How to add accounts and customize categories

13

Comments

  • ShaneSShaneS Member Posts: 1

    @AlexL I think I see what @Moth is looking for, and agree.

    I'd like to add a new top-level expense account titled Sales & Marketing. It's an expense category type, obviously. Under Sales and Marketing, I'd like to add sub-accounts, e.g. advertising, conferences, software, subcontractors, etc.. I can create a new account called Sales and Marketing, but must place it under one of the 4 existing top-level expense account types (operating expense, CoGS, Payment Processing Fee, or Payroll Expense.). Nesting like that will make answering a simply question like, "What is my total sales and marketing spend?" much more difficult.

    Surely we can create a new top-level account in our COA, right?

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey there @ShaneS

    Currently our roadmap does not feature any of these updates to the chart of accounts at this time. My apologies for being the bearer of bad news. Sub-accounts are a popular ask in the forum, so hopefully we might see something in the near future.

  • SachinSachin Member Posts: 3

    Hi there,

    I have a non-taxable government grant come in and I want to categorize it into an appropriate account. I read here (https://community.waveapps.com/discussion/comment/19645) that this should be added to its own "equity account" in the chart of accounts.

    However, the only categories in "equity" under which a new account can be created are

    1. Business Owner Contribution and Drawing

    2. Retained Earnings: Profit

    I don't think the government grant should be in either categories. Can you please help me understand how to make this work.

    Thanks in advance.

  • IvyIvy Member Posts: 7

    Hi,
    I want to upload an excel sheet by the choosing the Upload bank statement option under Accounting. However, when I try to upload the transaction statement, under the drop down I am only able to see the Bank accounts and not "Other short term asset accounts" which have been created earlier. Even if I try to create a new short term asset account it is not showing up in the drop down list.

    In Oct/Nov 2019 after your last major update I was able to do this upload to non-bank asset accounts as well after creating a new short term asset account

    Pls let me know how to get this done.

    Thanks..Ivy

  • Jennifer_Accountant1Jennifer_Accountant1 Member Posts: 1

    I want to add my voice to those requesting sub-accounts. This is a pretty standard component of both the balance sheet and P&L. I was looking over Wave to help a friend set up a business, and don't know that I can recommend this without. A simple example is Utility Expense. You may want to track your overall utility cost, but at the same time isolate electric vs. water vs. phone. Same for different types of insurance, auto costs.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey there @Ivy

    Unfortunately our system's transaction uploader hasn't actually changed changed from the previous platform to the latest. When uploading a transaction using the CSV uploader, you will need to use the anchored bank accounts as a destination for the transaction upload before categorizing.

    Hi @Jennifer_Accountant1

    Thanks so much for your contribution here! We understand that this is a common ask from our community members and although it's not on our current roadmap at the moment, the more +1's the better!

  • IvyIvy Member Posts: 7

    @BarsinA said:
    Hey there @Ivy

    Unfortunately our system's transaction uploader hasn't actually changed changed from the previous platform to the latest. When uploading a transaction using the CSV uploader, you will need to use the anchored bank accounts as a destination for the transaction upload before categorizing.

    Thanks Barsin! I actually figured out that I can upload a non-bank statement (for example a share transaction statement) using the CSV option to any of the listed bank accounts (temporarily) and thereafter I can change the Account (not category) from that Bank Account to the intended "Short-term asset account" from the Transactions page using Edit. This way I can achieve what I used to do last FY. It is an extra step since earlier the "Short-term asset account" was shown under the CSV drop down. Anyway, doesn't take much time!

  • JenniferDJenniferD Member Posts: 1

    I would like to reiterate the request for sub-accounts. This is a standard component of both the balance sheet and P&L which (in my opinion) is the primary reason, besides invoicing, that someone would use accounting software. In setting up Wave for businesses I have referred, this is ALWAYS the make or break moment that someone decides to use Wave or continue with their current software or another software.

  • CalliePCallieP Administrator Posts: 439 admin

    Hi @JenniferD , thanks for your message here. This extra context into how this feature idea would directly impact your business operations and client relationships is super valuable. At this time, Wave is not looking to implement sub-accounts as we work on improving some of our existing accounting features.

  • PKDPKD Member Posts: 1

    Sub accounts please. I am about to renew my subscription with a different package because I can't migrate to Wave if you can't support sub-accounts.

