subaccounts

Valerie KabatValerie Kabat Member Posts: 1

Can I create sub-accounts, as well as accounts?

Comments

  • CharlotteCharlotte Administrator Posts: 552 admin

    Hi Valerie. Wave doesn't have the option to create sub-accounts. Out of curiosity, do you use a specific naming or numbering system for sub-accounts now?

    edited March 18, 2018
  • @Valerie Kabat said:
    Can I create sub-accounts, as well as accounts?

    A workaround would be to use the common term as a prefix to many accounts. i.e. Advertisements-Media , Advertisements-Newspaper etc.

  • GoranGoran Member Posts: 1

    That's not a workaround as it doesn't sum up sub accounts into the main account. Because of lack of sub account functionality I can't use Wave.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @Damodar. Thank you for your feedback.

    It isn't on the roadmap at this moment, but if you'd like to start a discussion on the subject, I invite you to read this post and post a thread under Wave Features.

  • NikitaNikita Member Posts: 4

    Hello. Any chance you could re-consider adding the sub-account feature as it would be extremely helpful?:)

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @Nikita.

    If that's something you would like to discuss, please read my last reply to this discussion. You'll find the best practices for starting a new discussion on future features there.

  • Marafiki_AfricaMarafiki_Africa Member Posts: 2

    Hi Alexia,

    I have read your posts above and know that Wave doesn't currently support sub acounts, but I wanted to give my opinion too that this is a REALLY valuable feature that would greatly improve the quality of the accounting side of Wave. I hope Wave's management and development team would consider adding this feature.

    Best,

    The Marafiki Africa Team

    edited July 25, 2018
  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @Marafiki_Africa.

    It's been the subject of a few discussions around the Community lately, and we're always interested in more feedback and information about our users. I'd love to learn more about you!

    Can you tell me what field you work in? In the context of your own work, how would you use sub-accounts? Can you give me one or two real-world examples? Learning more about your business and your day-to-day really helps us assess how much impact a feature could have, so the more details you can share, the best we'll be able to understand how important this is to you, and how important this could be to other Wavers.

  • Marafiki_AfricaMarafiki_Africa Member Posts: 2

    Hi Alexia,

    Thank you for the timely response on this subject! I appreciate a company that is interested in the user's opinion. If you'd like to learn about our mission and efforts as a nonprofit, you're welcome to read more on our website here.

    With regard to how we would use sub-accounts in our own work, it comes down to reporting and appropriately allocated financial data to help us see and understand where money is being spent within our organization. On a high level, Marafiki is divided into "departments". Each department operates under it's own budget. The ability to have separate "travel", "supplies", or "subscription" expenses allocated to and roll up under each department is critical to maintaining a budget and holding each department accountable for their expenses. Being able to roll up expenses into these department categories also enables us to have a high level view of where our money is going and when. With the way Wave is currently working, we would have 5 different travel expense accounts (one for each department) and when you do that across every expense type suddenly your P&L is a mile long and doesn't tell you much about anything.

    This is the primary example of how we would like to use subaccounts. As the one handling the books, it's something that is a must for me. I love the user experience of wave and want to use this great product but I also know I couldn't do my job as needed without this feature. I wouldn't hesitate to make the switch to Wave if this were implemented!

    Thank you for taking the time to consider these thoughts.

    All the best,

    Marafiki Africa

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thanks for following up, @Marafiki_Africa! I'll forward your feedback to our product team. I can't make any promises, but I'll make sure your comments make it in front of the right eyes. Thanks again!

  • jonathanwardenjonathanwarden Member Posts: 1

    Alexia, here is my 2c. I manage a handful of rental properties, and what matters to me is correctly associating all expenditures with the correct property (to understand the profitability of each property), and distinguishing between operating expense or capital expense. So for example I have accounts called "200 Main St" both under Operating Expenses and Other Assets. This works well, except that I mix all types of Operating Expenses (utilities, repairs, etc.) under one account. Sub-accounts would allow me to more precisely classify each expense, while still providing a convenient view of all operating expenses and all capital expenditures for a single property.

    I imagine I could get the same results with project-based accounting features.

  • GoodAccountingGoodAccounting Member Posts: 20

    we need sub accounts to properly track expenses, memberships, etc.

