How to add accounts and customize categories

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  • AlexLAlexL Administrator Posts: 2,869 admin

    Hi @tonitii24 , even if you don't do your invoicing in Wave you can still apply Sales Taxes to your transactions. Head on over to Settings > Sales Tax if you'd like to create a Sales Tax to use in your accounting.

  • kel3lerkel3ler Member Posts: 6

    Does Wave have any intention of allowing the creation of subaccounts? The only response it gives to the question is "... Wave doesn't currently offer as part of our accounting suite at the moment." Its a very long moment. People keep asking for it, and all you do is blow them off. If you never intend to add this functionality, please just say so. If you care to respond to clients' needs, then I suggest you just do so or give a date on which the function will be available.

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @kel3ler , I can only speak for the near future as everything after that is speculative, but at the moment we don't have any short-term plans to add sub-accounts into Wave. It's definitely something that we intend on one day adding, but this hasn't been mapped out in our roadmap yet. The continued addition of comments on how sub-accounts would help users and their businesses is however still valued and appreciated so that our Product team can continue to gauge demand on how many users would like to see this functionality.

  • kel3lerkel3ler Member Posts: 6

    Too bad. Not being able to make subaccounts makes Wave useless to me.

  • r4r4r4r4 Member Posts: 1

    Regarding subaccounts: perhaps there is a workaround until the feature becomes available, as follows: The issue is about creating reports that show both the details in the subaccounts as well as the rolled-up amounts in the accounts at a higher level. So, have your CoA (Chart of Accounts) contain all the subaccounts you need, and also the higher level accounts. You identify which subaccount belongs to its higher level account by using a naming scheme in the account ID field; for example, an asset account might be Machinery with ID 12. You need two subaccounts: Machine Tools with ID 12.03, and Pumps with ID 12.05. Under Pumps you need three subaccounts: Compressors ID 12.05.02, Fans ID 12.05.04, Oil Pumps ID 12.05.06; etc. What I am speculating that one could do then is to create the report and export it, maybe using WaveConnect, to a spreadsheet where the summarizing/rolling up of subaccounts to higher level accounts can be done manually for small CoAs, or with a custom-written procedure. It's not something I have done - just an idea. What do you think?

  • D_DD_D Member Posts: 2

    Its a pity that we're unable to add sub accounts. Being able to add this will make Wave much more useful by tailoring as this will enable tailoring reports for reporting requirements and removes the need for manual summaries.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey @r4r4

    Thanks so much for offering up a workaround here. I understand that this isn't a solution or the answer that everyone is hoping for here but as always, we love to see the resilience of our users when it comes to some limitations in Wave.

  • Didos1Didos1 Member Posts: 4

    I need to export my chart of accounts

  • JulianPJulianP Administrator Posts: 1,000 admin

    Hey there @Didos1 !

    I'm afraid that Wave does not currently support a Chart of Accounts export at this time. I apologize for the inconvenience.

  • JRAS13JRAS13 Member Posts: 1

    @JulianP @Didos1 ,

    I believe you can, through Wave Connect and Google Sheets. You can't UPLOAD an edited CoA export (which would be helpful when migrating to waves), but you can definitely DOWNLOAD/EXPORT your CoA so that you then use them with Excel or what have you.

    Hope this helps, cheers!

  • PhantmdrvrPhantmdrvr Member Posts: 1

    I agree adding sub accounts would be very useful

  • ohio_bryceohio_bryce Member Posts: 11

    Another vote for sub accounts

  • GutoCunhaGutoCunha Member Posts: 1

    Please Sub Accounts!! I really liked to categorise/split expenses by clients

  • WhiteoaksranchWhiteoaksranch Member Posts: 4

    I really think sub accounts would make the program less cluttered. Finding and proving business charges would be easier if one should have an audit or even a self audit.

  • JK2416JK2416 Member Posts: 7

    I've had to abandon my previous accounting system(s). They couldn't support Catalina- now they can and are charging way too much. Wave isn't perfect, but it's better than the 4 others I've tried out. Is there a way to import a Chart of Accounts so that I don't have to manually add each account?

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @JK2416 , as it turns out Chart of Account imports is one of the imports that we don't actually support in the software.

  • AmblerTom_343AmblerTom_343 Member Posts: 1

    Without the capability to sub-categorize income and expenses, wave is useless for my organization.

  • Xerouser12345Xerouser12345 Member Posts: 2

    Please create a way to import a chart of accounts. This is going to take a long time.

  • MilkywayMilkyway Member Posts: 5

    In the past I was able to add a "category" (chart of account) within the transaction area. At the bottom of the dropdown list there were the option "Add new Category" but now it is gone.

    Please add that back!!! :-)

  • HeatherBHeatherB Member Posts: 6

    What's the difference between Account and Category as they appear on the Transactions page? For example, Owner Investment / Drawings could be both an Account and a Category. When would you use each? Thank you!

  • ktsmgktsmg Member Posts: 2

    I need to alter the "types" of accounts wave created. For example, I do not have an "other expenses" option for one business, only "operating expenses" and "payroll expenses". So I have everything under operating expenses. I know it's functional but I would prefer to clean up my chart of accounts. I have another business where the "other expenses" category is there.

  • DaLanDaLan Member Posts: 3

    Please bring back "Add New Category" to the category drop down menu. I can't understand why this would be taken away in an "upgrade".

  • JulianPJulianP Administrator Posts: 1,000 admin

    Hey there @HeatherB !

    So if we break it down on the Transactions page, you will see a dropdown at the top of the page which states your Accounts. These are essentially your bank accounts. So the transactions that import from your checking account will be shown under this account.

    Next we have the categorization element of the Transactions page. This relates to the Accounting side of Wave on your Chart of Accounts. This helps categorize different income/expenditure depending on where it comes from and where it goes.

    We have a superb guide to accounting with Wave which is available here! This will be able to guide you through all the necessary information when it comes to accounting with Wave. I really hope this information helps!

  • mushpamensamushpamensa Member Posts: 7

    What happened to the ADD NEW ACCOUNT in the transactions page drop down menu!!???? How do I add it without having to go back to the accounts page?

  • KJCKJC Member Posts: 6

    Does not address the instructions on how to add a "new" category to the drop down list

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @mushpamensa , to add a new account this does need to be done from the Chart of Accounts page.

    Hi @KJC , categories are actually accounts, so if you follow the instructions to add a new account, you'll also be adding a new category if listed in the appropriate place.

    You'll notice at the bottom of the article there's a tip that reads: "If you're not sure where the category you want to add belongs, try browsing through the different account tabs to get an understanding of different account types. Click the question mark next to each account type for more information."

  • jlkansascityjlkansascity Member Posts: 1

    for those asking how to add a new CATEGORY which the name implies but does not explain;

    • go to Accounting
    • select "chart of accounts"
    • on the top, right under "Chart of Accounts" select "expenses"
    • you see different sections; operating expense, COGS, payment processing fee, etc.
    • under each section there is a "add new account" link with a plus sign (+) button
  • DonnaFroDonnaFro Member Posts: 2

    does not tell me how to create a new category I watched the video and it say its at the bottom of catagories but it is not

    edited May 24, 2021
  • Michele2512Michele2512 Member Posts: 1
    I’m not seeing how to add a category. I know I have before because I’ve seen them. But unable to see how to add more categories at this time.
  • NancyCNancyC Administrator Posts: 148 admin

    Hey @DonnaFro @Michele2512 , to add a new category, click into Accounting > Chart of Accounts > Add an account:

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