Accounting
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16 discussions
47 comments
Most recent: Where do I put owner expenses? by RMenschel on
April 24, 2019
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Expand for more options.For the discussion of bank connections and importing transactions.
325 discussions
1.3K comments
Most recent: Implement Monzo & Starling Bank by alexlewiszarkos on
April 24, 2019
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Expand for more options.Please note this content is relevant to Wave customers in the United Kingdom. Address any questions related to how Wave is helping you meet your obligations under Making Tax Digital.
2 discussions
10 comments
Most recent: [Latest Accounting Platform] Managing VAT by JamieD on
April 24, 2019
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Expand for more options.All you need to know about the latest feature releases from our Accounting team!
Discussion List
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Hello! One of my customers is large company, in which I have various contacts to whom I send invoices and estimates. Is it possible to create one Customer with Multiple Contacts?
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Basically, businesses are not allowed to use spreadsheets for accounting because data can be deleted at anytime. Instead, all transactions must be posted. If mistakes are made, edits themselves will be posted. https://www.verksamt.se/en/web/international/running/accounting/do-accounting-yourself-or-hire-help
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Hello! I wonder if anyone has come across this: I am using wave for a small business owned by my husband and I, we are a band. Last year we donated income from a concert to two organizations, one for the fires in sonoma and one for earthquakes in Oaxaca. I cannot find a category for donations. I wonder if there is any way to deduct this on our sch…
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I use Wave on my iphone but I want to start using it on a dedicated iPad. I can't find this app on the app store. Is wave not offered for iPad?
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Can I create sub-accounts, as well as accounts?
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Need help with accounting for 'drawings' or taking a draw by the owner. When I try to do this and try to take from my main checking account Wave says that all of this type of transaction must pass through a equity account. Say What?
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hi we have different buildings each building have many apartments how to manage the income and expense of each & every apartment, separately in this software is it possible? please guide me
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Im not sure what to do in this situation. I purposely did not add my credit card to my wave account because I wanted to add reciepts and didnt want to worry about duplication. I dont want to have to go through hundreds of reciepts and pair them with the credit card transactions. Too time consuming. When I go to pay my credit card wave counts that …
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I frequently have expenses/income in a different currency from my primary business currency. Is it possible to select a different currency when entering an expense/income transaction? I thought this was a feature of Wave but have been unable to find a way to do it. Any advice? Thank you.
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Hello, Does anyone know a way to download a full list of expenses? I can see in 'Account transactions' lots of subcategories of expenses e.g. Accounting Fees, but not an option to see a full list. Is this possible? Thanks
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Cross-posting from https://support.waveapps.com/hc/en-us/articles/208623466-How-to-handle-sales-tax-returns-and-refunds-from-your-government. I am in the process of migrating to Wave from Simply Accounting–going back to the start of 2019. One of my first transactions in 2019 is my HST remittance to the Receiver General. In SA, I recorded a gene…
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How i can print the chart of accounts? And export to Excel?
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My bank recon shows a different balance on a particular date than it shows on the report. Anyone else had this problem?
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Hello, I am having difficulty in understanding waveapps ending balance. All the transaction I entered through Journal transaction as I just started the business. The amount it is showing 19,200 is correct but it is negative. if this figure is positive then all will be good. can anybody explain how to get this figure in positive.
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If I go through the "expense by vendor" report, it shows the totals for all Vendors with a recorded transaction....but there doesn't appear to be any way to see transactions that don't have a vendor listed. I know that some of my transactions have been entered without a vendor....due to error or oversight, as it requires an extra step. I just woul…
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Need help on creating Share Capital Account , common shares and class preferred shared account
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I am an estate sale agent. I have estate sales for people inside their homes, selling furniture, etc owned by the client. For this service, I retain a commission on total sales. For example: I conduct a two-day estate sale, sell $10,000 and retain 35% commission - writing the client a check for $6,500. How do I categorize total sales (all money, i…
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I'm woefully new at accounting and freshly on my own with a small restaurant... please use small and simple terms! lol. I will catch up! I'm setting up Wave but how can I use the system to record my daily sales since it is implausible to record each transaction. Any advice on how to best use Wave for a restaurant setting is helpful!
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I am having trouble finding documentation on how to document income taxes paid (as in, I owed taxes to the government and paid them)...I am assuming this is similar to sales tax...using journal entries, but I am not seeing specific instructions on the names of accounts and how to make it all balanced in the balance sheet (which I assume also is so…
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Hi, How should the following two transactions in an S Corp's Wave account be categorized and/or handled? Transaction #1: A $50 personal expense is mistakingly made with the business debit card Transaction #2: In an effort to correct transaction #1, a $50 deposit is made to the business checking account from the owner's personal bank accou…
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Hi All, I am trying to set up a mortgage and payments as at date and move forward. I am having some issue with this. These are the following steps I've deduced I need to follow: 1. need to setup an Asset account with value $xyz at date 1 - April 2. need to set up a long term liability account $xyz - $100,000 3. need to setup principal mon…
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I found the following article: https://support.waveapps.com/hc/en-us/articles/360000099163-Entering-mileage-in-Wave However, what I do not understand is why I credit the Owner's Equity account for the same amount as the mileage. Can somebody explain this? If I use the method in which I create a vendor called "Business Mileage," as explained in…
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My company is not limited by stock value, and thus doesn't have Equity per se. Since account names are arbitrary in Wave, I have classified a liability as Member Contributions, and another as member Capital. I have placed these in 3500 and 3600 accounts respectively. When I donate money to the Company. I am really adding capitol, so do I put it in…
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Hey everyone. I use Monzo as my personal bank account. I also use this bank account currently for incoming and outgoings as a self-employed/sole trader. I've just begun going through my receipts and adding all those in. My plan is to add every expense from my Monzo bank account as receipts with the invoices into Wave. Would this be accept…
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Hi, Very new and confused. My checking account earns interest and tax is paid on that line 1: INTEREST - CR.INT .012c line 2: IRD:TAX ON INTEREST .01c I have assigned "line 1 Interest:"to category "interest income" How do manage the line 2 "IRD tax"? Do I create a new category in Chart of Accounts and to what? Liability? I'm in New …
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I'm an international user (there's no option to link my bank account to Wave), with not much accounting experience. I'm trying to find out how to enter my credit card information in Wave Accounting. I created an account for my Cash Back Credit Card under "Liabilities and Credit Cards". What I'd like to know is what is the best approach to…
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Hello, I was wondering if possible for Wave to make it possible to report on Fiscal years? I understand it's possible to select custom dates, however, a 'fiscal year' option would be great. It could take the date for the 'settings' page. Chris
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As a sole proprietor, I have set up a solo 401(k) that I plan to contribute to both as employer and employee. I assume that I should record employee contributions as owner drawings, but I'm curious as to how I should record employer contributions. I see there has been some discussion of this in the past, but with recent updates to Wave's interfac…
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Hello. The VAT on sales invoice is showing on the sales tax report but the vat on purchase invoices isnt. I've checked the dates etc.. cant understand why the purchase vat is not getting picked up.
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How should I handle cash back rewards from the credit card I use for my business? The cash back reward gets automatically applied to my balance, reducing what I owe. I don't want to chart it as Income. Should I create a new chart of account in the Assets or Equity section specifically for the cash back reward? Any other suggestions?
