Sub-categories, classes and "tags"

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  • AlaskanNightWolfAlaskanNightWolf Member Posts: 4

    @AlexL said:
    Hey @AlaskanNightWolf . Looks like our spam queue flagged your post, so thanks for being extra vigilant and reposting here so we can address it.

    In regards to having business divisions, we do see this request from time-to-time but it's not something that's currently on our roadmap. I do thank you for the in-depth real world flow for us to better understand how you'd use this feature, it helps our product team prioritize features in the future.

    Other than hovering over the invoice to see if it has been open yet, this isn't a feature in Wave (as you already know). I'm interested in knowing how you'd find this feature helpful (other than the obvious). Do you find that your customers are not honest about whether they've seen/opened your sent invoices?

    It looks like there is a way, or its been added. When I sent an invoice this morning, My app on the phone popped up a notification that it's been opened.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey there @kbcattleranch

    Thanks for bringing this up! Unfortunately our accounting team had quite a tenacious year pushing through migrating accounts over to our newer system and some things needed to be pushed back. My sincere apologies about this delay. Our accounting team is of course still aware of this ask from our users.

  • NeonNeon Member Posts: 4

    I would also like to see this type of functionality as I am looking to purchase a second store location. Once I do, the Wave software will no longer work for us. Simply add a function to create locations, departments, tags, whatever in the Settings area. Then add a pull-down field to the transaction details area. Then add the field query to the various reports. As a programmer, this is a very simple modification. And judging by this thread...this feature would be a big win for Wave.

  • aderkonaderkon Member Posts: 6

    I'm writing to give a +1 to adding tags and/or the ability to do accounting by project. I appreciate the Wave team's openness and responsiveness in this forum. I just have a handful of projects and my brain is swimming now as I try to figure out how to keep track of them in the current Wave setup.

  • BJ_at_VS_LLCBJ_at_VS_LLC Member Posts: 3

    Sold! I'm in the first year of investing in and managing properties and having a great conversation with my accountant on taxes... Based on his recommendation I'm looking for ways to manage my expenses to each property. my work around plan for now is create an expense account for each one of ~6 accounts i currently have now for each property. For example 1257 Maintenance, 3301 Maintenance and etc for each address and expense... Yes this is too many expense accounts and slows down the process. Maybe you could simply put another small field where we could create our own simple code. When we export it to excel we could sort/filter on it. Regardless of method count me in as BIG supporter!

  • LisannaLisanna Member Posts: 3

    Sub-accounts for income and expenses (and sensible handling of them in the reports) would be awesome, and I think it would address quite a bit of the use-cases in this thread without having to engineer bespoke solutions for each individual use-case. Projects / departments could just be the top-level entries in the hierarchy. Lots of other accounting tools have hierarchical CoA built-in as others of mentioned.

    Additionally and separately, tags would be awesome for addressing any non-hierarchical organizational needs for generating custom reports. For example, if a user decides to put projects as the top-level in their income/expense hierarchy, they could additionally use tags for generating cross-project reports that drill down into different expense categories.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey @BJ_at_VS_LLC

    Thanks for giving the community a breakdown of how you operate your property business within Wave.

    Wave does not currently offer job or project-based accounting or sub accounts. Our Product Team is always looking for ways to make Wave better and this is a highly requested feature so it's most definitely on our radar for potential future enhancements.

    You also have the option to Open Multiple Businesses within the same Wave account treating each one like a different project, in some cases I've seen property managers open different businesses for each of their properties, so you can switch between them with just a few clicks. You could then run reports for each business as needed and manually add the totals but again, Wave is not explicitly designed for this.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey @Lisanna

    I couldn't agree more, I love the idea of tags! Sadly as you know Wave does not have this, but I would really love to see it at that point in the future.

  • DanGlennDanGlenn Member Posts: 1

    I just started using Wave and have been putting notes in, acting essentially as tags and metadata. But notes content doesn't show up in search!!! So, without tags, I am going to look into other platforms to give me the functionality.
    I need to be able to tag income and expenses so I can say 'show me all the transactions for this event.'

