Accounting

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  • Accounting is often seen as difficult territory for those of us non-CPAs out there, but learning how to perform the management accounting for your business is easier than you think (we promise)! With our Fearless Accounting With Wave guide, you can take the accounting for your business into your own hands and gain a better understanding of your bu…
    James_Hudson Announcement 841 views 12 comments Most recent by Hot_Glass July 6, 2019 4:39AM
  • Hello, I have a $105 loan payment made out of my Bank checking account. I have a liability loan account setup in my chart of account for $5000 loan that I am paying every month with principal + Interest ( $100 +$5= $105), When I see the entry in my bank transaction in wave, how do I categorize/ transfer to my loan account reflecting that $100 g…
    Gautam 7 views 3 comments Most recent by Mikeg December 12, 2019 11:44PM
  • With the new interface, I cannot find how to set the currency type when I enter a journal entry. How to do this?
    Chila 101 views 3 comments Most recent by BarsinA December 12, 2019 8:26PM
  • Hello all! Just getting started with Wave Accounting (Experienced with QB Premier). I am just getting set up and saw the account section under Liabilities and Credit Cards: "Due to You and Other Business Owners". Sounded perfect for my use since two of us have/do spend often out of our personal accounts. I was hoping that I could enter a…
    Steve_MSLLC 248 views 4 comments Most recent by pccrich December 12, 2019 8:12PM
  • How are others in the US using Wave to handle non-taxable health insurance premium reimbursements like QSEHRA? How are you setting this up in payroll? Or using another feature? Thanks!
    OfficeJess 7 views 4 comments Most recent by OfficeJess December 11, 2019 3:29PM
  • I can't seem to debit retained earnings directly. I want to account for profit distributions to partners. I can record this as an owner's draw, but then I get a permanent line on the balance sheet showing all the money that has been distributed doing back forever. Is there a way to debit retained earnings directly? Thanks!
    cdavenport22 230 views 5 comments Most recent by Mikeg July 31, 2019 9:24PM
  • Hi Experts, I am new to the invoice process. If i have opened up an invoice in Wave, if my customer wish to cancel the invoice, what should i do? * Should i delete the invoice? If i delete, there is no way i can leave a remarks there. In the event for audit purpose, i will find it hard to explain to the auditor of why the invoice is deleted. * S…
    Veeco 87 views 3 comments Most recent by ZoeC July 30, 2019 4:41PM
  • How would I account for lending someone money and how would I then record the loan repayment? This is usually from my personal account, but at times one also needs to lend money to a supplier or casual worker.
    TribalMan_01 244 views 8 comments Most recent by Mikeg July 29, 2019 3:08PM
  • I received a check deposited and it was an INF. Wave does not have an entry for reversal. Anyone know how to record this. A manual Journal Adjustment?
    Whiteoaksranch 12 views 1 comment Most recent by Mikeg July 27, 2019 12:51PM
  • Hi all I opened all my balances on 1st July which all worked reasonably well. I had a GST liability of $1793 which I paid in August against the GST account. How do I create a "Starting Balance" (or similar) for the GST account to pull the balances in to shape? (Image) Many thanks Chris
    Chris_SHCC1 50 views 8 comments Most recent by BarsinA July 26, 2019 7:46PM
  • Hey there, Wave has two decimals in the amounts (for example $99.90 or $25.16) But my currency uses three decimals (for example BD99.900 or BD25.158) Let me explain it further 100 pennies are equal to 1 US Dollar. so you end up having two decimals in the US. But in other countries like Bahrain, we have 1000 fils equal to 1 Bahraini Dinar, this m…
    Yonis 307 views 5 comments Most recent by BarsinA July 23, 2019 9:02PM
  • Sometimes I get a deposit to secure my services at a later date, usually 50% of the total fee. I'll get the remainder on the day services are rendered. I also need to pay some others that work with me, but I don't need to pay them until I get the full payment. The problem I'm having is keeping track of the deposit so I don't accidentally spend it.…
    ekay 22 views 1 comment Most recent by JamieD July 23, 2019 5:07PM
  • When I buy something online and don't pay sales tax, I need to set aside that tax so that I can make my quarterly sales and use tax payment. How to I record use tax as a liability so that I can create a report to tell me how much I owe each quarter? Once I have paid the government sales and use tax, how do I record that the liability is gone? Than…
    mwphotography 186 views 4 comments Most recent by JamieD July 23, 2019 4:07PM
  • I received a bunch of refunds from Amex and now my Amex transactions are running a negative total. The original Amex expense is now refunded and shows as a debit, but the balance is a running negative. This is throwing off my balance sheet and p&l. Any ideas what I'm doing wrong or how to fix?
    posusa 16 views 1 comment Most recent by JamieD July 22, 2019 1:36PM
  • In the UK as self-employed I can claim a flat rate allowance for use of an office at home and the rate depends on the number of hours I claim for. Presumably I can do this just as with mileage, I can set up a Use of Office expense account and put the appropriate debit amount in, and then credit Owners Equity by the same amount. Is this correct? Th…
    AndyK 3 views 1 comment Most recent by Mikeg July 22, 2019 1:34PM
  • Does Wave have an option to import data that was manually done on excel. If yes does it auto recognize the data and puts everything in place on Wave cloud? I can only see the export option. How do I import all my excel entries to wave, or do I have to restart everything from scratch?