  • KathiDaughertyKathiDaugherty Member Posts: 1

    Yes! Please add Sub Accounts to your "to-do" list! Look how many people you'd make happy! Also, please allow for sorting on reports by Account ID rather than just alphabetically. I don't want to have to add numbers to my account descriptions, but it looks like I must to get the accounts in the proper order...

  • CalliePCallieP Administrator Posts: 439 admin

    Hi @PKD & @KathiDaugherty , thanks for your feedback here. Wave isn't currently looking to build these features out as we're currently working on improving our existing features. Thank you for adding your voice to this conversation.

  • WartyNZWartyNZ Member Posts: 2

    YES PLEASE Add sub Accounts asap, Essential to be able to produce a breakdown on a report to show the various types of Income/Expenses in an account. e.g. "Show / Advertising" "Show / Catering" etc

  • Mars_01Mars_01 Member Posts: 1

    New to WaVe. Would love to be able to account by division with sub-categories (sub accounts).
    Currently plan to export to Excel and use a formula to create columns for categories, but would love to just print reports by division without the extra step.
    Thanks

    edited July 14, 2020
  • Gary_HGary_H Member Posts: 1

    New to Wave. Concur with desire for sub-accounts.
    On March 19th, @Watila asked about bulk uploads of accounts, and @EmmaP asked how this should work - haven't seen an answer, so I'll provide my input. I would like to upload a spreadsheet or CSV file with columns for Account Name, Account ID, Description - the fields we enter when we create a New Account manually. The CSV file would simply be a way of bulk-importing a Chart of Accounts from another source - if we had dozens of accounts in our old system, having a bulk upload capability would save a lot of labor over manually adding them, one at a time.

  • LPG_Preschool_2020LPG_Preschool_2020 Member Posts: 5

    Need to BOLD or present the "tabs for the account or category you'd like to add" is located at the TOP of the page. First thing I could see was Assets (immediately scrolling the list). It took me a minute to figure out the next step after reading the answer 2-3 times to look for the TAB "EXPENSES". Thank you

  • ShakiruShakiru Member Posts: 3

    Hello,
    I mistakenly archived an account on my Chart of Account, how can i unarchived it and still use it in future?

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hi @Shakiru! If you had transactions remaining in that account, then the account itself should still appear in your Chart of Accounts, and you should be able to click the edit icon in order to uncheck the Archive box. If no transactions existed in the account, then it would currently be closed and you will need to create a new account entry within your Chart of Accounts.

    edited July 24, 2020
  • ShakiruShakiru Member Posts: 3

    @ConnorM, thanks so much for your comment. The issue is that i wanted to change the Rent Prepayment to Rent Prepaid when i noticed that the entries in the Rent Prepayment is not adding up to what should be in the account, so i moved all entries to Prepaid rent in hope that if it was moved and archived the wrong balance will be erased from the account. However, after i have archived it i noticed that the original balance with issue has affected my TB by more credit by that amount and still showing on TB but not on the chart of the account. I attached the snapshots of the balance on the TB and section of COA with no trace of the Rent Prepayment again. Please what can i do to get the diffence in balance off the TB or get it corrected? Thanks.

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @Shakiru! Thanks for that context! I checked out the data in your account, and it's looking like there was some data that was hung up in your account that was affecting these figures. I've gone ahead and run a reflow for us, and you should be all set within 15-30 minutes!

  • Krystle_LaiKrystle_Lai Member Posts: 1

    Hi All, I am an accountant but am new to Wave accounting system. I have some questions about this accounting software:
    1. Is it possible to create our own categories? Ie, instead of the general "operating expenses", I would like to split it into "sales and marketing expenses" and "admin expenses".
    2. Is there a setting where I can sort my chart of accounts in numerical order with the account IDs that I have created? instead of the default alphabetical order with the account name
    3. Is there a setting where I can have a subtotal of a sub-category? Ie, the subtotal of "sales and marketing expenses" instead of the grand total of the whole "operating expenses"?
    Thank you!

  • thekaws_lhcthekaws_lhc Member Posts: 1

    Any update on creating sub-accounts for income & expense categories? Very needed!

