subaccounts

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  • NickfuglaarNickfuglaar Member Posts: 2

    I currently use Wave for rental properties. It does everything I need EXCEPT give me a break down of expenses per property. I set each property up as a vendor and select the property for each expense. Wave gives me the total of expenses for properties combined and can view the "Purchases by Vendor" report to get most of the information. However, I copy all transactions to TenantCloud which will give me a profit and loss report for each property. Currently, this is the best way to see all required reports for business and property performance. I would be able to do everything in Wave if there was an option to run a detailed vendor report with categories. Please implement this feature Wave! You will gain Thousands of users!

  • Ryan_WRyan_W Administrator Posts: 461 admin

    Hey @Nickfuglaar, thanks for sharing!

    Wave does not currently offer job or project-based accounting. Our Product Team is always looking for ways to make Wave better and this is a highly requested feature so it's most definitely on our radar for potential future enhancements. Wave does offer the ability to categorize transactions (you can learn about those here: https://support.waveapps.com/hc/en-us/articles/208622046-How-to-add-accounts-and-customize-categories) but I understand it won't accomplish the same thing.

    You also have the option to open multiple businesses within the same Wave account so you can switch between them with just a few clicks. You can learn about that process here: https://support.waveapps.com/hc/en-us/articles/208624306-How-to-add-a-new-business-to-your-Wave-account You could then run reports for each business-as-a-property as needed and manually add the totals but again, Wave is not explicitly designed for this.

  • NickfuglaarNickfuglaar Member Posts: 2

    @Ryan_W said:
    Hey @Nickfuglaar, thanks for sharing!

    Wave does not currently offer job or project-based accounting. Our Product Team is always looking for ways to make Wave better and this is a highly requested feature so it's most definitely on our radar for potential future enhancements. Wave does offer the ability to categorize transactions (you can learn about those here: https://support.waveapps.com/hc/en-us/articles/208622046-How-to-add-accounts-and-customize-categories) but I understand it won't accomplish the same thing.

    You also have the option to open multiple businesses within the same Wave account so you can switch between them with just a few clicks. You can learn about that process here: https://support.waveapps.com/hc/en-us/articles/208624306-How-to-add-a-new-business-to-your-Wave-account You could then run reports for each business-as-a-property as needed and manually add the totals but again, Wave is not explicitly designed for this.

    Thanks for the generic reply I have seen dozens of times! And yes, I already categorize transactions, and no I do not want to open multiple businesses in Wave because I want a total picture of the one business I do have. There is no capability to view a report of multiple businesses. Implement this feature, and that will fix the problem also.

    Thanks again,

    Nick Fuglaar

  • Ryan_WRyan_W Administrator Posts: 461 admin

    @Nickfuglaar thanks for following up! Apologies if I wasn't explicit enough, so I want to make it clearer. Wave isn't designed for the type of job/project tracking functionality you're looking for at the moment. That's why I pointed to a few tools in Wave which could help you work around it if you were interested. With that in mind, it's also not something that's currently on the roadmap for the near future, and I don't want to give you a misleading expectation about what may or may not change. Either way, I'm glad you're sharing your needs and wants in here, because it's an important part of how we gather feedback for future plans for the product; thank you for that!

  • philip456philip456 Member Posts: 15

    I'll add my vote for the addition of Expenses sub-categories.

    This would improve Wave a huge amount for me.

    The reports would be much more meaningful with a figure for the Expense and maybe being able to drill down to the sub-categories.

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 173 ✭✭✭

    Might I weigh in here and suggest that perhaps the work around solution is to export your Wave data to CSV files where you can then "easily" sort your data with the use of filtering and pivot tables (easy once you know how, MS Office tutorials are available online), This way your Wave will always give you the business performance overview, essential for year end accounting and tax too, and your CSV reporting can give you all the drill down info you need. All you have to remember is to ensure your data entries each carry a reference to the relevant department, a reference you can choose yourself that means something to you and that you can use for sorting purposes in your CSV files.

    For those of you expecting Wave software to run multi departmental reporting, on what is after all a FREE product, might I dare to suggest that perhaps you've opted for the wrong product if the thought of using Excel to do the management reporting work for you doesn't appeal to you.