  • DanHuangDanHuang Member Posts: 1

    Honestly, from a development perspective, it's not that difficult to build out sub-categories. Is this feature on the roadmap? If not, why not... clearly from an accounting perspective it's a much needed feature to keep the books clean and organized.

    I imagine having just 10 investment properties. Each of those properties would have to a 4+ COG accounts to cover things like:

    • mortgage
    • capex
    • property tax
    • utilities

    I could do that for each of my properties, but why would I when there should be sub-categories to make this process more efficient? On top of that, why would I create separate business for each property, where I would have to toggle between businesses instead of being able to track everything under one roof.

    +10000 on sub-categories. Users shouldn't have to figure out workarounds for such basic features. Jus' saying.

    edited February 4, 2020
  • FerdyFerdy Member Posts: 3

    vote +1 for tag/label feature
    instead of making multiple businesses, I prefer to using 2 application separately, wave for accounting purpose and bluecoins for tracking per project

    edited February 5, 2020
  • Titan3DTitan3D Member Posts: 1

    I really need to be able to set up "sub customer" in order to provide for my brokers that just get commission on customers they set up, I fulfill, ship, bill, and collect on the orders, they get commission when the invoice is paid, cumulative monthly. With the sub customer I can track this, provide each broker a monthly statement along with commission. Please tell me if and when this is in scope, I may truly have to switch back to quickbooks over this. Creating a separate business for each broker doesn't work.

  • EmmaPEmmaP Member Posts: 639 admin

    Hi everyone, thanks for providing your feedback on this! We appreciate that this is important part of how you run your business so hopefully we are able to implement this in the future. The insight provided when sharing your feedback is super helpful for our team to reference when building out features and products!

  • MiguelMiguel Member Posts: 2

    Hi Wave Developing Team
    Guys, if you come up with the tags you will put Wave even more on the top. You guys can even charge some small fee for this feature. Cheers

  • FunlandProductionsFunlandProductions Member Posts: 2

    Does Wave offer Class categorizations? I want to be able to attribute income and expenses to a specific project. How would I do that?

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @FunlandProductions , I merged your comment into this on-going thread so we can add your voice as a +1 to this feature idea and so you can also see the workarounds proposed in the past.

  • FunlandProductionsFunlandProductions Member Posts: 2

    @AlexL - thank you. Unfortunately, I will need to discontinue using Wave as this feature is absolutely necessary for my record keeping. My company is entirely project-based so I need to be able to track expenses/income for each as well as then see the overall picture. As such, the workaround of creating multiple businesses is pointless.

  • DarnellDarnell Member Posts: 0

    Has anyone discovered away to add codes to expenses. We have a 10-digit code identifying the category, department, sub-category of our expenses. We're looking to figure out how to incorporate that into expenses so we can see this displayed in reports. If you have any recommendations and are able to share how you configured the system, we are all ears. Thank you so much.

  • xDavidxxDavidx Member Posts: 9

    +1, i've been with wave now for nearly 3 years and it seems no progress has been made on this feature. Seems like it's time to be searching for a new accounting software, as at this point creating multiple accounts as a workaround is just a partial solution. Once you have those accounts create I am unable to filter the report to say give me the number only for property 1 or property 2. Its always all or nothing. How many more votes are needed to even consider this to be on the road map?

  • HipRoofHomesHipRoofHomes Member Posts: 1

    Adding a comment to keep this thread alive and on Wave's radar. The vendors/customers feature is nice, but it does not address the need expressed here. Customers can only be assigned to income and vendors can only be assigned to expenses, which means many of us can't even use them as a hack to track what we need to track. I, too, have multiple rental properties that are all managed via the same bank account. For tax purposes, I need to say how much of each category of expenses are assigned to each. I can't do that efficiently with Wave. It's not efficient to build a schedule of account for each property and it's not efficient to set up a different wave account for each.

    I know you're free - but maybe you should charge a little and make Wave a little better! Quickbooks costs too much, Quicken seems to just kind of stink, and I don't know what else to try. I love Wave and would gladly pay a reasonable fee to use advanced features, but it's not currently growing enough to keep up with my very modest business - and it's literally missing one data element to catch up.

