Chart of Accounts : Category and sub-category

razaraza Member Posts: 1

Can we create an expense group/ category and sub-group/sub category. For example: Category : Advertising and within this category a sub category could be: Print Media, or Trade show events or catalogs etc. How can we incorporate this? Similarly for Payroll and other major categories. Thanks

Comments

  • CharlotteCharlotte Administrator Posts: 693 admin

    Hi Raza! Wave does not have the ability to create sub-accounts and groups. You will need to create a separate account in your Chart of Accounts for each one that you need to create.

  • chenley54chenley54 Member Posts: 1

    I need to clean up the chart of accounts and delete those accounts that we don't need. How do I do that?

  • CharlotteCharlotte Administrator Posts: 693 admin

    Hi Chenley! What you would want to do here is archive the accounts you do not need. This FAQ explains the archive function.

  • @raza said:
    Can we create an expense group/ category and sub-group/sub category. For example: Category : Advertising and within this category a sub category could be: Print Media, or Trade show events or catalogs etc. How can we incorporate this? Similarly for Payroll and other major categories. Thanks

    A workaround would be to use the common term as a prefix to many accounts. i.e. Advertisements-Media , Advertisements-Newspaper etc.

  • OonaOona Member Posts: 1

    It seems like the "REAL" answer her is NO you cannot subcategorize...you're just adding another account.??? That seems like it would be a pain if i wanted to run a report at EOY for Utilities and what the total for the year was per payee??? are you saying i'd have to run a separate report for each account?

  • RLJackRLJack Member Posts: 4

    @Oona That's what it sounds like to me. It's annoying, but that's exactly what I've been doing; running each account separately to get the individual subcategory totals, then manually adding them up for a category total. Like @Mohamed Imran Buhary Seyed Mohamed said, I do already have them named like "CATEGORY:SUBCATEGORY", but the search functions are too limited to take full advantage of this naming scheme. I'm new to accounting/bookkeeping and learning out of necessity (business startup), so that's one of the things I didn't know I needed when I was deciding what software to use. I hope they will add this feature. Better yet, I'll be happy when my business grows enough to hire somebody else to deal with it!

  • gabrieltomescugabrieltomescu Member, Administrator Posts: 33 admin

    @Oona @RLJack As per my colleague's answer at the top, Wave does not currently support creation of sub-accounts.

    You can view all transactions for each account using the Account Transactions report, but our filters only allow you to see one account at a time. I will pass your feedback along to our product team that being able to select multiple accounts in the filters would be very useful for your use-case.

  • RLJackRLJack Member Posts: 4

    @gabrieltomescu Selecting multiple accounts in the filter would be extremely useful. Short of supporting actual sub-accounts, this would be a good workaround. Thank you for your feedback.

  • brettrarnoldbrettrarnold Member Posts: 1

    Why doesnt wave have that ability to make subcategories... It doesn't make sense

  • JamieDJamieD Administrator Posts: 637 admin

    @brettrarnold We understand that a lot of our users would love to have sub-categories in Wave. It's something that's been discussed before, and we will be working on a viable solution for our users in the near future -- just no immediate plans as of right now. Again, the common workaround is to create a new account in the chart of accounts section. Once we have released a feature such as this, we will definitely keep our users updated in the threads they create for feature requests.

  • Jacinto_ChoJacinto_Cho Member Posts: 16

    You can do it. Just that you need to create the chart of accounts codification. Add the codes and just never add transactions to the partent account, to get in context you would be able to add the sub accounts but at the level of reporting when you export to CSV and convert it to excel. email me if you want to know more about how to do it [email protected]inkersmakers.co

  • socratessocrates Member Posts: 0

    Hi, I'd like to add my name to the list of people looking for this feature. As mentioned before, having an overarching account allows us to determine at a glance the totals for all subaccounts in our reports.

    Times that we would use this:

    • Main account: meals & entertainment. Subaccounts: "work through meal" "meals with customers / vendors"
    • Main account: Security deposits. Subaccounts: "Morgan Unit 1 Security deposit", "Morgan Unit 2 Security deposit", etc.

    Because of the benefit mentioned above (totals of subs), any workaround is not worth the extra effort associated with that workaround.

  • JamieDJamieD Administrator Posts: 637 admin

    Hey @socrates. Thanks for giving your +1 and the detail you've provided for the feature request.. this is really helpful in terms of what our future roadmap will look like when considering new features (such as potentially adding sub-accounts). When we have an idea of when or what this would look like for our users, we would definitely let everyone know!

  • philip456philip456 Member Posts: 9

    I love Wave but this is the one feature that would be incrediably useful to me.
    (1) To be able to assign income account transactions and expense account transactions to a particular category and be able to run a P&L report on them would be so useful.
    OR
    (2) To have sub-categories, with totals being reported, as @socrates suggests.

    edited 9:44AM
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