Track income and expenses for multiple projects and customers

andreayurizaandreayuriza Member Posts: 1

Hi

We're doing multiple projects for numbers of customers. Our questions are:
1. Is there anyway that we could track and compile income and expenses for particular project by using waveapp?
2. Is there anyway that we could track and compile income and expenses for particular customer by using waveapp?
3. Is there anyway that we could track a particular expense (eg: material cost) for a particular project or customer by using waveapp?

Cheers

edited March 8, 2018 in Accounting
«1

Comments

  • You can create Multiple accounts using a desired Prefix (to identify each project) I believe this is the only current solution. Then you can upload your General Ledger Transactions to Excel and Prepare Project wise reports using your Prefix as the sorting criteria.

    edited February 1, 2018
  • MichaelLMichaelL Member Posts: 1

    I have similar problem, that I need to address. I have rental properties and I need to keep track of expenses for each one.
    Should I create expenses and Income for each one?
    Like "Property One Property Tax" and "Property Two Property tax" ?
    for each of the expense categories ?
    A bit of inconvenience . id say.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @andreayuriza. We are working on adding the ability to attach vendors or customers to specific transactions, on the transaction page, which will allow you to track much of what you are trying to. The feature isn't quite ready yet and I can't give a timeline, but our engineers are hard at work!

    If you're curious about what else is coming to Wave, I recommend checking out this article from the Help Center.

  • Derek_BrandDerek_Brand Member Posts: 1

    Hi

    I also have different building projects and would like to track income and expenses per project. Let us know when the new functionality is available or when you have a launch date?

  • AlexiaAlexia Administrator Posts: 3,315 admin

    The best way to do this, for now, @Derek_Brand, is to create a set of accounts for specific projects, and categorize all transactions involved in that given project in one of those categories.

    As for the launch date for that feature, I don't have a timeline to give right now, but I can post something on here when I do have more information. Stay tuned!

  • pandagurlpandagurl Member Posts: 2

    Any update on this feature?

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @pandagurl.

    This feature is not currently on our roadmap. I can't make promises as to whether or not we will eventually build this feature for Wave, I can tell you that we are paying attention and that feedback from Wavers has a significant impact on how we choose what to bring to Wave next.

  • K_WiestK_Wiest Member Posts: 1

    Project tracking would be very helpful.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thanks for your feedback, @K_Wiest! Could you tell us a bit more about your business and your workflow, to give us a better idea of how a feature like this one would benefit your business?

  • KenjKenj Member Posts: 27

    When your feature is ready, please ensure we are able to regroup all our INCOME/COG accounts that it is less messy. While we're at this, much appreciate if you can introduce Sub-Categories of of accounts, a few tiers.

    There are times we do not wish to show our project costing, etc. And an option for us to list all Income / Expenses generally just under Rental Income, Rental Expenses. All the details are there. Is just we can't see the categorization when we present the accounting records.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thanks for the feedback, @Kenj.

    If you'd like to discuss this further, I encourage you to read this post and then start a new discussion on the subject under Wave Features.

  • GorterGorter Member Posts: 1

    Hi, can I add a vote as well. We work as consultants and need to track expense by project in order to invoice correctly. Either by setting up a separate account, or by tagging, which would then allow expenses to be sub-totaled by category.
    Thanks

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thank you, @Gorter, for adding your voice to this.

    Would I be right to assume that this would mostly be to get reimbursed for expenses incurred through that project?

  • SamscribeSamscribe Member Posts: 1

    It is frustrating to learn that Wave doesn’t support class tracking after investing a lot of time in this direction already. In my case, it is not about time tracking or reimbursement but about being able to see reports showing how each property is doing with regard to income and expenses. A number of businesses have different investments or projects that need to be tracked separately and the idea of duplicating the chart of accounts is untenable (Not going to have 5 different “internet” expense accounts for 5 different properties).

    Back to the drawing table to find an accounting solution :’(

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @Samscribe,

    I'm sorry to hear Wave didn't meet your expectations. It's fair of you to be frustrated when finding out that a feature you assumed we would offer was nowhere to be found. It's a good indicator that we should better communicate what Wave can and can't do.

    With that said, I'll be sure to forward your feedback to our product team. There are a few other alternatives I've seen a few Wavers use with success with real estate businesses (treating different properties as different businesses attached to the same account is the most common one), but I do understand if you find that those workarounds aren't convenient enough. If your conclusion is that Wave simply isn't a good fit for your business as it is right now, we do hope you'll find a platform that suits your needs better.

  • jellydonutjellydonut Member Posts: 2

    +1 for this feature, I am a freelancer with multiple different projects on at once, hardly ever repeat clients either. It would be amazing to track income and expenses for each project, even if it was just to assign tags to transactions, Them I could export into excel and sort the data by project to be able to invoice accurately and come up with my end of year accounts. Let me know what i need to to to suggest this more officially?

  • PilumaPiluma Member Posts: 1

    Hello,
    Expense/invoice allocation per project is a must have feature. I agree with @jellydonut that a tag system could be implemented and alleviate this issue. I'm also a freelancer with multiple projects at once and I currently need to maintain an on the side accounting system on top of Wave. The tag system or a possibility to have different contact within the same company would also be helpful. Even If I have a new project with the same company I still have to create a new client because if I change the contact name, it messes up older invoices. I don't think the workaround proposed in previous post are appropriate because they are ''workaround'' creating other issues and in the end you have a messy accounting. Please integrate this asap.

    edited September 26, 2018
  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thank you, @jellydonut and @Piluma, for taking the time to share your feedback.

