How to add accounts and customize categories

SystemSystem Posts: 270 admin

imageHow to add accounts and customize categories

When you created your business in Wave, we set up your Chart of Accounts with a list of common accounts (or categories) based on what you told us about your business. You can also add different ac...

Read the full story here


edited December 31, 2018 in Help Center Discussion
«1

Comments

  • ArlyArly Member Posts: 6

    Thank you!!! This was extremely helpful in personizing and organizing my account.

  • yay_waveyay_wave Member Posts: 1

    PSA: If you're having trouble creating a custom-named account (e.g., income account called "Product X Revenue"), what you can do is the following:
    1) Go to the relevant tab (in this case, income).
    2) Select any option and continue.
    3) Edit the name of the account.
    4) Save and voila! :)

  • AlexLAlexL Administrator Posts: 1,091 admin

    Glad the article helped you, @Arly !

    @yay_wave Thanks for these added tips!

  • Carol_BCarol_B Member Posts: 2

    I have things set up in my chart of account but when I go to choose a category, that category is not showing up as an option to choose.

  • rentlrentl Member Posts: 8

    I'm having the same issue as @Carol_B
    I created an "Appliances" account under "Property, Plant, Equipment", but neither Bills nor Receipts allow me to choose that new account...

  • rentlrentl Member Posts: 8

    Hmm... No, I'm confused...

    The "Appliances" account I created shows under "Payment Account", but what I had intended was to create a Category.

    My goal is to create an account where I can track Class 8 CCA purchases. What's the best way to do that?

    edited May 3, 2019
  • AlexLAlexL Administrator Posts: 1,091 admin

    @Carol_B. Can you give some further insight into where you've set up your accounts in your Chart of Accounts, as well as where you're trying to select them in Wave?

    @rentl Property, Plant & Equipment can't be selected for Bills and Receipts currently. This is a known issue that we're working on, but in the meantime you can set up Appliances in any of the other Asset categories, like Other Short-Term Assets or Other Long-Term Assets.

  • anna_miaacadiana123anna_miaacadiana123 Member Posts: 2

    Can I create a subcategory for an expense account? For example, I would like to have an expense account labeled office supplies and then under it two subcategories named paper and ink. Is this possible?

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @anna_miaacadiana123 I can see why that would be useful but I'm afraid you wouldn't be able to create a formal subcategory for an expense account. You could create separate expense accounts for these desired subcategories though. For example, you could create one expense account called
    'Office Supplies- Paper and Ink' and another 'Office Supplies- Notebooks'. Or, you could create one Office Supplies expense account and add specific designations in the description section of the transaction on the Transactions page. What do you think?

  • blaw0013blaw0013 Member Posts: 5

    any option to split the account for one transaction?

  • LornLorn Member Posts: 3

    Hi I buy supplies to make Products to sell. I.E. I design and make Jewellery, so I buy in a lot of Supplies, (beads, crystals, chains, findings, wire, charms etc) Where Would I record the Purchase of Supplies, would it be under Inventory and Cost of Goods, or Inventory and Expense?

    Also Ive recorded several Operating expenses Professional Fees, dues and subscriptions, Insurances etc would I also record these under Vendor Prepayments and Vendor Credits
    for the double entry?

    edited July 3, 2019
  • JamieDJamieD Administrator Posts: 1,117 admin

    @blaw0013 Could you please elaborate a little more in terms of what you are trying to accomplish in Wave? There isn't an option to split an account (for categorization), but you can split the transaction and categorize it in two separate accounts, if that's what you're looking to do: https://support.waveapps.com/hc/en-us/articles/208621536-How-to-split-a-transaction

    @Lorn My assumption is that you would categorize this as a Cost of Goods Sold (for the specific inventory you are purchasing then reselling) but I do feel like you may want to seek the advice of an accountant for best practices here (sorry to chime you in again but, @Mikeg?).

    If you have paid vendors specifically for those operating expenses, and created bills in Wave, it will double your reporting, but you can simply merge those transactions together.

  • MikegMikeg Member Posts: 513 ✭✭✭

    @lorn,
    I would classify all the supplies that you purchase for creating jewelry under the Cost of Goods Sold section in an account called Purchases. I can only speak from a US perspective. Because you cannot expense items that are deemed inventory held at your year end, you will need to determine how much inventory you have at cost. You will then need to do a journal entry to reclass some of your purchases to inventory. You would Debit Inventory and Credit Purchases. Continue to expense supplies as purchases. Every year end you will need to determine cost of inventory on hand. Adjust your inventory balance by either debiting or crediting to accounts mentioned before to get your inventory to agree.

  • KeownKeown Member Posts: 1

    How do I create Dimensions?

  • blaw0013blaw0013 Member Posts: 5

    @JamieD -- absolutely, thank you for considering. I do understand how to split a transaction, but this doesn't help me do what I am aiming for.

