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 Administrator Posts: 644 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 Administrator Posts: 644 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: 1

    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: 361 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: 441 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: 441 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).


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