"Tags" or Classes

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Comments

  • 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.

  • socratessocrates Member Posts: 0

    I use Quickbooks for our rental portfolio because Wave currently lacks classes. Why do we find classes to be a show-stopper?

    We assign expenses related to a specific property to a class (ex: Morgan Duplex). When we run our P&L and Balance sheet at the end of a quarter and at year end, we ensure that there is a column for each class; the right-most column is for transactions where there is no class. That gives us an instant snapshot of each property's performance compared to the others and then our overhead (far-right column). This is very important as we make decisions and our accountant absolutely requires this ability so that they can work their magic at year end with depreciation and writeoffs.

    We CAN make expense categories for each property but that is not reasonable and not the way banks want to see our reports generated. We have to speak the same language in our line of work.

  • richardwhateverrichardwhatever Member Posts: 2

    +1 for this.
    I've just been trialling Wave to see if it could manage our property rental business. However being able to generate a profit report per property is very important to us, and without tags or dimensions or similar reporting features this is not possible.

    This really seems like the only negative about Wave, but its a big one for us.

  • nick_pikenick_pike Member Posts: 1

    I'd like to add my +1 for this as well.

    My use case: I manage finances for my local Scout Troop. We have our COA set up to track things like Campsite bookings, camp activities, camp food, etc. I'd use tagging to be able to get a view of a camp or activity overall, (eg how much did we spend for beach camp overall, and how much came in for that camp).

    A critical feature would be the ability to report on the tags, essentially the general ledger with a consolidated list of transactions for the selected tag(s) across all income/expense accounts, as well as a breakdown by income/expense account.

  • JamieDJamieD Administrator Posts: 993 admin

    Hey @nick_pike. Thanks for giving us some insight on how your business operates/how this feature would be beneficial for you as well. Full transparency, this isn't something that's currently on our radar.. but when we have an idea of what this might look like in the future (or if we actually do start planning this).. we will let our users know!

  • bufordr1bufordr1 Member Posts: 1

    @MitchellGillespie,
    Thank you for your update mid-February. We are a small church also in need of tags to track gifts and expenses according to a project or class model. My only workaround at this time would be to document the tag in the comments and track on a spreadsheet (ugh!).
    Thank you for keeping us informed and having it on the project roadmap. I appreciate your priority in helping fellow customers on the old system to get to the new system, but as you see this is a popular feature request :)

  • DarkArtsEvents19DarkArtsEvents19 Member Posts: 1

    Just joined Wave and instantly searched for the ability to use tags. Please add this important feature. We run an events company and need to monitor net profit per event to effectively run our business. It's not practical to setup a new chart of account for each event. It would make the profit and loss far less effective.

  • MrSparkleMrSparkle Member Posts: 2

    Classes (known as categories with options in Xero) would be an awesome addition to Wave.
    Real life uses?
    1. A store can generate sales reports by salesman, or by location
    2. P&L can by generated by project
    This would be especially good if we could ceate several classes with many options, and even better if reports could facilitate a filter by several classes
    eg. For each project, different salesmen at several locations contributed to sales.....
    What was the value of sales by Roger toward Project Nefario?

    edited June 23, 2019
  • alexlewiszarkosalexlewiszarkos Administrator Posts: 480 admin

    Hi everyone. Thanks for all of the different feedback and workflows added to the thread. This helps us gather good insight into why tags/classes would be beneficial to your business for the future!

  • baltimorejazzbaltimorejazz Member Posts: 1

    +1 for some sort of tags/classes - this is a big feature missing in Wave. For our use case as a small non-profit, we need to track income and expenses by project, e.g. a special concert, versus regular operating expenses. For reporting, we do want to see all like categories reported together (e.g., performer fees), but also need to be able to report on only those belonging to a specific project.

  • Nikita_JOMINikita_JOMI Member Posts: 1

    +1 on my end. I think the ideal solution is arbitrary tags on each transaction, which would afford maximum flexibility. Then also allow grouping/scoping by tags in reports and you would have a tremendously powerful tool that would have us immediately switch from QBO. This is one feature that our venture can't live without.

