Hi, Fairly new on this wave app so i was hoping one of you lovely people can help, We are a commission based company, i was hoping to track and record that in Wave, is there a way of doing so?
Hi @Zee101, thanks for joining!
At this time, recording commissions is not available in Wave. However, I'll be sure to bring this up to the team as a suggestion for a future version of Wave!
Well do you have an alternative way that you would suggest where i could record this in Wave? i really dont want to start all over and move everything onto a new system... im kinda starting to like wave x
A couple things you can think about trying:
If your employees are earning commish, then make a Vendor for each employee and invoice the commish amounts back to the company. You'll need a journal entry to zero out if you are paying your employees anyways through payroll.
If your company is earning the commish on product sales, then you might consider building a new tax code that transacts with each sale. Again you might need to do periodic journal entries to clear aggregate sums into Income.
Now that I'm thinking about this I can think of a few more commission methods.
It would be best for you to contact me so we can sort out exactly what transactions are taking place, if you wish.
Hey @Zee101, would you be able to provide more context about what type of commission transactions you're looking to record? Are you trying to create invoices which reflect your commissions as a distinct streams of income within an income transaction? Do you have to record transactions which account for commissions you pay out to employees? If you give us as much detail as possible, we can put our heads together to see if we can devise a way to make this work for you!