Accounting

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  • Hi there! I have operated a very small business since 2015 and I have never kept track of things like: inventory, assets, liabilities. My transactions have been extremely minimal, though I do have inventory and I have filed taxes and kept bad records. I want to start a fresh set of books from 2018 onwards, but I am lost as to how I account for th…
    KathleenEmilyAnne 21 views 1 comment Most recent by Mikeg June 3, 2019 1:09PM
  • hi please can you tell me how to add my bank details to my invoices other than typing in the notes section.
    colin_fitzgerald77 58 views 1 comment Most recent by Marshall June 3, 2019 5:22AM
  • I would like to be able to control the order that accounts appear on the balance sheet sections and the profit and loss statement., preferebly by account number so I can control presentation ordering and most liquid to least liquid assets, etc. Does Wave strictly sort Alphabetically? How can I control the order? Stephen Scott, CPA
    stephenscottcpa 162 views 1 comment Most recent by JordanD June 1, 2019 4:13PM
  • Hi all. New to Wave. My fiscal year is the same as the UK tax year, so started adding my accounts for this year to WAVE and using it for invoicing. How do I add the allowable expenses for a UK sole trader so they do not count towards my taxable income at year end? I am not VAT registered as my turnover doesn't make this necessary. Sorry if this is…
    VicPicMark 34 views 2 comments Most recent by VicPicMark June 1, 2019 2:51PM
  • Greetings, My name is Emily Henderson owner of Jehovah Jireh Tax Consultants. We are a bookkkeeping and accounting remote service provider specializing in Wave products, sales, payroll, business and personal tax returns. We can offer payroll via Wave and we use another payroll brand in the places Wave is not currently in. For more informati…
    JJTC 12 views 0 comments Started by JJTC May 31, 2019 5:22PM
  • Hello Everyone, I am new to waveapps. I found it excellent so far but there is this question i need to ask about receipt and Bills. When email receipt for a bill to wave, it shows up in the wave account and i am able to assign that receipt to the expense category it belong. My question is, do i still need to create that expense as a bill in the Bi…
    tosino48 43 views 6 comments Most recent by mjglso May 30, 2019 11:54PM
  • As an ecommerce company we sell on several platforms that handle sales differently. For instance amazon handles all the transactions and deposits the end result into our bank account twice monthly. One the other hand shopify uses both stripe and paypal to manage payments. Stripe has a daily deposit but paypal holds the money till I transfer it. W…
    ToddL 43 views 6 comments Most recent by Sharas May 29, 2019 11:29PM
  • Apologies in advance if this is not the right place to post this question. I've added a starting balance in my bank account. However, what do I select in the 'Choose a category' dropdown menu?
    Mike_85 20 views 9 comments Most recent by Mikeg May 29, 2019 2:57PM
  • im in the process of reconciliation, and i have one physical business account, but theres 2 on wave apps and i need to reconcile both? also do created transfers cause imbalances in the books??
    DukeOfSwan 1 view 1 comment Most recent by Charlotte May 24, 2019 7:43PM
  • It would be great to have a help-page article detailing how to enter a one-off annual expense and then spread it through the year. This is the process in Quickbooks Maybe something similar to the article, How do I handle depreciation and amortization? but hopefully without using journal entries. Maybe it's possible with an initial bill & pay…
    philip456 11 views 2 comments Most recent by Samd May 24, 2019 5:27PM
  • OMBOMB
    Can someone please tell me where I should be allocating my cash (withdrawals) in the "transactions" tab in wave. If I take monies out of the bank in cash, how should that be categorized when I spend that cash on expenses. Also, when I run reports how to show either income or expenses from that cash. Gosh, I hope that makes sense. Tha…
    OMB 54 views 3 comments Most recent by Samd May 24, 2019 4:21PM
  • If you have to pay up front the cost, for example a studio rental, then the client reimburses you. How is that handled in wave? If I do a photoshoot in a studio that I rent, in the past I had the client pay directly, now all the studios are forcing paying up front or a substantial deposit when booking. So now I am paying 100% then adding that cos…
    Marbles 21 views 1 comment Most recent by Samd May 24, 2019 3:34PM
  • Hi, In the Receipts mobile app we can upload the receipt, enter some details and 'Save' these before we 'Post to Accounting'. This is helpful, because sometimes I only want to input some of the data and complete it later after I have double-checked some other details. However, in the Desktop app there is no 'Save' option, we have to immediately '…
    Lidia 13 views 5 comments Most recent by mjglso May 24, 2019 3:18AM
  • I've been adding in expenses manually in transactions but I've also added (and paid) for bills. I've noticed that any bill payment I have made has not been added to my list of expenses... Why? My expenses are WAY off since I make a lot of bill payments.
