Sub-categories, classes and "tags"

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Comments

  • BenWilliamsBenWilliams Member Posts: 1

    @Mani I hope the decision was made to add this feature. It's actually a requirement for running a Series LLC. We must have a way to classify/tag/categorize between the various cells/series of the Parent LLC. Without this feature, all the Series/Cells money is mixed with no way to track, which increases the likelihood of a law suit "piercing" the separate Cells and being treated as one entity, thereby defeating the purpose of the Series LLC.

  • SeajaysSeajays Member Posts: 6

    Yeah this would be great, we run a theatre club and have various shows through the year, where we categorise our expenses (props, set, costumes) etc., and it would be fantastic to have a tag, so we could run reports against each production.

  • OonaOona Member Posts: 1

    It seems like the "REAL" answer her is NO you cannot subcategorize...you're just adding another account.??? That seems like it would be a pain if i wanted to run a report at EOY for Utilities and what the total for the year was per payee??? are you saying i'd have to run a separate report for each account?

  • RLJackRLJack Member Posts: 4

    @Oona That's what it sounds like to me. It's annoying, but that's exactly what I've been doing; running each account separately to get the individual subcategory totals, then manually adding them up for a category total. Like @Mohamed Imran Buhary Seyed Mohamed said, I do already have them named like "CATEGORY:SUBCATEGORY", but the search functions are too limited to take full advantage of this naming scheme. I'm new to accounting/bookkeeping and learning out of necessity (business startup), so that's one of the things I didn't know I needed when I was deciding what software to use. I hope they will add this feature. Better yet, I'll be happy when my business grows enough to hire somebody else to deal with it!

  • gabrieltomescugabrieltomescu Member, Administrator Posts: 33 admin

    @Oona @RLJack As per my colleague's answer at the top, Wave does not currently support creation of sub-accounts.

    You can view all transactions for each account using the Account Transactions report, but our filters only allow you to see one account at a time. I will pass your feedback along to our product team that being able to select multiple accounts in the filters would be very useful for your use-case.

  • AbrahannyAbrahanny Member Posts: 1

    @Mani - Thanks for revisiting the ability to add tags/classes to Waves Apps. Waves is a great growing tool with many good features, yet having the ability to segment certain types of expenses, will facilitate reporting as well as the ability to better manage many of the invoices (either in progress/paid) on a dashboard. Thanks for all you guys do.

  • RLJackRLJack Member Posts: 4

    @gabrieltomescu Selecting multiple accounts in the filter would be extremely useful. Short of supporting actual sub-accounts, this would be a good workaround. Thank you for your feedback.

  • brettrarnoldbrettrarnold Member Posts: 1

    Why doesnt wave have that ability to make subcategories... It doesn't make sense

  • canadian_guycanadian_guy Member Posts: 1

    I have exactly the same issue. I am trying to attribute some of the expenses and income to a particular project/line of business. I was surprised to find out this was "on the radar" for awhile yet no ETL...

  • JamieDJamieD Administrator Posts: 1,117 admin

    @brettrarnold We understand that a lot of our users would love to have sub-categories in Wave. It's something that's been discussed before, and we will be working on a viable solution for our users in the near future -- just no immediate plans as of right now. Again, the common workaround is to create a new account in the chart of accounts section. Once we have released a feature such as this, we will definitely keep our users updated in the threads they create for feature requests.

  • JKetterJKetter Member Posts: 2

    @Mani -- I second / 99 this, ;-) . Thanks for evaluating a tagging protocol on the dev roadmap.

    It would add a lot of value to many different kinds of SBs.

    I know it adds lots of complexity to traditional ERP's and Accounting Software if you go the full class / cost accounting route, but I bet if you simply set it up as an "additional field" or tagging feature, and then over-time incorporated the ability to add those same custom fields to reports as a slice/filter, it wouldn't take much time/UAT to roll something basic out.

    If you guys ever want some extra input ;-), I'm a retired CFO and used to oversee the tech roadmaps for Amazon.com's Global Financial Systems.

  • hansjohnsonhansjohnson Member Posts: 1

    Have been watching and testing Wave for years now and I'm absolutely astonished at the unwillingness to add a tagging feature. Friken Mint has tagging. This can't be taken as a serious functional accounting system without it. So sad, I could refer 1000's of clients to this app if they just added it. Come on guys, be transparent, communicate your roadmap, make it happen already.

  • MitchellGillespieMitchellGillespie Administrator Posts: 17 admin

    A heartfelt thank you for everyone's responses above.

    To be completely transparent, our accounting product & engineering teams are currently focused on moving customers from our older version of the accounting platform to our new version launched last year. This effort has been a long push for us because of the complexity of accounting. When completed, our new platform unlocks the team's capability to build features like tagging much much easier.

    As Mani has spoken about above, we appreciate tagging transactions to projects, productions, office locations, etc. At this point in time we have not prioritized this functionality to be worked on in the next 6 months. Our product roadmap changes as more signal comes into our teams, so I highly encourage customers to continue their advocacy for this feature.

