"Tags" or Classes

2

Comments

  • danedobredanedobre Member Posts: 2

    Hi Wave Team,

    Can you confirm that the "tag" feature request is on the roadmap, and when will it be delivered?
    Can users give their suggestions on how the tag feature should work and feel?

    EG: Options for Colour Coded Tags would be nice.

  • socratessocrates Member Posts: 0

    I use Quickbooks for our rental portfolio because Wave currently lacks classes. Why do we find classes to be a show-stopper?

    We assign expenses related to a specific property to a class (ex: Morgan Duplex). When we run our P&L and Balance sheet at the end of a quarter and at year end, we ensure that there is a column for each class; the right-most column is for transactions where there is no class. That gives us an instant snapshot of each property's performance compared to the others and then our overhead (far-right column). This is very important as we make decisions and our accountant absolutely requires this ability so that they can work their magic at year end with depreciation and writeoffs.

    We CAN make expense categories for each property but that is not reasonable and not the way banks want to see our reports generated. We have to speak the same language in our line of work.

  • richardwhateverrichardwhatever Member Posts: 2

    +1 for this.
    I've just been trialling Wave to see if it could manage our property rental business. However being able to generate a profit report per property is very important to us, and without tags or dimensions or similar reporting features this is not possible.

    This really seems like the only negative about Wave, but its a big one for us.

  • nick_pikenick_pike Member Posts: 2

    I'd like to add my +1 for this as well.

    My use case: I manage finances for my local Scout Troop. We have our COA set up to track things like Campsite bookings, camp activities, camp food, etc. I'd use tagging to be able to get a view of a camp or activity overall, (eg how much did we spend for beach camp overall, and how much came in for that camp).

    A critical feature would be the ability to report on the tags, essentially the general ledger with a consolidated list of transactions for the selected tag(s) across all income/expense accounts, as well as a breakdown by income/expense account.

  • JamieDJamieD Administrator Posts: 1,091 admin

    Hey @nick_pike. Thanks for giving us some insight on how your business operates/how this feature would be beneficial for you as well. Full transparency, this isn't something that's currently on our radar.. but when we have an idea of what this might look like in the future (or if we actually do start planning this).. we will let our users know!

  • bufordr1bufordr1 Member Posts: 1

    @MitchellGillespie,
    Thank you for your update mid-February. We are a small church also in need of tags to track gifts and expenses according to a project or class model. My only workaround at this time would be to document the tag in the comments and track on a spreadsheet (ugh!).
    Thank you for keeping us informed and having it on the project roadmap. I appreciate your priority in helping fellow customers on the old system to get to the new system, but as you see this is a popular feature request :)

  • DarkArtsEvents19DarkArtsEvents19 Member Posts: 1

    Just joined Wave and instantly searched for the ability to use tags. Please add this important feature. We run an events company and need to monitor net profit per event to effectively run our business. It's not practical to setup a new chart of account for each event. It would make the profit and loss far less effective.

  • MrSparkleMrSparkle Member Posts: 2

    Classes (known as categories with options in Xero) would be an awesome addition to Wave.
    Real life uses?
    1. A store can generate sales reports by salesman, or by location
    2. P&L can by generated by project
    This would be especially good if we could ceate several classes with many options, and even better if reports could facilitate a filter by several classes
    eg. For each project, different salesmen at several locations contributed to sales.....
    What was the value of sales by Roger toward Project Nefario?

    edited June 23, 2019
  • AlexLAlexL Administrator Posts: 605 admin

    Hi everyone. Thanks for all of the different feedback and workflows added to the thread. This helps us gather good insight into why tags/classes would be beneficial to your business for the future!

  • baltimorejazzbaltimorejazz Member Posts: 1

    +1 for some sort of tags/classes - this is a big feature missing in Wave. For our use case as a small non-profit, we need to track income and expenses by project, e.g. a special concert, versus regular operating expenses. For reporting, we do want to see all like categories reported together (e.g., performer fees), but also need to be able to report on only those belonging to a specific project.

  • Nikita_JOMINikita_JOMI Member Posts: 1

    +1 on my end. I think the ideal solution is arbitrary tags on each transaction, which would afford maximum flexibility. Then also allow grouping/scoping by tags in reports and you would have a tremendously powerful tool that would have us immediately switch from QBO. This is one feature that our venture can't live without.

  • programcsharpprogramcsharp Member Posts: 1

    +1 for classes/tags/categories. I love wave and use it for a tiny side business, but I am not able to use it for any of my larger businesses or recommend it to clients because of the lack of this feature.

