Accounting

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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…
    Carrie_W 29 views 1 comment Most recent by Mikeg April 6, 2019 1:55AM
  • 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.
    discountfoot 16 views 2 comments Most recent by Samd April 5, 2019 3:00PM
  • 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?
    BernieB 102 views 5 comments Most recent by Carole April 4, 2019 2:47PM
  • Hi all, I have been recording my expenses in wave apps using cash on hand before I made any deposits into a bank account. So, I have been running a negative balance for a few months. I have recently made a deposit into a bank account and would like to withdraw money from the business account back to my personal account covering the expenses I h…
    billtlee 22 views 3 comments Most recent by Mikeg April 4, 2019 11:24AM
  • AGKAGK
    I have a client that I bill in USD who does the exchange herself and pays me via paypal in CAD. I'm fine with it - but I'm not sure how to account for it. Any ideas?
    AGK 12 views 1 comment Most recent by Samd April 3, 2019 7:08PM
  • Hi. I have a loan account that I need to transfer into wave. I have set up a shareholder loan account (liability). There is no option to add an opening balance. If I do a journal it will inflate the expense account for the following year. It was not a cash balance. Any help please!
    graeort 25 views 1 comment Most recent by Mikeg April 3, 2019 3:45PM
  • Hi everyone, I'm a new Australian-based small business owner and I'm struggling with a problem with Wave. Everything has been working well, however I have noticed that my 'All Accounts' balance is inaccurate because it contains duplicate transactions. For example, my 'Payments by Wave' page will show "Invoice payment for Invoice 5" and then my b…
    brightstar123 29 views 3 comments Most recent by mcullison April 3, 2019 3:38PM
  • I understand I need to enter shareholder's loan to corporation via Journal transaction. However when doing that I get error Unbalanced. What do I do wrong?
    idealglasscreations 13 views 3 comments Most recent by MerlinAccounts_UK April 3, 2019 1:26PM
  • Many of my receipts might have multiple categories within a single receipt. I was surprised that I can't create multiple 'split' categories while editing a receipt. The only way I could seem to do that is to select a single category then go edit the transaction splitting it for the multiple categories. Would be nice if it could be done directly…
    sageacy 26 views 2 comments Most recent by Aug April 1, 2019 1:19AM
  • Hello. In the previous version of Wave you could check the current reported bank balance against the balance Wave calculated based on transactions. After the migration I believe it showed a way to do this quick check still, without having to do a full reconciliation - this was very useful to me. I have searched the forum and quick help guides, but…
    Jfirey2001 20 views 1 comment Most recent by JamieD March 29, 2019 6:25PM
  • NLMNLM
    Not sure what to do about this. How do I account for payments in PP that are partly covered by PayPal balance and the rest is covered by PayPal using money from my bank account? Im also getting confused with entering purchases and payments received. Is there anywhere I can choose where the money comes from or goes to? My sources of credits com…
    NLM 19 views 2 comments Most recent by NLM March 27, 2019 4:04PM
  • Hi everyone, I'm new to Wave after ditching Quickbooks. My accountant is very familiar with Quickbooks. I added my accountant as an editor on my account, and he was able to create a profile. However, he says he cannot see my data in the Reports area. Has anyone successfully collaborated with an Accountant and can give me some info about what an ad…
    emily_t 20 views 4 comments Most recent by alexlewiszarkos March 26, 2019 3:20PM
  • In the Netherlands, I am able to claim back as a tax deduction, for example, only 80% of the cost of business meals. If I want the transaction to go through my business bank account and not my personal account, how do I enter this into WAVE. Please note that this is not the VAT but the actual cost of the meal. There are other example such a…
    memdin 22 views 0 comments Started by memdin March 26, 2019 8:45AM
  • A similar of the scenario is in the below post. https://community.waveapps.com/discussion/comment/15336#Comment_15336 My immediate thought is to have a separate section before the "Post to Accounting" button, and show related transactions from bank (of same amount, from same payment account) so that I can combine the following three action…
    jacksunwei 20 views 0 comments Started by jacksunwei March 25, 2019 6:41PM
  • I was just wondering where I would put a bank loan in the accounts? And for the monthly repayments too, where should I put that? The same thing for a grant given by the government. Thanks in advance!
    Kadthulas2004 30 views 5 comments Most recent by MerlinAccounts_UK March 25, 2019 1:04PM
  • Seems like my account is deactivated and maybe closed. Are all the funds going to be refunded or just released after a hold?