  • annemanansalaannemanansala Member Posts: 2

    Hello Everyone,

    I'm new to wave and want to setup chart of account, Wave has a pre-set or default chart of account setup but I accidentally skip that part so was not able to set that default chart of account when I made a new company, Does anyone know how to set the default chart of account of wave? Can I still roll it back so I can set it up again? Your assistance is much appreciated.

    edited August 18, 2020
  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @Krystle_Lai @thekaws_lhc the types of headings within the expense category would be considered sub-categories, in which Wave doesn't currently offer as part of our accounting suite at the moment. This also means that finding totals for them will not be possible either, I'm afraid. It's on our current roadmap as adding this feature would mean a total backend overhaul for our accounting platform. The biggest challenge here is how all of the parts of Wave interact with each other as well. Currently accounting has automated processes that link to each of our other features and rebuilding for the subcategories would take a huge time spend to also reimagine how the other features would work on the back end.

    @Krystle_Lai because the Account ID is an optional field, there currently is not a way to sort by Account ID

    @annemanansala Sorry to hear that you skipped entering in your business industry which links to a pre-populated chart of accounts. At the moment, there is not a way to roll back to re-set up your account, however, since you are at the beginning of your Wave journey, you may find that starting over by "Creating a new business" might actually be easier if you haven't done too much in your account yet. Alternatively, you can always add custom accounts as needed by navigating to Accounting > Chart of Accounts > Add a new account.

  • annemanansalaannemanansala Member Posts: 2

    @JordanD said:
    @annemanansala Sorry to hear that you skipped entering in your business industry which links to a pre-populated chart of accounts. At the moment, there is not a way to roll back to re-set up your account, however, since you are at the beginning of your Wave journey, you may find that starting over by "Creating a new business" might actually be easier if you haven't done too much in your account yet. Alternatively, you can always add custom accounts as needed by navigating to Accounting > Chart of Accounts > Add a new account.

    @JordanD - Thank you so much for your answer, Looks like I'll just have to set it up again. I thought of that option, but would like to check first if there's a way to roll it back anyway thanks again.

  • TISTIS Member Posts: 1

    Is there a way to add a label to a transaction? - For example, my partner and I both use our business credit card to make purchases. I would like to know how much I have spent vs how much she has spent. Is there a way to flag these expenses by user or add label so that I can run a report at end of month?

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey there @TIS

    At this point Wave does not have the ability to label transactions in Wave. While this may be the case we've seen some users get very creative with their chart of accounts. For instance if you both have "business lunch expense" accounts. You could have one called "business lunch expense - Jack" and "business lunch expense - Jill".

    This is most definitely a workaround at the moment but we value your comment in the Wave community!

  • AllyEngelbrecht95AllyEngelbrecht95 Member Posts: 1

    Hi there, my client has received an email requiring action. In the email we are advised to remove sales tax from transactions in the liabilities account categories, I have applied the filter in the transactions tab, but it seems to include transactions from the expense categories? Many of these transactions have been taxed correctly, so I am wondering if I need to customize the categories.
    This is the first time that we have this issue. Please advise urgently.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey there @AllyEngelbrecht95

    Thank you for your questions. To clarify, Wave will not be disabling or suggesting you remove sales tax from liability and equity accounts such as credit cards if those transactions are either income or expense transactions (which are taxable).

    For example, were you to categorize a withdrawal from your bank account as a 'Payroll Liability' (a liability categorized transaction) this would not represent a taxable event in your business. However, a meal purchased via credit card is a taxable event (expense incurred and paid through your business) and will still be allowed in Wave.

    Following the instructions to filter for Liability and Equity accounts in Wave via the Filter button may bring up income or expense transactions in a Liability or Equity account, or even on asset accounts. When bulk editing to remove sales tax, you can uncheck any transaction categorized into a liability such as credit card. See screenshot below:

    image

    If sales tax is inadvertently removed from income or expense transactions , you can quickly re-add those taxes by choosing the relevant Equity or Liability accounts from the account selector in the top left of the transactions page; filtering for income and expenses; and re-adding tax where necessary.

    Lastly, depending on how far back these transactions go in your business, this may have thrown off sales tax reporting numbers. As such, when deciding whether to make these changes on historical data, we definitely advise that you reach out to a tax accountant or tax preparer.

  • tonitii24tonitii24 Member Posts: 4

    Hi,
    When I try to categorize a Sales Tax payment, it doesn't work. There's a category for it, but it leads to another menu which has nothing in it, so I'm not able to add it as a category.

    I think I have to maybe add Sales Taxes? But I don't do my invoicing through Wave.

    edited September 19, 2020
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