    Thank you,

  • TrevorHTrevorH Member Posts: 1

    Absolutely need tags/some sort of labeling as a feature. Tags simply represent categorization - an essential element to nearly every part of business. There's no place in your Customers area to see notes about the customer.

    I've been through every accounting software out there and was excited to find Wave, until now. I was using zipbooks $35/mo (ripoff) plan JUST to have tags, and am actually considering going back because otherwise I'm going to have to manually sort through a spreadsheet to filter through my customers.

    The only way to label which customer is which (I have clients in different industries I absolutely need to filter) is to add a keyword to the beginning of their name, which isn't a great solution for a modern day SaaS.

  • solobrosllcsolobrosllc Member Posts: 2

    Must have. Otherwise I have 100's of accounts in my chart of accounts, it's insanity.

  • PierrePierre Member Posts: 1

    @Mani said:
    @kacit @twestrick @pyba @shawnthompsonllc @Jenny_kitekids @jalop123j @PBrooksMac I'd like to thank you all for participating in this conversation. We're listening very carefully to this feedback. Truth be told, we've explored this in the past but chosen not to move forward, but it seems the time has to come to revisit as a product group and see if it now makes more sense for our users in 2019. No promises, but we hear your need loudly.

    @PBrooksMac I also would like to respond to one comment in this thread: "Ideally we would have a class system or project tracking, but I definitely don't expect that in a free product". We're committed to you, and every other Wave user. We will never neglect your collective needs by being the "free product". Free is part of our ethos because we believe in helping every entrepreneurs around the world increase their odds of success by having the right tools to run their business without unnecessary overhead. For North American users, when they need financial services to get paid faster, pay their employees, or smooth out their cash flow, we're there to help should they entrust us with solving those needs. That's how we earn revenue. We'll never use free as an excuse, and you should always hold us to a high standard.

    Thanks so much for being such wonderful users. To all new readers: please keep the comments pouring in. We're listening.

    You heard them loudly, can you update us on the tag development ? I also relly need this system. For me being able to set tags on my invoices would be a basic but essential feature that would save me so much time.

    Regards,

  • danedobredanedobre Member Posts: 2

    I agree - tags & classes is an essential feature. Everyone I know that has used tags in the past swears by it. Google now has tags for pretty much most of its ecosystem. I would also recommend 100's of clients to waveapps if it had tags.

  • memememe Member Posts: 2

    I'm fairly new to Wave and LOVE it for the most part. As I started looking at the reports the end of last year to get everything ready for tax prep I came across the very same problem of needing to view my expenses by project or in my case rental properties. Today, finally, I figured out how to fix my issue!!

    For each project or property you need to create a "vendor" which is under the Purchases dropdown. Then you need to attached each expense transaction to the appropriate vender. By doing this you can then pull up the report called "Account Transactions" and change the "Contact" dropdown to the vendor (then update report, of course). This will then show all transactions with a total of each expense type.

    (I also created a vendor name labeled as my business name to see my expenses that can't be separated by property such as my cell phone bill, office supplies ...)

  • CharlotteCharlotte Member Posts: 695 admin

    Appreciate it @danedobre we'll share an update here in the forum as soon as we have one. If you have any insights to share, please don't hesitate.

  • jpojpo Member Posts: 7

    I would dearly love to see projects introduced into Wave.

    We often run functions and activities and the ability to allocate revenue and expenses to each function or activity is something I currently have to track manually in Excel. It wasn't to bad when we had only two/three functions per year, now we have at least one 10-15 functions per year and growing. It has got to the point where I need to consider an alternative accounting solution. It is such a shame as Wave has been at the foundation of our lives since the beginning.

    I would gladly pay for Project allocation and reporting...

  • CracktilianCracktilian Member Posts: 2
    > @meme said:
    > I'm fairly new to Wave and LOVE it for the most part. As I started looking at the reports the end of last year to get everything ready for tax prep I came across the very same problem of needing to view my expenses by project or in my case rental properties. Today, finally, I figured out how to fix my issue!!
    >
    > For each project or property you need to create a "vendor" which is under the Purchases dropdown. Then you need to attached each expense transaction to the appropriate vender. By doing this you can then pull up the report called "Account Transactions" and change the "Contact" dropdown to the vendor (then update report, of course). This will then show all transactions with a total of each expense type.
    >
    > (I also created a vendor name labeled as my business name to see my expenses that can't be separated by property such as my cell phone bill, office supplies ...)

    This sounds fine for your particular situation. In my case I have several clients that hire me often for different projects. If I created a new client for every project my client list would grow to be unmanageable. It would also create a new problem for tracking customer sales and sales reports.
  • jpojpo Member Posts: 7

    The challenge that we face is our organisation runs functions, in which we incur some very common expenses (printing, postage, marketing, catering etc) and generate revenue for.

    Accounting for these functions has become an absolutely nightmare. Previously it was two per year, now it has grown to one or two a month and has gotten to the point where Wave can't help us.