    Some background. I am trying to use Wave for maintaining books of a small condo association. Because of some physical differences in the property, the books are split into Phase I and Phase II. We keep one operating account with the bank, and the balances for each phase are kept distinct just in the accounting ledgers. Some expenses are assigned to one or the other accounts, e.g. " Phase I operating." But some expenses are shared. I would like to be able to take, for example, and $800 property maintenance bill and assign a portion to Phase I operating and the remainder to Phase II operating.

    I can do it manually by entering two transactions. But that seems a bit of a headache. I am hopeful that there is a way to split a transaction in the way I've described. (it seems there is not)

    --Brian

    @JamieD said:
    @blaw0013 Could you please elaborate a little more in terms of what you are trying to accomplish in Wave? There isn't an option to split an account (for categorization), but you can split the transaction and categorize it in two separate accounts, if that's what you're looking to do: https://support.waveapps.com/hc/en-us/articles/208621536-How-to-split-a-transaction

  • blaw0013blaw0013 Member Posts: 5

    @JamieD -- The short version of my request, in the transaction details window, what you've pointed me to allows me to split a "category." I would like to split the "account."

  • paulramsaypaulramsay Member Posts: 1

    I see how we can add accounts under the pre-set categories--is there a way for me to change categories to align with our organizational budget? I can change the accounts within the "Operating Expenses" (under "Expenses") but can I change the names of the categories themselves, and add new ones (i.e. change "operating expense" to two new categories: "program expense" and "operations")?

  • MyronMyron Administrator Posts: 143 admin

    Hi @Keown ! Could you please explain what you mean by "Dimensions"? Is this the name of an account you are looking to create in Wave?

    @blaw0013 Thank you for providing a detailed explanation of what you are looking to achieve in Wave. We certainly appreciate detailed responses as it makes answering your questions easier.

    I'm afraid that it isn't possible to split a transaction between two accounts. Creating two transactions, each assigned to their respective accounts would be the way to go.

    @paulramsay I'm afraid that it is not possible to change the heading names for the categories. If you could provide some additional details as to how this feature could be a game changer for you and other Wave users, I'd be happy to pass those comments along to our Product Team!

  • RinnyRinny Member Posts: 1

    i created an account under Property, Plant, Equipment
    (Chart of Account > Assets > Property, Plant, Equipment )
    But I don't see the Assets Account I created in the dropdown.

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @Rinny Are you looking for the Asset Account at the top of your Transactions page? You should be able to see the Asset account in the drop down menu when you go to categorize the transaction! For example, if you add an income on your transactions page, you can categorize the income transaction so it exists in the asset account!

  • CJ_2816CJ_2816 Member Posts: 1

    I added an account in COA that I wish to remove. It does not have any transactions associated with it. How do I delete an account from COA?

  • MikegMikeg Member Posts: 513 ✭✭✭

    @CJ_2816,
    Once created they cannot be deleted. However, you can archive the account and it will not show up on the COA. Hope that helps!

  • AhveeteeAhveetee Member Posts: 1

    Wave is awesome and likeable. Still learning how to navigate since starting out 0600 hour NZDST
    Thu 18 July 2019

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @Ahveetee You're awesome and likeable too!

    Welcome to Wave! We're here to help if you need us :)

  • Andrew_GeorgeAndrew_George Member Posts: 3

    Is it possible to create 'standard' accounts for multiple businesses ? I.e. Is it possible that when creating 'new' accounts they are created for 2 businesses not specific only to one and thus having to repeat the steps again and again ?

  • mshafiquemshafique Member Posts: 1

    Can we add sub-categories or classes in wave COA

  • BarsinABarsinA Administrator Posts: 485 admin

    Hey there @Andrew_George @mshafique

    Unfortunately creating standard chart of accounts across all of your businesses in Wave is not a feature we have available in Wave at the moment. Each business can be set up differently, and when you do set up your business it comes with a custom set of accounts. I.e if I'm a massage therapist but also running a not for profit, this accounting is very different. So each set of chart of accounts comes with different account types. Therefore creating accounts across all businesses isn't possible in Wave.

    @mshafique So this is a common request that users ask for in Wave apps, but at this point in time, we don't have sub account types in Wave. Our dev team is in the know about this request. Could you shed some light on a potential transaction example that some users might need a sub-category account for to shed some light on those who may not understand why?

  • markejones1510markejones1510 Member Posts: 1

    I have 2 separate business account names set up. I have numerous entries (expenses) that I have entered into the wrong account. Is there a way to transfer them without deleting and starting over?

  • AlexLAlexL Administrator Posts: 1,091 admin

    Hi @markejones1510 . There's no function in Wave that will allow you to transfer between businesses. The best way to do this would be to recreate the transactions in the other business (assuming that there aren't many).

  • Tim_AtkinsonTim_Atkinson Member Posts: 7

    Yes that is all fine however I needed a category say "Clearing Account" in the liability section. This is used to record a debt such as GST due to Government. So I added this account in the group "Expected payments to Vendors" However when I then go to create a Bill this account is not being shown as an available account and in fact Liability accounts are not shown in the drop down unless they were set up prior to the latest "?upgrade?".
    HELP

Sign In or Register to comment.