  • TDuvallTDuvall Member Posts: 23

    I was using QBO Plus for my husband's business. It has become VERY expensive for us . . . about 13% of our total expenses. Looking at WAVE now.

    We do need job costing, but I think that there might be a work-around in WAVE, but as I am new to the software, I would love confirmation from someone experienced.

    Before projects were a feature in QBO Plus, I simply created one account for each "Customer/Customer Job" combination (i.e. John Smith - Bath), thus forcing tracking by job. Could I not do the same thing in WAVE?

  • Joe_GJoe_G Member Posts: 3

    Count me as a +1! I just signed up to Wave and realized that I couldn't separate my expenses according to class or subcategory etc. I too own a few properties and this is the one feature that will keep me on as a wave user. Quickbooks charges $70/mo for this feature and its limited at 40 classes. It must be very difficult to implement because I can't seem to find any other web based accounting software that provides this besides QBO or QBD. Like some others said on the thread, I woudn't mind paying for this, but $70/mo is just too much! Free is great and I really like this product, but I cannot quite jump on board because of the lack of this one feature.

  • Marco_Fabbrini_CPAMarco_Fabbrini_CPA Member Posts: 2

    Yes, adding a feature to "tag" expense and income items related to particular projects would be great! That way my clients could see each projects profitability. I too would like this feature.

    WAVE, please advise us if you are planning to implement this or not. That way we can plan accordingly. Thank you so much!

  • hafnerdesignshafnerdesigns Member Posts: 3

    I'm a web designer and use QBO for all my bookkeeping. I am working on changing over to Wave. I realize there are some differences between the two platforms, but I didn't expect there not to be sub-accounts. Am I missing something? How do you create them? I like to categorize the various services I do for my clients. Perhaps there is another method I can use to categorize the various services? Thanks.

    edited March 8, 2020
  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @TDuvall! Thanks for checking us out, sorry to hear about your experiences with QBO. I believe your account creation workaround should be just fine, though it may be a fair amount of manual effort!

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @hafnerdesigns I'm merged your post into this ongoing discussion. While we don't offer this feature at the moment, if we do implement this feature in the future, this thread will be updated. There are some other workarounds mentioned in the thread, so I would recommend taking a look through her for how others are doing without it.

  • bmoneybmoney Member Posts: 2

    @JordanD Is there any timing on this feature? It looks like it's a popular request. If there was even some notice on availability that would be awesome or even if we knew it was being considered and worked on. Make it a paid add-on or something for "Advanced Reporting" Please dont make me use quickbooks!!!!

  • bidefordjonbidefordjon Member Posts: 1

    Unfortunately I'm giving up before I start. I am Treasurer for our Direct Scout Council and need to be able to classify expenses over 'Beavers', 'Cubs', 'Scouts', 'Explorers' etc and run reports separating these out. This won't do it so I'm out.........shame as other than that it looks easy enough to use.

  • bmoneybmoney Member Posts: 2

    @bidefordjon Sadly you are correct. Its a great software, and free but without the ability to tag expenses its made it impossible for me to move over from quickbooks.

  • TDuvallTDuvall Member Posts: 23

    I share everyone's frustrations with the software not having certain capabilities . . . but what it has boiled down to for me was that we could not afford $50-80 per month for accounting software that would have all the features we wanted . . . and this is free. For free, this is good software.

    I use the following work-around (which may not work for everyone):
    My husband runs a home-repair business, and we enter a combination of each customer/job as a separate customer (i.e. 20200205 Phillips, Kathy Roof Repair, 20200227 Phillips, Kathy General Repairs, etc.). Then, I attach the customer name to each customer-related transaction. At the end of the month, I run a "Account Transactions (General Ledger)" report. I then run one for each customer (contact on the report page). I place them side by side in columns and subtract to make a column for any non-customer related transactions. Then I have segregated data to pull from. Since I created my own reports in Excel to make them appear as I wanted, I can generate any by customer/job that I wish. I also manually adjust retained earnings so that my reports show current year data the way that I want.

    It is a fair amount of manual work to get set up and maintain, but is is free, and better than building my own system of linked spreadsheets completely from scratch myself.

    edited March 18, 2020
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