    I've started reviewing other solutions, with some offering the functionality we need (none for free), so we would consider paying but that is not our desired outcome to move away from Wave. I love its interface, we have our full history here (3yrs+) and our team are used to the interface. If only we could have tags or projects to enable the gernation of a P&L per function my life would be so much easier

  • jpojpo Member Posts: 7

    Hi there,

    I've been happily using Wave for two years now, but unfortunately without the ability to track Income/Expense on a project basis we are at the point where Wave has become more of a hindrance than a help.

    For our monthly and annual reporting I'm now having to keep two copies of transactions, one in excel to track the various projects, and one in Wave which is our official source of accounts.

    We have been evaluating alternative solutions, but before we make the decision to move away from Wave (a platform that has served us so well) can we please get a firm Yes/No if Projects or Tags are in the roadmap of features, and if so what is the timeline for implementation?

  • jmiller_meaewellnessjmiller_meaewellness Member Posts: 2

    I represent a USA based non profit, and tags/classes are a major need and every single scenario given above is a valid reason. I wanted to through in an additional scenario from my own perspective.

    Much of our funding is receved via grants, and these grants are specific to one or multipe [rpgrams we provide. WIthout tags/classes there is no easy way to idenetify what item is used for what program and in turn what source of funds are used. When we receive funds they are deposited in to the master checking account with other funds, but when we run reports we have to know what was spent in what program.

    There are two ways I have found around this, but they are extremely tedious.
    First way was to create customer entry for each program/grant provider. This works only because we don't have "customers" that we sell to.

    The other LONG method is to create a master COA and then duplicate it for each program. As you can imagine this is tedious, creating multiple fail points during audits and accounting, and I imagine this would create a tremendous amount of bloat on your own databases.

    Wave Accounting is the closest to an easy to use and efficient accounting product I have found that does not cost an arm and a leg which is critical for a non profit. We are aware that Quickbooks has a tag/class method, but really do not have the funds to spend on such a specialized product. Doing so reduces the amount we can assist our clients.

    One piece of suggestion while implementing the feature:
    Assign the tag/class feature to an line, not an entire transaction.
    For Example: we pay salaries out of program funds and admin funds depending on the job that is done. An individual person can work in multiple programs. Instead of printing indvidual checks for each program, we can split the check for each amount and assign a tag to that line. Example Transaction:
    - Executive $ 150 from administration funds
    - Driver $85 from client transport program
    Total Check: $235

  • SamdSamd Administrator Posts: 560 admin

    Hey @jpo - unfortunately we don't have a hard answer on yes or no, or a firm timeline at this time. Conversations are happening internally though; we've had a ton of feedback about the use cases for this, and how it would be beneficial for our customers and our product. Priorities are still being set (and shifted where need be), but the focus of our teams internally right now has been to bring everyone over to our newest platform. A major part of this has been building out and upgrading the current reconciliation feature as it stands, so that customers used to workflows in our older platform experience a smoother transition to updated workflows.

    Another major project that has taken priority is updates to our system to remain tax compliant for our UK users. Once both of these projects have been fully realized, our teams will have more capacity for tackling other projects, including taking a better look at how we could implement tagging, if we are able to. We will also be in a better place then to give a firmer answer in terms of both certainty and timelines of such a project. Thank you for your feedback however, and I apologize that this current limitation is greatly effecting Wave's usability for you and your business.

    edited April 4, 2019
  • AlexLAlexL Administrator Posts: 1,533 admin

    Hi guys. I'm seeing a ton of +1s for this feature so thank you for the feedback. It also helps to have a use case for this so when discussing we have an idea as to how this really helps your contribute to your business.

    @meme Glad to hear of your workaround and thanks for sharing it with everyone else. I can see how this would help a lot of people out who are dealing with similar circumstances.

  • ZoeCZoeC Administrator Posts: 389 admin

    Hey @jmiller_meaewellness, first off, thank you so much for taking the time to offer your workaround, I am sure that this will be really helpful to a lot of users in the meantime! Your post also provides us with really great context, which is something our Product Team loves!

    This feature is something that is on the radar, I assure you and just as Charlotte said, we will update all communications once there is any movement! Thanks, :smile:

  • kacitkacit Member Posts: 13

    @Zoe_caff This is great...am very glad to hear a company acknowledgement that this essential feature is now on the radar. When eventually introduced this'll make Wave a way more useful business tool...I just hope the timescale is sooner rather than later?

    edited April 10, 2019
  • JesterMarocJesterMaroc Member Posts: 1

    Hi Wave Team,

    I am adding my voice to the request for a tag/classes/categories feature. I represent an education support academy, and we have three main revenue streams. I would love to be able to class customers according to type so I can apply a filter to invoices.

    I understand that we all benefit tremendously from Wave as a free service and cannot thank you guys enough for all the hard work and the great product you give us, but I will be waiting patiently for the feature to be added in the near future.

  • danedobredanedobre Member Posts: 2

    Hi Wave Team,

    Can you confirm that the "tag" feature request is on the roadmap, and when will it be delivered?
    Can users give their suggestions on how the tag feature should work and feel?

    EG: Options for Colour Coded Tags would be nice.

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