my bank account with it's starting balance. It seems to only let me start my banking records from today's date. Any help appreciated.
    Marcy 21 views 2 comments Most recent by Marcy October 24, 2018 11:18PM
  • I am using the free version of waves accounting and I have noticed that my income Chart seems outrageous for some reasons unknown to me. This month however, it was quite obvious that income attributed to my business isn't so. What am I not doing or doing to make it so?
    Nini_75 11 views 2 comments Most recent by Charlotte October 24, 2018 10:49PM
  • I currently have my TD Business Account and TD Personal Account tied to my wave back office when i move money/transfer funds from TD Business Account that are dividends to my personal TD account, how should i record these transactions, right now, it shows as a transfer between the two
    MMaynard 21 views 1 comment Most recent by apples October 24, 2018 10:05PM
  • I'm using Option 2: I want to do it all in Wave – the tracking and the accounting. to record mileage. Do I need to click "add payment" and record a payment or is this simply for recording mileage as a bill? for later on when I fill in tax return?
    snappyfish 12 views 8 comments Most recent by Ryan_W October 19, 2018 2:46PM
 
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