  • sleighthompsonsleighthompson Member Posts: 2

    +1
    We're a small non-profit that is growing rapidly, and we like Wave but its inability for budgeting (another thread, I know) and tags that allow us to track individually-budgeted programs makes it hard for us to use Wave through this stage of growth. Please help!

  • kacitkacit Member Posts: 13

    I really can't understand the delay in implementing this...it's such a useful & requested feature. I'd use Wave on a much more daily basis, rather than the infrequent basis I do now if this were available...

  • ChelseaKChelseaK Administrator Posts: 270 admin

    Hi everyone! Thanks again for weighing in and sharing why this feature would be important for you!

  • Wes_TopHomesWes_TopHomes Member Posts: 1

    Yes, my business is all about projects and keeping those projects on budget. I feel that tags would allow me to better keep tabs on what has been spent on those budgets. Having multiple tags would be even better as I could have projects broken down into the smaller budgets for each project to see where I am overspending or need to trim the budgets.

  • JamieDJamieD Administrator Posts: 1,091 admin

    Appreciate your feedback here @Wes_TopHomes. While this feature currently isn't on an immediate roadmap, it's definitely something to consider when looking at the improvement of our Chart of Accounts section.

  • jbrandijbrandi Member Posts: 1

    I want to cast my vote on approval of tags and classes! Check out our use case below!

    My wife and I have an S-Corp which we use to funnel all of our business income and expenses through (we use 3 DBAs all connecting to our S-Corp)

    We have one checking account for or S-Corp that we receive income from all DBAs and pay some expenses from and use a 1 credit card to cover all the other expenses for all 3 DBAs.

    To have Wave allow us to classify or tag each transaction from these accounts to a specific DBA so we can run report a profit and loss for each DBA to see how each "business" is doing would be AWESOME

  • MyronMyron Administrator Posts: 143 admin

    Hi @jbrandi , welcome to the Wave community! Thank you for sharing your personal use case for this feature request!

    edited August 8, 2019
  • AuroraRetailAuroraRetail Member Posts: 2

    Hi. I am still getting to know Wave, and there are a few core user journeys that appear to be missing which would enhance the usability of the platform to the non-hardcore accountants.

    When running through all transactions from the bank, we want to ensure that they can all be justified, with receipts added, and notes updated. Merging receipts to transactions is brilliant, but identifying which transactions need to have a receipt added, or need to be revisited, or need to be somehow cross-checked is a feature that I believe is best addressed by adding in 'tags'. It is a common feature on many applications, and I hope is a useful reference for what I mean, I use this feature on an application called Trello for tracking 'to-do cards', and if there was a search too, this would make it a really valuable feature.

    Naturally, any features needs to be quantified to see how it can help bring more people onto the platform, or convert more people towards utilising the paid services offered. If it were to make no difference to the numbers, there would be no justifiable business case for adding the feature.
    I do, however, believe that the ability to add tags/reminders in an easy to see, filter, and search manner, is something that would make the platform more user friendly, and in a way that anyone can use to their own purposes (of which there are many many listed above).

    Personally, I would use them on Account transactions or Receipts to put reminder notes of what I need to do, e.g. marking a transaction with a tag such as "pending receipt upload", or "to cross-check", or "To claim within EXP1" or "confirm receipt has a VAT number", or a vast number of other comments that could be personalised, especially if easy to see, ideally with the use of colours (or colors to those in the USA).

    Hopefully the sizing, testing and implementation overheads of this feature would not be too large that it would be seen as a worthwhile activity to add to a development sprint, and could even be a stepping stone to further identifying how other tagging and reporting user journeys (including an associated search, filter, and sort feature) could (as a KPI) be used to correlate with successes of client onboarding, retention, and the associated uptake of Wave's financial service products.

    edited August 19, 2019
  • solobrosllcsolobrosllc Member Posts: 2
    Wave team, when is the ETA for this to be on your roadmap? Where can we see your roadmap with approx dates for public use? Thanks.
  • JamieDJamieD Administrator Posts: 1,091 admin

    Love the detailed feedback that you've provided us here @AuroraRetail. It's insights like these that we really want to get out of the community when it comes to product feature planning, so I do appreciate and value your opinion here.

    @solobrosllc We still don't have a specific timeline for this (for implementing to our roadmap). In terms of having a public facing roadmap/product plan for our users, this just isn't something that's viable for us. Things often change, and we wouldn't want to have a product idea in mind that we completely remove from the backlog, or even slightly alter (basically not wanting to overpromise and under deliver).

