Best way to record incoming payments and expenses

inthedetaileventsuaeinthedetaileventsuae Member Posts: 1

I own an event management business and I want to use Wave in a way that I will know the expenses versus income for each event I run. At the moment I am adding each new event as an account and recording both the payment from the client and the expenses associated with the event under this account. However I noticed that the account is actually falling under assets (cash and bank). Therefore I wondered if anyone had any advice as to whether there is a better way to be recording my income and expenses?

Comments

  • MikeJames13MikeJames13 Member Posts: 0

    Is there a way to take a bill for a specific client project and assign that cost to their project or between several others? We typically buy product for 1-3 projects and have several sub-sontractors that provide us a bill that is a direct expense to a specific client. Thanks in advance!

  • EmmaPEmmaP Administrator Posts: 270 admin

    Hey @inthedetaileventsuae! Hmmm, it sounds like this would require job-based accounting, which Wave does not currently offer. 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.

  • EmmaPEmmaP Administrator Posts: 270 admin

    Hey @MikeJames13! I've merged your post with a similar question asked by another Wave community member! Wave does not offer job or project based accounting. You can see the workarounds we currently have for this in the post above, but in terms of your bill you would not be able to assign a 'cost' to a specific project or across a few.

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