    Example:
    Advertising Expense (Sub accounts: direct male, signs, radio, commercials, etc).
    Membership Expense (Sub Accounts: CPA group, international affiliation, etc)
    Utility (Sub Account: water, trash, elect, gas, etc)

    My CPA is not happy that I have it broken down into 10 different Expenses. The sub accounts would also help small rental property owners (1, 2, 3 rentals) manager their properties. There are a lot of small time property owners that would use Wave but can't b/c it's missing this essential feature.

    edited October 7, 2018
  • tworoadspropertiestworoadsproperties Member Posts: 3

    We flip houses and often have more than one project at a time.
    I need sub accounts so I can run a report on all the expenses under the asset "123 S Main St" with subaccounts such as: Holding Cost, Contract Labor, Utilities, Insurance.
    I must be able to run a report on all of these expense accounts so I can make sure I don't go overbudget on the property.
    Otherwise, I am left with a WHOLE BUNCH of asset accounts that I must report on separately and manually add up cost :(
    Please add either SUB ACCOUNTS or REPORTING FILTER FEATURE that allows selecting multiple accounts on 1 report.
    Thanks!

  • TylerTyler Administrator Posts: 103 admin

    Hey @GoodAccounting & @tworoadsproperties! Many business types rely on Sub-Accounts and I even do it for my personal budgeting so I see the need for sure. Our Chart of Accounts page has become a lot smarter from what it once was but there is still a ways to go - hopeful that Sub Accounts or Job-Based reporting will one day make their way to Wave.

    Also @tworoadsproperties if this Toronto real estate market crashes, please keep an eye out for a Direct Message from me 😉

  • RobynRobyn Member Posts: 1

    I do flips and rentals. I know zip about accounting and thus why I'm on this board. However, I clicked on Add A New Account and made up a categories such as: 123 Main Street Utilities, 123 Main Street Repairs & Maintenance; 123 Main Street Job Materials, etc. Will this work for what you are trying to accomplish?

  • TylerTyler Administrator Posts: 103 admin

    That's a great workaround @Robyn - maybe it would help @tworoadsproperties out. It may lead to quite a few categories but would give you a pretty detailed breakdown of money spent on each element. Some folks have been known to take it a step further and create a business in their Wave account for each property but some find that overkill. That route would also require you to manually add up the data from each business. With that said, Wave isn't explicitly designed to function this way but creative problem solving is a skill most business owners have which leads to some top notch ideas 😊🏅

  • tworoadspropertiestworoadsproperties Member Posts: 3

    @Tyler So I tried creating accounts as @Robyn suggested. But the problem is, how do I add up all of the accounts together? I guess I could just grab a calculator and add it up, but I have on average 9 sub-accounts for each property, and about 6 properties per year. OR I could maybe download a .csv of the General Ledger...but there's just so many properties and so many transactions...and I need to see the balances on at least a weekly basis... I think I'm going to have to use different software. :( It's just too time consuming to report these figures on a different platform (such as excel).

  • TylerTyler Administrator Posts: 103 admin

    @tworoadsproperties it would need to be a manual calculation of all the necessary reports, yes. It's a workaround in its truest form and you are correct that Wave may not be the best fit unfortunately. As much as we'd love you to use Wave, we'd rather have your business set up for success in a software that makes sense for your business type. Hope we can better meet your business' specific needs someday soon 🔮

  • tworoadspropertiestworoadsproperties Member Posts: 3

    @Tyler I just downloaded the csv of the Account Balances instead of the General Ledger. And that is going to be much easier to manually calculate. I'll keep testing it out. I really want to use Wave! The other features are super awesome.

  • Crmills_20Crmills_20 Member Posts: 1

    I second everything above. I manage several rental properties and I currently need a different Wave account for each one. It is very frustrating and time consuming to do the workarounds for sub accounts. Any update on if/when this functionality will become available? I am going to have to switch software if this isn't going to be a possibility.

  • forsenikforsenik Member Posts: 1

    I too would like to see sub accounts and place holders. I have several "programs" that each have several different accounts associated to them. Without subaccounts its a pain to track totals

  • JamieDJamieD Administrator Posts: 151 admin

    @Crmills_20 @forsenik The feature for creating sub-accounts in Wave is still not available. A common workaround is to create separate accounts with the sub account name in brackets (ex, Computer Hardware - Headphones). There is a lot of planning that goes into rolling out new features, and it's important for our users to leave feedback so we can bring it forward to our product and development teams -- so this is appreciated here. When we have more information regarding when this feature will be available, or an update that it has been added to a roadmap, we will be sure to let our users know.

  • mdegivemdegive Member Posts: 2

    I definitely need sub-accounts as soon as possible!

  • MowallyMowally Member Posts: 2

    Please create sub accounts.
    Thanks

  • TafmakTafmak Member Posts: 2

    Sub-accounts and or classes are critical and are a functional core requirement of many project-based freelance businesses they are also the main drawback between wave and

    edited December 12, 2018
Sign In or Register to comment.