I should add this used to be so easy. Create a Bill and credit/debit the GST account and adjust the rounding to an expense account. Then pay the bill when due. So simple.
Maybe you could allow a bill to use the new GST account for an invoice line item...
@Tim_Atkinson Could you please confirm where you are seeing the section for 'Expected payments to Vendors?' in the Chart of Accounts? I just want to get a sense of what you're looking at. Generally speaking, only expense accounts are able to be associated with the payment account for the Bills section -- currently something that our accounting team is exploring (we have active eyes on an internal ticket to get this resolved). Let me know when you get a chance.
I have attached a pic!
Later I was able to add the 'Clearing Account " to Other short term liabilities
sorry my first pic did not load so here it is
Hi @Tim_Atkinson . Jamie's correct in saying that you can't add anything other than an expense account to a Bill. Any particular reason that you choose to mark your liabilities for GST to the government like so? A better idea of your workflow would be great!
In Australia we have to report GST two months before payment. We also want to acre it in the correct time period.
So Previously I could raise a Bill. dated on the last day of the period concerned, for the ATO as a supplier and Dr/Cr the GST account and expense any small roundings and it was all done and I would pay the Bill when due. This was great in the previous version but cant "use" GST account any more.
I also use month-end journals to provide for other expenditure (not taxable) such as wages and rent and COGS to put these into the correct period as expenses and use a provision accounts (liability). When I then make the payment via a Bill I debit the provision account and as I pay the Bill the Bank is Credited.
This is all about having expenditure being recorded in the correct period for reporting and allowing a payment to be recorded as that happens.
I have found a way to create a "Clearing" account in Short term liabilities and access this in Billing. It is just not consistent.
hope you are not confused - I am qualified in accounting and I like to do things properly.
Hey @Tim_Atkinson. Thanks for reaching out with your workflow. The tricky thing here is that it sounds like your workflow, more or less, should work for you just fine. Typically, we've found that our users have found success by following our Help Center article on this here, though it might be best to check in with a tax professional on this.
I want to know how to customize the categories for different receipts as a lot of the suggestions don't match my business model
Hey @Bel_Spencer! Can you let us know what your current business model is? Would love to work with you here to see what we can do!
I cannot find how to add a new account or category on the fly. I am recording a new transaction and I must go someplace else to enter it. Am I missing something?
When you are categorizing transactions and scroll through the list and reach the bottom you will have the option to add new account. A faster way to get there is with the drop down box open type a letter that no account starts with like Z or X.
That's great. Thank you!!
How do I delete unwanted accounts
Wave does not allow accounts to be deleted. However, you can archive any accounts that you are not using. By archiving, they are removed from views.
Can i create new account group head under which i create add different account
As far as I know you cannot create a new account grouping. The ones listed in Wave such as Operating expenses are each mapped to the appropriate sections of the financial reports.
You state you can “create new accounts and categories” but that’s not true. I can find no way to add or create custom categories. I’ve seen other posts that say the same. It’s bad enough that you don’t support custom expense groups or categories, but don’t compound that flaw by claiming in a support article that you have functionality you absolutely do not have.
Hey @SmartAlex! Creating new accounts and categories are one in the same - when you create new accounts in your Chart of Accounts, those will appear as new categories for you to associate your transactions with.
I added accounts for existing fixed assets ( a gate, a mailbox, perimeter fencing and security camera equipment)
So how do I assign an initial $ value to those assets?
I'll need this in order to calculate depreciation on these assets
New user here. Is it possible to create a Summary Account and it's Subaccount(s). We are working with multiple rental units and want to keep expenses for each property separate
Sounds like you're trying to create Starting Balances for a specific account. Read over that article and let me know if this helps!
Wave does not currently offer job or project-based accounting. 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. Wave does offer the ability to categorize transactions. You can learn about those HERE but I understand it won't accomplish the same thing.
You also have the option to Open Multiple Businesses within the same Wave account treating each one like a different project. This is another common workaround some of our users do, 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.
Wave does not support sub-accounts at this time. My apologies for this!
Can I bulk add categories in Chart of Accounts
Hi @Watila! There isn't a feature that would allow you to bulk add categories to the Chart of Accounts page. I'd be curious to hear how you would want this feature to work in Wave if it were to come to life!
I am trying to add our transactions from last year and therefore there are many categories that need to be added. I am aware of what these categories are already
Hey @Watila, thanks for letting us know how this could impact your workflow! Unfortunately we do not have a way to do this at present, but your context and input is helpful.
Your "overview of the relationship..." link doesn't work.
SmartAlex already asked this but I now REALLY NEED TO KNOW: "You state you can “create new accounts and categories” but that’s not true. I can find no way to add or create custom categories. I’ve seen other posts that say the same. It’s bad enough that you don’t support custom expense groups or categories, but don’t compound that flaw by claiming in a support article that you have functionality you absolutely do not have."
HOW CAN I ADD A NEW CATEGORY? There is NOTHING for raw materials, manufacturing costs, cost of making products - NOTHING. Please explain urgently whether we can create new categories. If not, this just isn't a viable accounting app.
Hey @Bver , thanks for flagging this for us, the link has been fixed
Hi @Moth . The support article listed at the beginning of the thread breaks down how to add accounts or categories, as these terms are used interchangeably depending on what you're talking about. When you mention categories though, are you referring to tags and classes, a.k.a an additional layering of categories on top of what already exists? Feel free to provide a specific work flow that you'd use these for so I can gain a better understanding of what you're asking for.
How do I edit (or delete) an account after I've created it?
@SteapedSlowCeramics Editing an account can be done under Accounting > Chart of Accounts by selecting the pencil icon beside the account you want to edit. You can change the name, account ID and description but we aren't able to change the account type or currency once the account is created; you will need to create a new account if you need to change those qualities.
Deleting an account is Wave is a bit tricky but following these steps will get it done. First, you will need to make sure no transactions exist in the account you want to delete. Once you have confirmed this, then head to Accounting > Chart of Accounts, select the pencil icon and check the box to Archive Account. As long as there are no transactions in this account, the account will be deleted when you archive it.