  • WCCWCC Member Posts: 2

    I second (third, fourth, fifth, whatever!) all of the above posters looking for sub-account capability in Wave. I keep the books for a small non-profit (i.e. the organization has no money, so we can't pay for expensive accounting software, and I do this as a volunteer, so I'd like to be able to do what I need to in the least time-consuming way possible) ... and I can't use Wave right now because it lacks this capability and I need that for reporting. Tried to figure out workarounds but anything I can do is way too labour-intensive.

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 173 ✭✭✭

    @WCC said:
    I second (third, fourth, fifth, whatever!) all of the above posters looking for sub-account capability in Wave. I keep the books for a small non-profit (i.e. the organization has no money, so we can't pay for expensive accounting software, and I do this as a volunteer, so I'd like to be able to do what I need to in the least time-consuming way possible) ... and I can't use Wave right now because it lacks this capability and I need that for reporting. Tried to figure out workarounds but anything I can do is way too labour-intensive.

    You're probably better to look at other products if you aren't comfortable with exporting Wave data to CSV files for your sub-accounts. Quickbooks is excellent for this, whilst I also use a desktop (not cloud) product called VT Transaction+. Sage can do this too as can several others but you are unlikely to be able to get what you need for free (I may be wrong though). Wave doesn't yet support this feature.

    An alternative to consider is to have a Wave "business" account for each fund, and then use spreadsheets to collate the data for annual accounting.

    Regards

  • emf2emf2 Member Posts: 1

    I would LOVE to switch to Wave, from the main competitor, but I also need sub accounts! My sole proprietorship is small enough that I can't really afford the paid software. In fact my bank has a partnership with Wave to entice us over! That's nice, but I just spent a couple of hours signing up, importing my bank data, and then started setting up the new chart of accounts, and was very confused not to find subaccounts. I came here to figure out where to find them and I'm totally flabbergasted that the functionality is not even there! Please roll this feature out as soon as humanly possible! I'm so sad I can't switch to Wave for my 2019 bookkeeping!

  • garistongariston Member Posts: 3

    Not having sub accounts is a major gap in wave functionality. If your 'road map' is to attract more paying businesses you'll have to deepen your feature set. If it's to attract customers with only very basic bookkeeping requirements you're doing great! Categorizing income and expenses is rudimentary. Every real estate business that works with more than one property needs to break down income and expenses for each property and that is accomplished with sub accounts. So does just about any business beyond one man show. This isn't difficult to do in software so it seems the main obstacle is mistaken belief that this isn't very valuable. Suggested workarounds are laughable.

    edited May 30, 2019
  • philip456philip456 Member Posts: 15

    I must agree. Even though I'm sticking with Wave, this is the one piece of functionality which would make all the difference. Everything else (apart from exchange rates) can be worked around.

    This has been brought up so many times, in different ways and different descriptions in the discussions.

    Being able to look at the P&L on different product lines/properties/projects is an essential feature for many of us.

    Small businesses may even run more than one business using the same company to save accountancy and other costs. Or have a small side business using the same bank account, such as some eBay sales and need to keep that income and expenditure categorized seperately.

    I know that it may not be as easy to implement in the database, as some of us Wave users may think but please make it a priority if at all possible.

    edited May 30, 2019
  • GeorgeSynGeorgeSyn Member Posts: 1

    I like Wave but its biggest flaw is that it doesn't allow the creation of subgroups of Accounts. This will eventually lead us to move to other accounting software.

  • VwebbVwebb Member Posts: 1

    I'll add my request for sub-accounts as well! But it is a turnoff not to have it. I'm not sure I want to set up all my accounting and then not have it. I might just have to suck it up and go with someone else.

  • AlexLAlexL Administrator Posts: 605 admin

    Hi everyone. Thanks for your continued addition of workflows explaining how sub-accounts would make it easier for you when using Wave.

    Currently, this isn't something that is on our roadmap but I can't say what the future holds as we're always looking into which features we should be adding next.

  • MyronMyron Administrator Posts: 143 admin

    @philip456 @WCC @emf2 @gariston @GeorgeSyn @Vwebb

    Thank you all for contributing to this thread! Your comments and feedback are very much appreciated. To be fully transparent, sub accounts is not a feature that is currently being worked on by the team. It is something we would consider in the future, but it would be a fairly long ways off.

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 173 ✭✭✭

    Excel pivot tables are the solution to the conundrum of data analysis beyond the functionality of Wave's programming.

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