    melissaboufounos 268 views 7 comments Most recent by JamieD May 23, 2019 10:35PM
  • I am a freelance music educator who works from home 2 days a week. I pay for my mortgage, bills, utilities, phone & internet through my personal bank account but I want to apportion a percentage to the business. e.g My total phone bill is £30 but I want to record £5 of it as business use. Do I upload the PDF of the bill for £30, paid out of m…
    Tom_Howell 24 views 1 comment Most recent by ZoeC May 23, 2019 4:12PM
  • Landlord here looking for the appropriate way to records security deposits that are held in escrow. According to accounting standard the receipt of a security deposit should increase a cash asset account (no impact on income) and increase a liability account. When this transaction imports from my bank I do not have the option to categorize it as …
    shaneg 768 views 20 comments Most recent by Mikeg May 23, 2019 2:07AM
  • Can you explain how to categorize owner equity and withdrawals from a business checking account. * I will be opening up a separate business checking account. Say I plan to deposit $2000 from my personal money to have some operating income for the business. How would I categorize this? * If I make a future deposit of from personal funds, how is …
    Salvy1959 2.2K views 8 comments Most recent by JamieD May 22, 2019 8:36PM
  • Hi there I am no accountant and just need some guidance to make sure I am doing my transactions correctly. I have stripe as payment method in my wave, BUT I also have stripe for my website. My website is not integrated with my wave. So when I receive my money from stripe into my bank account it is a mix between the two platforms. How do I account …
    Berdine 11 views 2 comments Most recent by Samd May 22, 2019 7:56PM
  • I have deleted the bills for (Insurance- property) because it was entered in by mistake.. however, the bill is still stuck in my Cash flow. How do remove it? it is no longer reflecting in my income and expense statement
    Oscar 11 views 1 comment Most recent by Samd May 21, 2019 9:37PM
  • So I run a small business with a partner and we have just starting using Wave. We run an LLC so our income is pass through and so we periodically distribute earnings from our Business bank account linked in Wave to our personal bank accounts (not setup in Wave). I am a little confused on how to properly record all of this. For example, there is a…
    Ltkenbo 1.1K views 3 comments Most recent by Samd May 21, 2019 5:20PM
  • ewbewb
    Is there any way to report purchases made for the business that did not have sales tax applied ? If I buy $100 worth of widgets and the seller adds sales tax (based on my NY location), I pay the 100 + 8.13 tax, so a total of 108.13. In this instance I owe NY no further sales tax. However, if I purchase $100 worth of widgets and the seller does …
    ewb 23 views 9 comments Most recent by TaxRefresh May 20, 2019 11:23PM
  • Ok, so I'm slowly working my way through how to do things here but even with extensive research I'm having a difficult time wrapping my head around the how I record my drawings and personal payments. When we started the business most of the payments (phone bill, etc) were set up with my personal bank account, and have not all been changed over to…
    AmyJay 61 views 1 comment Most recent by JordanD May 17, 2019 10:40PM
  • vstvst
    I'm trying to verify a receipt on a refund on a expense. Because it is a refund, the amounts on the receipt are negative, including the sales taxes. Wave doesn't let me do this, saying "Receipt total must be larger than sum of taxes". How do I deal with this? (Image)
    vst 1.1K views 5 comments Most recent by rentl May 16, 2019 2:10PM
  • How have you categorized a transaction that is going into a tax savings account? None of the account type categorization options seem fitting.
    valeriem 11 views 3 comments Most recent by Mikeg May 14, 2019 3:13PM
  • 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 …
    BuenoBox 45 views 6 comments Most recent by SpikesBites May 14, 2019 2:01AM
  • The fees are taken out before the sales deposited into my account. How do I make a correct record of sales?
    oldoakpm 49 views 9 comments Most recent by trav2001 May 13, 2019 11:05PM
  • Please help, loving Wave and have figured most of it out for myself, but there is one issue I can't seem to solve... I am based in the UK and often Invoice US clients in dollars. Once I've been paid I would like to "record a payment" to match up the payment with the correct invoice. However the currency conversion is always a few pound…
    Neil 16 views 5 comments Most recent by Neil May 13, 2019 9:03PM
  • I am at a total loss. When entering new income I want to associate a customer with it. But there does not seem to be a field for that. Same thing for expenses. I can't link the expense to a paritcular vendor. that's bad because if i run a customer or vendor report it won't work and i never can see how much i made from each customer. Anyone have …
    AlexandraE 346 views 14 comments Most recent by ZoeC May 13, 2019 3:23PM
  • Hi there, Say the owner has withdrawn $1000 profit, which of the attached screenshots would be correct? (Image) Thanks!
    hong 25 views 2 comments Most recent by Mikeg May 10, 2019 7:56PM
  • wave team , please could you look into this . i have recorded a payment for a invoice as cash payment for rs 400 . the same payment when i check in report shows as 399.99. the report i am checking is under Reports>> account balances>>. i am choosing cash on hand , and in repirt type i have chosen " cash and cash equivalent "…
    madhuri 11 views 3 comments Most recent by JamieD May 10, 2019 3:57PM