  • WanasWanas Member Posts: 2

    Hello,
    I'm using Wave from 2014 till now, and my main problem was also the same as the rest,

    first of all, I'm a computer science background, and let me tell you already have a great system with good features,

    it is not that much complicated to implement, and I advise to keep it simple as you usually do,
    my Business now is in Advertising and Marketing, we offer a lot of customized products and we relly in need to link the bills to the invoices in a way that we can generate some reports to check the direct costs of an Invoice, this is the simplest level of it.

    I hope we can see this feature ASAP,
    Thank you

  • devnuldevnul Member Posts: 3

    I'd like to add my voice for this as well.

    In my case its rental properties. Since the bank linking feature seems to work very well for downloading transactions - here's the problem:

    1. Within that bank account there are, lets say 8 individual rental properties. Each with income and expenses. A nuance here is that ideally this would be sort-of hierarchal in nature, because there might be something like a property with multiple units - and it would be great to be able to run reports for the entire property or drill down into a unit.
    2. The classification system, which I can't quite figure out how it makes its decisions, would need to be able to associate the transactions with one of these tags/classes in a very deterministic way. This may be specific to my use case - but in 90% of the bank transaction there's something very concrete and deterministic in the description or memo line that can remove human error from making this association and a prime candidate for automation.
    3. The tag/class would ideally have an option to be required before allowing the transaction to be accepted. In other words: there should be some sort of option to ensure that there is never a categorized transaction that is not associated with a tag or class.
    4. The reporting system allowing one to select one (or preferably more) classes/tags to include in the report

    This is a really important feature, for me. Its the first thing I was searching for after signing up.

    • Greg
    edited September 4, 2019
  • JordanDJordanD Administrator Posts: 270 admin

    @devnul Hey Greg, and thanks for adding your voice in to the thread on tags and classes. We totally acknowledge that for businesses like yours who are managing properties that this sort of feature is one that is a must have. Providing the specifics on how you would like to see the feature work is valuable information for us to pass along to our Product Team for them to consider developing a feature that hits the needs of your business and likely others as well.

    If anyone else has anything that Greg has left out in terms of what the feature would need to have, we are all ears!

  • matt3006matt3006 Member Posts: 2

    Let me be direct. Quickbooks has a stranglehold in the U.S. and its users. There are many haters of QB not because their software is not good. They are hated because they use their size and position to constantly extract ever more fees from its user base or forcing upgrades through deactivation or feature cripple even when there have been minimal updates.

    I have seen QB Online and QB Desktop users continue to be unhappily "victimized" because many feel like they cannot go anywhere else. They are just stuck and held hostage to the needs of their business, not because they have any love towards QB.

    As this thread shows, there is a GREAT demand for someone to implement the class concept. Some people have called it "tags". Whatever terminology wishes to use, there is a HUGE base of accounting users looking for an solid alternative to QB. But the dealbreaker is having "classes". Any talk of creating "special categories" in the Chart of Accounts instantly blows credibility out of the water. Experienced users will automatically tune it out because that is an "amateurish" and overly simplistic and not practical suggestion.

    I am sympathetic to Wave that you cannot be all things to all people. You might have a nice user niche and I don't begrudge you for it. But like others, I have been looking for 10 YEARS for a QB alternative. But there has to be some mechanism for "classes". Whether it be to track small business units, business divisions, individual properties, different projects, etc. it is a NECESSARY and dealbreaker feature. Even FREE is not compelling enough for me or my other business friends/clients to move.

    And until some accounting developer is willing to take the classes/tagging issue on, QB will continue to have a lock on its users. The love/hate relationship with QB will continue. Again, there is nothing wrong with Wave owning and being profitable in its niche but there are MANY who are looking for something else.

    I come from 3 lines of businesses. Property Management where each property needs to have its own P/L statement. Publishing where each project needs to have its own P/L. Consulting where we need to see which specialty generates the best overall profitability.

    edited September 12, 2019
  • kacitkacit Member Posts: 13

    Totally agree with @matt3006 above.

    Heartily sick of Wave patronising it's clientele with stock excuses regarding this missing core feature.

    I've now moved to Pandle, for which I pay a small annual fee for but has the minimum functionality I need.

    Wave really needs to wake up & smell the coffee on this, or risk becoming a zero-cost, increasingly irrelevant accounting solution...

    edited September 12, 2019
  • JordanDJordanD Administrator Posts: 270 admin

    @matt3006 Thanks for taking your time to clearly articulate your position in terms of the need for tags/classes. I personally hear you and all of the other users that are sounding off in this thread. To be fully transparent, I hear the need for the feature.