  • programcsharpprogramcsharp Member Posts: 1

    +1 for classes/tags/categories. I love wave and use it for a tiny side business, but I am not able to use it for any of my larger businesses or recommend it to clients because of the lack of this feature.

  • sleighthompsonsleighthompson Member Posts: 2

    +1
    We're a small non-profit that is growing rapidly, and we like Wave but its inability for budgeting (another thread, I know) and tags that allow us to track individually-budgeted programs makes it hard for us to use Wave through this stage of growth. Please help!

  • kacitkacit Member Posts: 12

    I really can't understand the delay in implementing this...it's such a useful & requested feature. I'd use Wave on a much more daily basis, rather than the infrequent basis I do now if this were available...

  • ckeen_1244ckeen_1244 Administrator Posts: 198 admin

    Hi everyone! Thanks again for weighing in and sharing why this feature would be important for you!

  • Wes_TopHomesWes_TopHomes Member Posts: 1

    Yes, my business is all about projects and keeping those projects on budget. I feel that tags would allow me to better keep tabs on what has been spent on those budgets. Having multiple tags would be even better as I could have projects broken down into the smaller budgets for each project to see where I am overspending or need to trim the budgets.

  • JamieDJamieD Administrator Posts: 993 admin

    Appreciate your feedback here @Wes_TopHomes. While this feature currently isn't on an immediate roadmap, it's definitely something to consider when looking at the improvement of our Chart of Accounts section.

  • jbrandijbrandi Member Posts: 1

    I want to cast my vote on approval of tags and classes! Check out our use case below!

    My wife and I have an S-Corp which we use to funnel all of our business income and expenses through (we use 3 DBAs all connecting to our S-Corp)

    We have one checking account for or S-Corp that we receive income from all DBAs and pay some expenses from and use a 1 credit card to cover all the other expenses for all 3 DBAs.

    To have Wave allow us to classify or tag each transaction from these accounts to a specific DBA so we can run report a profit and loss for each DBA to see how each "business" is doing would be AWESOME

  • MyronMyron Administrator Posts: 143 admin

    Hi @jbrandi , welcome to the Wave community! Thank you for sharing your personal use case for this feature request!

    edited August 8, 2019
  • AuroraRetailAuroraRetail Member Posts: 2

    Hi. I am still getting to know Wave, and there are a few core user journeys that appear to be missing which would enhance the usability of the platform to the non-hardcore accountants.

    When running through all transactions from the bank, we want to ensure that they can all be justified, with receipts added, and notes updated. Merging receipts to transactions is brilliant, but identifying which transactions need to have a receipt added, or need to be revisited, or need to be somehow cross-checked is a feature that I believe is best addressed by adding in 'tags'. It is a common feature on many applications, and I hope is a useful reference for what I mean, I use this feature on an application called Trello for tracking 'to-do cards', and if there was a search too, this would make it a really valuable feature.

    Naturally, any features needs to be quantified to see how it can help bring more people onto the platform, or convert more people towards utilising the paid services offered. If it were to make no difference to the numbers, there would be no justifiable business case for adding the feature.
    I do, however, believe that the ability to add tags/reminders in an easy to see, filter, and search manner, is something that would make the platform more user friendly, and in a way that anyone can use to their own purposes (of which there are many many listed above).

    Personally, I would use them on Account transactions or Receipts to put reminder notes of what I need to do, e.g. marking a transaction with a tag such as "pending receipt upload", or "to cross-check", or "To claim within EXP1" or "confirm receipt has a VAT number", or a vast number of other comments that could be personalised, especially if easy to see, ideally with the use of colours (or colors to those in the USA).

    Hopefully the sizing, testing and implementation overheads of this feature would not be too large that it would be seen as a worthwhile activity to add to a development sprint, and could even be a stepping stone to further identifying how other tagging and reporting user journeys (including an associated search, filter, and sort feature) could (as a KPI) be used to correlate with successes of client onboarding, retention, and the associated uptake of Wave's financial service products.

    edited August 19, 2019
  • solobrosllcsolobrosllc Member Posts: 2
    Wave team, when is the ETA for this to be on your roadmap? Where can we see your roadmap with approx dates for public use? Thanks.
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