    Louis 73 views 7 comments Most recent by ChelseaK July 19, 2019 5:58PM
  • 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 3K views 23 comments Most recent by AlexL July 19, 2019 5:22PM
  • Hi, I accidentally paid for a personal expense via our business PayPal account which is linked to the business bank account in Wave. This of course is not a problem because I simply categorised it as Personal Expense or Withdrawal. Unfortunately part of the order had to be returned and I received a refund for that part of the order. That refund i…
    AndyK 12 views 4 comments Most recent by AndyK July 19, 2019 5:17PM
  • Hello, I opened a new business credit card in April that is linked to my checking account. Wave has created two separate accounts with identical transactions. The card is issued to only me - there are no other cards. Can someone explain this? I am assuming that it is creating one account for a user (me) and another account for all transactions a…
    rickenbachmusic 11 views 4 comments Most recent by ChelseaK July 17, 2019 9:31PM
  • Hi Please can you provide detailed instructions on how we now should move transactions between businesses (not personal) i.e so we can manage one bank account over multiple businesses. The only suggestions that I can see so far is we have to upload (manually as you can only link one bank account to each business) statements and then delete all the…
    Clarkey 18 views 2 comments Most recent by ChelseaK July 17, 2019 9:19PM
  • Hello there i hope to get the help from the support of the community or wave accounting team. I have 4 vendor that i take my supply from therefore they will be giving me their invoice some time i pay them on cash and sometime is on terms. However I like to know should i record it invoice from them as receipts or bill ? I will like to record eac…
    NicholasFresherd 32 views 1 comment Most recent by Hot_Glass July 15, 2019 9:14AM
  • Hi. We have entered GST payable on purchases . However, when I look at the Sales & Purchases Tax Report, Purchases Subject to GST comes up as $0. How do I link these figures
    IVDH 464 views 3 comments Most recent by Hot_Glass July 15, 2019 9:08AM
  • Hi all, I had rebranded my business and instead of changing the name in my existing Account, I accidentally created a new log in and kept going for a while now. I don't want to abandon my new Account as I had it set up perfectly. Does anyone how I can transfer all my previous Invoice records and Expenses including receipt capture to my new login, …
    Passio 14 views 2 comments Most recent by Passio July 14, 2019 3:57AM
  • Hello, I have been using QuickBooks Online for the past four years and have all my customers (about 500) there. How can I import all my customers from QB Online to Wave?
    ChiefGeek 125 views 4 comments Most recent by Myron July 12, 2019 3:23PM
  • Hello, I would like to add a line in my invoice for an expense. What I mean is I sell some products to a shop but this shop is also renting me its kitchen. So on the invoice, I would like one line with an 'Income account' to sell my products and one line 'Expense account' to be charged for the rent. Is it possible? Thank you, Fanny
    SoFreo 11 views 1 comment Most recent by ZoeC July 11, 2019 4:46PM
  • Dear, We have sold a car which was bought 28k, and for which we took into account 8k of depreciation charges. We sold it for 24k and need to know how to take this disposal into account on wave please.. Many thanks, Rgds.
    hfayaz 383 views 3 comments Most recent by Mikeg July 11, 2019 2:31PM
  • Has anyone used Wave for a non profit entity?
    robertr 259 views 6 comments Most recent by Myron July 9, 2019 5:15PM
  • Hi, With the new update, how do one process payment of multiple invoices from one deposit?
    Frans 32 views 6 comments Most recent by ZoeC July 8, 2019 7:41PM
  • I recently purchased a new camera for my photography business and payed shipping on it. I feel like the shipping should be separate from the item cost especially since it's a depreciatable asset. Can I categorize the shipping in the same account as what I use for shipping product out to clients or should I make a new account? Thanks!
    fabianoa 22 views 3 comments Most recent by fabianoa July 8, 2019 4:01PM
  • Hi, I pay monthly liability insurance. now i want to add a catergory for that without creating a new account. Is that possible? I see as expense category car insurance but no general insurance or similar. Also as a cleaner i can claim travel expense, x cents per kilometer, how do i register this in the wave? Thanks
    Amie 17 views 0 comments Started by Amie July 6, 2019 6:12AM