    @jellydonut, you're in the best place to have your feedback heard. I can't promise that this feature will be added to Wave, but I can tell you that feedback from our users does have a significant impact on how we choose what to build next. The members of our product team visit the Community to collect feedback frequently, so posting here is the best way for your comments to gain both visibility and traction.

  • jellydonutjellydonut Member Posts: 2

    thankyou @Alexia - I think it would be a very versatile feature.

  • CracktilianCracktilian Member Posts: 2

    I started using Wave a few years back. I quickly migrated back to my old version of simply accounting due to waves inability to track revenues and expenses for projects, It seems like a very simple feature to ad. Now, my only activity with wave is sending invoices, which I later recreate, in my simply accounting software, to record the data.
    I would gladly switch to Wave for all my accounting if you added project tracking.
    Is this something that is on the horizon?

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @Cracktilian,

    I can absolutely appreciate that this is a necessary feature for your business and I'm happy to pass your feedback along. I'm not in a position to say whether or not this is something the product team has planned or is considering as a feature to add in the foreseeable future. I can tell you that they are keeping track of feedback received by Wavers and that this feedback has a significant impact on what they'll choose to build next. In short, I can't make any promises, except for the promise that we are paying attention to your comments.

    Thank you for taking the time to share yours!

  • ConradPatrickJoineryConradPatrickJoinery Member Posts: 1
    Hello. I vote to have these features too. Wave is great, it has really helped. Now my businesses are growing and I need to be able to track income and expenses per project, as well as produce reports by manipulating this data. Unfortunately I've had to start looking for other accounting software that provides these features. Instead of leaving Wave, I'd much prefer that Wave added this functionality or at least committed to delivering it soon.
  • kacitkacit Member Posts: 11

    Hi all,

    As an self-employed contractor, some form of 'tagging' of transactions to allow a degree of project tracking is, for me, the one crucial feature missing from Wave at the moment.

    A few years back I rejected Wave for my accounting needs because it was missing then. It's a real shame to find that's still the case now, but nevertheless since I love Wave's simplicity I've recently decided to give it another go in spite of this. I was just so disappointed to find that tagging hadn't been added in the intervening period.

    Incidentally, my partner also has her own small business & loves Wave too. But again, she also would like some method of tracking expenses related to the different projects she runs. I understand it maybe not a core Accounting function, but it does make planning & managing business finances just so much easier to do day to day.

    I feel this is now a feature badly needed & long-overdue.

  • hazenfreehazenfree Member Posts: 1

    @Alexia,
    Can you let me know when "tagging" or "classes" are added to Wave. I love this product, but I'm going to need to use Quick Books until this feature is available. With two rental units and two LLC's on the same checking, I'm going to need this feature in order to make sense of everything. As soon as it's available, I'll make the switcheroo. Thanks!

  • bgartnerbgartner Member Posts: 1

    Need to be able to categorize by project / property / whatever.
    The project might be 1234 E Wave St. or ABC Company Project, however the user wants to name it.
    Then the expense categories / accounts would all be the same, but the user can see or create charts / reports / statements for each project, as well as charts / reports / statements for the business as a whole (includes all projects), or could select certain projects to combine into a chart or report. Perhaps you wanted to see how all the properties in Cleveland were performing, so you could select just those properties and create a report / graph.
    Really need this to edge out QB

  • WRHWRH Member Posts: 2

    I have the same problem for a voluntary group - once a year or so we attend a foreign dance festival or whatever and we need to identify all the expenses and income arising from that in one ledger. It doesn't have to be in Wave but we must be able to capture the data there for export to say Excel.
    I have just become the treasurer of our group and thought I could do it in Wave by putting a special code in square braces eg "[sr]" at the beginning of the description on all the relevant transactions.
    I did all that but then found I have to juggle two sheets of exported data "bill items" and "invoice items". I haven't got so far yet as to deal with journal items or simple bank payments and receipts - all of which will be necessary.
    It would be so much easier if Wave had a "cost centre" or "project code" field that could be applied to any transaction - billed item, invoice item, journal/bank payment/receipt and then a filter for the P&L and Balance sheets to only include transactions from user selected codes.

  • TylerTyler Administrator Posts: 105 admin

    Lots of great insight here about how we can make Wave even better. Job-based, contract-based, etc. projects are a highly requested feature (as you can all see) so I am confident we will continue to investigate the feasibility of rolling this out.

    There are workarounds as mentioned (i.e. customized Category names, using specifics accounts, etc.) but running things this way can get a bit messy as Wave was not designed to be used that way. We always want a business to be successful and sometimes that means using other tools to supplement the parts of Wave that are presently absent.

  • Evanscott99Evanscott99 Member Posts: 2
    I also agree this is a critical feature missing, and not incredibly complex to add from a dev standpoint in at least some basic form. To add, it’s a feature that’s so critical to run a business and see where your winning and losing across clients. I bet if it was implemented you’d a huge bump in subscribers.
  • Mark1515Mark1515 Member Posts: 1

    I also have this problem to track P/L base on project. It is frustrating to do it on separate Excel.

  • HawkinsWoodshopHawkinsWoodshop Member Posts: 1

    Very disappointed to see that project tracking (assigning transactions to specific customers or orders) is STILL NOT AVAILABLE AFTER SEEING IT'S BEEN HEAVILY REQUESTED FOR A YEAR NOW. This has seriously made me think twice about moving forward with Wappeapps. If after a year of your clients requesting simple project tracking features there still isn't an ETA I'm very skeptical if this bookkeeping site is the right fit for our business.

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