    I'm sure in your search for another software that offers the classes/tags, you have likely found that there is a lack of software in general able to support the feature. In the simplest of terms, it's a complex build and before we can commit the resources into creating it, we want to ensure that we can launch a feature that we are proud of, and that works without a hitch. Knowing that so many users are dependent on a workflow that demands this capability means that the feature needs to be perfect because if not, there's a real chance that it can do more damage than good. I've touched base with the Product Team on this topic specifically, and they continue to reassess this sort of functionality at least twice a year, but have not yet found a way to implement it in a meaningful way.

    I know that this is likely not the answer that you want to hear, but I feel as though you deserve to have as much insight as I can provide as to why the feature is has not yet been available on Wave. Your feedback, and the feedback of the other's in this thread, are appreciated and referred to frequently when making decisions, and I thank you for being as open as you have been to this point.

  • matt3006matt3006 Member Posts: 2

    @JordanD

    I think you might have understood the spirit in which I wrote. It was not to "dump" on Wave at all. However, I did find this thread through a Google search and found this very important discussion that is accessible to the wider online audience that goes beyond Wave. There has to be "someone" on this globe that can deliver a solid alternative to the ongoing death-grip of QB. QB is well-hated and their ongoing victimization of their users is profound.

    I suspected that developmental challenges and resources is why so few accounting software developers can take this tough project on. Here is a totally insane idea. Because Intuit is so big and so well-resourced, no singular smaller developer firm can take that on, what if Wave reached out to its friendly rivals and see if there is a way to collaborate resources into a shared technology project to implement this feature? Perhaps what I am proposing is overly simplistic but I am very certain rivals to Wave are also on the same boat. Having clients who only have simplistic accounting needs or a very singular business to track might already be a huge niche for Wave and its rivals to compete for.

    However, if those same rivals were all able to collaborate and team up to develop shared technology and incorporate tag/classes into its feature offerings, it could be a huge game changer for your industry. I have seen so many accounting features and all the comparison boxes. However, all of that stuff means very little because there are many of us looking for that one feature that keeps all QB users hostage.

    Regardless of the outcome, thank you for keeping this thread alive and acknowledging the significance of the class feature request. This issue is much larger than Wave. It is an in issue within the accounting software industry where the behemoth QB seems to be setting standards and pricing for which everyone follows or compares.

    @JordanD said:
    I'm sure in your search for another software that offers the classes/tags, you have likely found that there is a lack of software in general able to support the feature. In the simplest of terms, it's a complex build and before we can commit the resources into creating it, we want to ensure that we can launch a feature that we are proud of, and that works without a hitch. Knowing that so many users are dependent on a workflow that demands this capability means that the feature needs to be perfect because if not, there's a real chance that it can do more damage than good. I've touched base with the Product Team on this topic specifically, and they continue to reassess this sort of functionality at least twice a year, but have not yet found a way to implement it in a meaningful way.

    I know that this is likely not the answer that you want to hear, but I feel as though you deserve to have as much insight as I can provide as to why the feature is has not yet been available on Wave. Your feedback, and the feedback of the other's in this thread, are appreciated and referred to frequently when making decisions, and I thank you for being as open as you have been to this point.

  • thefyreheadthefyrehead Member Posts: 2

    PLEASE, Don't give users free range tools like classes/projects/ tags.

    Whatever you decide to do, please don't do it the way quickbooks, xero and everyone else does it.
    Do it like you did the reconciliation page (even though it doesn't work well) because you will learn over time how to do it right, and then it will be perfect.

    Concretely, this is what I mean. Entrepreneurs need to see their business from multiple perspectives, and don't necessarily need the BI systems that slow down day to day activity but give great bird's eye views for efficient decision making. The ideal is to build that in to the accounting.

    I think it would like like the following (just freeflowing here, so definitely a work in progress!)

    Essentially, classes, projects, and tags are just a way to link transactions across multiple accounts and to generate mini P&L's and to track budgets.

    The underlying need here is adjusting current operations for the future, and being able to look into it.

    If you make a dedicated interface similar to reconciliation, called, let's say, Management, you could come up with simple wizards to get more out of the accounting data.

    Examples:

    1) Reports geared towards helping owners reach their 15% EBITDA.
    2) Creating Projects and have transactions auto-tagged per a date range or per vendors, and allowing the user to select multiple transactions for a general ledger for quick project making.
    3) Cashflow Forecasting Management, (simple things like how much has to be created in revenue based on average expenses to reach a certain goal.)

    Anyways, the list would go on, and it definitely would set you apart from everyone else.

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