New Accounting Experience - Adjustment Entries
I wanted to provide a bit more detail about the adjustment entries that you may have noticed since we’ve updated your Wave account to the upgraded accounting experience.
We created these entries to account for discrepancies between how we calculated things in the old accounting experience compared to the new upgrade. These include things like:
- Changes to the way invoice and bill totals are calculated. This is not an issue for most invoices and bills, but in certain situations can result in changes of a penny or two, particularly when there are many line items on the invoice.
- For users who do business in multiple currencies, we’ve enhanced how we calculate gain and loss for invoice and bill payments, as well as transfers. We’ve added adjustment entries to ensure that your books match the old system up until the time your account was updated. Going forward, gain and loss on foreign currency will use our new and improved calculations to ensure your gain and loss reporting is more accurate than ever.
We made these adjusting entries to ensure your reports and balances stay the same and indicate the information you entered in your Wave account, while reflecting accounting best practices. As always, we welcome any feedback you'd like to offer. If you have any questions, comments, or concerns, please feel free to let us know below.