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.
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.
+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.
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.
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!
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
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.
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?
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!
+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.
+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.