How to record assets and liabilities in wave

bkkclientbkkclient Member Posts: 1

I want to enquire how does one record the assets and liabilities in wave as I am struggling to capture the new assets that was bought by my client? I recently started using Wave so I am still learning how to use it.

Comments

  • CharlotteCharlotte Member Posts: 695 admin

    Hi, thanks for posting! Could you go into a little more detail? Do you mean, for example, the purchase of an asset? More broadly, you can create asset and liability accounts on your Chart of Accounts page as needed.

    I'd also recommend giving our Getting Started webinara watch.

  • Michael DeNicolaMichael DeNicola Member Posts: 1

    Not sure what person was looking for, but I want to record a bank check for an investment in another business. This is an asset, not an expense. Similarly, if you write a check for "deposit". Again, this is not an expense or income so it should not be recorded as such.

    I am assuming that this is not available in WAVE. A work around would be to record to an expense account and then do a journal entry to transfer to the correct asset account?

  • CharlotteCharlotte Member Posts: 695 admin

    Hi Michael, thanks for posting. Yes, you can use a journal. However, for recording purchase of an asset, you can also use a Bill. You'll find that you can choose asset accounts as the expense category for your line items in the process of bill creation.

  • OfficeWorker_3698LLCOfficeWorker_3698LLC Member Posts: 2

    People post here that you are able to use Bill function to record the purchase of an asset but I have not been able to get anything but expense categories to show. I cannot imagine that people don't have assets -computers, cell phones, inventory, assets they buy for resale on Ebay, etc - that would require this function. Have spent 2 hours now online trying to figure this out. Tried typing in "asset", "furniture and fixtures" - any and all of the asset accounts I set up - NONE will work. having to put it in as an 'expense' and journal entry it back to an asset is double double work!! I guess this is why Quickbooks -while costly - works better. Very disappointed.

  • Ryan_WRyan_W Administrator Posts: 461 admin

    Hey @OfficeWorker_3698LLC, it sounds like you're trying to assign this bill as an asset when you're in the final steps of recording the payment to the bill. However, you'll need to assign the asset at the item level when you create the bill. I've attached a screenshot, in case that helps!

  • hammondvalleyfarmhammondvalleyfarm Member Posts: 1

    I am having the same issue as OfficeWorker_3698LLC When I bring up the drop down for "expense category" in same screen as you have taken a shot of, not all of my asset categories show up. Only "accounts receivable" and "unrealized gain on foreign currency" even though I have more categories when I am in "Charts of Accounts" including one I made for the purchase I am trying to record.

  • JamieDJamieD Administrator Posts: 993 admin

    @hammondvalleyfarm Could you please send us a screenshot of exactly what you are seeing when you are trying to create an expense transaction and categorize it as an asset? As of right now, if you are creating a bill in Wave you can only add an asset category that's either in Property, Plant & Equipment, Inventory, Short&Long term assets. Please send a screenshot of both the drop down on the bills section as well as the Chart of Accounts showing the accounts under those asset categories.

  • GaugingHotdogsGaugingHotdogs Member Posts: 1

    I am having the same issue. In the drop down I only see the asset account AR.

  • ActiveActive Member Posts: 1

    I’m having the exact same issue as everyone has been mentioning above. Everything has been set up in PPE in chart of accounts. However in bill creation i can only see “accounts receivable ”

  • JamieDJamieD Administrator Posts: 993 admin

    @GaugingHotdogs @Active @hammondvalleyfarm This is totally my fault here. This is something that is still not possible in Wave (adding a PPE account to a bill) but the reason why I was so convinced is that on my test account, it does show that it is possible (please see the screenshots to show that I'm not entirely crazy). This is something that our team has discussed and will continue to look into, so I do appreciate your understanding and patience here (we are looking at building a feature for this type of situation soon).


  • MustafaMauqaMustafaMauqa Member Posts: 1

    Hello Wave Team,
    Any timeline for having this issue resolved? I'm facing the same problem as others (adding a PPE account to a bill).

  • JamieDJamieD Administrator Posts: 993 admin

    Hey @MustafaMauqa. We still don't have an immediate timeline as to when this will be resolved.. but our development team has been made aware and understand the nature of the requests that are coming in regarding this specific feature. In the meantime, you will need to create an expense transaction in Wave and categorize it as the fixed asset account that you've created in the Chart of Accounts section.

  • OfficeWorker_3698LLCOfficeWorker_3698LLC Member Posts: 2

    @Ryan_W said:
    Hey @OfficeWorker_3698LLC, it sounds like you're trying to assign this bill as an asset when you're in the final steps of recording the payment to the bill. However, you'll need to assign the asset at the item level when you create the bill. I've attached a screenshot, in case that helps!

    EXCEPT none of my Assets other than Depreciation (which is technically an offset of an asset) show up. Your screenshot indicates items that my actual "Bill" page does not.

  • TylerTyler Administrator Posts: 105 admin

    Hey @OfficeWorker_3698LLC! The custom created assets that will appear in that dropdown are what will generate from when you create a Sales Tax in Wave, Current assets or Fixed Long-term assets. You make this selection when creating the account in your Chart of Accounts and unfortunately it is not editable after its creation.

    If you needed to add a new Asset account that would appear in that dropdown list you can click ACCOUNTING > Chart of Accounts > Add an Account and then select either Current Asset > Other Current Assets or Fixed Asset > Long-Term Assets. Investment asset accounts or bank asset accounts will not be eligible for selection in the dropdown.

  • AnnabelleAnnabelle Member Posts: 1

    So i still need to enter my ppe purchase at journal ?

  • CharlotteCharlotte Member Posts: 695 admin

    Hi @Annabelle ! Could you share a few more details around the transaction you're trying to record? That is, am I correct in thinking you're trying to record a fixed asset?

  • ashish173ashish173 Member Posts: 1

    I am also trying to accomplish something like this. recording fixed assets such as a laptop/computer purchase but I am not able to do that from the bill creation process as seen from the screenshot attached by @JamieD

    I am guessing it is a feature which is not yet released to users. @Charlotte could you please update us what's the status of this feature. I am surprised users didn't need this exact feature before.

  • nappenappe Member Posts: 4

    @Tyler @Charlotte @JamieD
    Hi, How can I add the PP&E to Bill ?
    Do we have to journal as @Annabelle suggest ?

  • MKKMKK Member Posts: 3

    Guys, just pass an expense journal and change the expense category to the PPE account you created. Works perfectly.

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