    Eddieek 20 views 3 comments Most recent by Samd March 22, 2019 4:39PM
  • I've been in business for almost 4 years and haven't used a single credit card. But now I'd like to get the cash back rewards on my business credit card. How do I go about transactions for a card? showing the expense and everything?
    trav2001 32 views 1 comment Most recent by Mikeg March 21, 2019 11:08PM
  • Hi, does anyone know if there is a way of archiving receipts? Or a way of searching 'done' receipts? Or a way of changing the order in which 'done' receipts are listed and so I could look through them either in alphabetical order or date order? The App has a search function but not all of my 'done' receipts have synced to the app, why is this, …
    Adam77 14 views 3 comments Most recent by Samd March 21, 2019 5:04PM
  • Hi, I've been using waveapps for a while now and seem to have the hang of most things but my accounting knowledge is not the best so hoping for some advice regarding the Cash Flow Report. I've been using the Cash Flow report to view my own and my business partners Investment / Drawings for specific periods. For a normal bank transaction w…
    Michael_ 79 views 1 comment Most recent by JamieD March 20, 2019 9:38PM
  • Hi there, I am using Wave for expense reporting...meaning I would like to us the app to track all my receipts and expenses for a trip, then export to send to my company for reimbursement...needing to export the scans of the receipts, and the excel table to group expenses. My questions is: does the receipt export include every receipt that has ev…
    Stjohnson 488 views 7 comments Most recent by Joana March 20, 2019 5:46PM
  • Hi all, very new to Wave hope to get some help here. I'm trying to start off 2019 afresh, but for 2018, I already have some entries. How do I clear off the remaining balance from 2018? Do I have to delete all the invoices etc. from 2018 to start clean? Thank you very much.
    Beithoven 31 views 1 comment Most recent by Mikeg March 20, 2019 4:48PM
  • Hi Everyone I was using wave quite a bit but I have had a break for nearly a year. Previously I could upload a expenses receipt and attach it to the relevant bank transaction in the transactions window. Now I can't find a way to do it. how is it done now? thanks
    Santacari 19 views 1 comment Most recent by Samd March 20, 2019 4:38PM
  • Hi, can anyone help? My partner inputs our receipts via the Wave mobile app, so they then appear on the bank transactions as a duplicate transaction alongside the actual expense transaction from the bank! Wave have said that this should be rectified by ticking the two and merging, which works in that it takes the receipt transaction off the sheet…
    LindaR58_ 20 views 3 comments Most recent by Ryan_W March 19, 2019 8:50PM
  • How would I go about accounting for my recent corporation tax payment as I tried to add another expense account and I am only given four options; Operating Expense, Cost of Goods Sold, Payment Processing Fee and Payroll Expense, all of which count as tax deductible expenses? What I need to account for is non tax deductible, however does count as …
    JamesW 56 views 5 comments Most recent by Mikeg March 19, 2019 7:21PM
  • Hi, I'm just wondering how to enter a Start up Government Grant into my wave accounts, which Category. Is it a "Capital Interest" or anything else? I also need to know where and how to enter Personal Investment into my wave account? Which category does it go in?
    Kadthulas2004 25 views 1 comment Most recent by Samd March 19, 2019 7:21PM
  • Does Wave supports 2 sided receipts?
    vmail 100 views 5 comments Most recent by Samd March 19, 2019 3:00PM
  • I'm just wondering if co-working space should be categorized as Rent Expense vs some other expense specifically for co-working space?
    Cameron 17 views 2 comments Most recent by Zoe_caff March 18, 2019 4:40PM
  • Hey guys, I just went through tons of accounting apps over the past couple weeks and finally found Wave. It's really great! Love the design. I just signed up and linked my accounts but I have no idea where to start when it comes to categorizing my expenses and reviewing the reports. What would you guys recommend for reading to get started wi…
    Cameron 63 views 1 comment Most recent by Zoe_caff March 18, 2019 3:51PM
  • Hi Folks, I'm new to all this, so please bear with my question. I have just closed on a house, and I'm wondering how to record the journal transaction for said closing. The house was paid for in cash, so I'm guessing this make things a bit easier. My main question is, as follows. The seller paid a pro-rated amount of the property taxes that …
    Shizzle5985 18 views 1 comment Most recent by Mikeg March 18, 2019 3:15PM
  • We have 3 investment properties managed by a Property Management company, they collect the rent, take off various expenses then send the rest as one deposit to the bank account. Our bank account is linked so we see the final deposited amount but need a way to account for the various expenses which I can do as we have for utilities for each propert…
    Limestone 152 views 4 comments Most recent by MerlinAccounts_UK March 17, 2019 11:46AM