You can do it. Just that you need to create the chart of accounts codification. Add the codes and just never add transactions to the partent account, to get in context you would be able to add the sub accounts but at the level of reporting when you export to CSV and convert it to excel. email me if you want to know more about how to do it [email protected]
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.
Hi, I'd like to add my name to the list of people looking for this feature. As mentioned before, having an overarching account allows us to determine at a glance the totals for all subaccounts in our reports.
Times that we would use this:
Because of the benefit mentioned above (totals of subs), any workaround is not worth the extra effort associated with that workaround.
@Tree_Amigos thanks for chiming in!
I know this has been discussed at length here, and to be honest we don't have any timelines on if/when this feature could be supported in Wave. I just wanted to mention (in case it hasn't been mentioned already) that you can work around this by opening multiple businesses (i.e. projects) within the same Wave account so you can switch between them with just a few clicks. You can learn about that process here You could then run reports for each business/project as needed and manually add the totals but again, Wave is not explicitly designed for this at this time.
Hey @socrates. Thanks for giving your +1 and the detail you've provided for the feature request.. this is really helpful in terms of what our future roadmap will look like when considering new features (such as potentially adding sub-accounts). When we have an idea of when or what this would look like for our users, we would definitely let everyone know!
+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.
+1000 - this is key for gig economy small business....time tracking as well (I will vote onth e other thread as well)
I love Wave but this is the one feature that would be incrediably useful to me.
(1) To be able to assign income account transactions and expense account transactions to a particular category and be able to run a P&L report on them would be so useful.
(2) To have sub-categories, with totals being reported, as @socrates suggests.
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 @philip456. Appreciate the feedback and giving us examples on how this could potentially improve your workflow in Wave (and what would be best for you in this particular situation). It's important to gather this type of information when we are handling these types of feature requests so when it comes to future planning we have more details from our users to go off of.
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!
This would definitely benefit me as I run several projects a one time. This would help with the financial management of them.
Along with many others, I'm very surprised and disappointed that Wave has not implemented this most basic accounting feature. It's really important to know your profit or loss on each job. I love Wave but have been waiting patently for this feature, can't wait any longer, sorry but I'll be looking for other options.
We understand that Wave isn't the project-based accounting software that suits your businesses needs and the needs of some others in the thread. Of course this is something on our radar when looking to the future of Wave.
Wave suits the needs of many small business owners who operate in the knowledge, field work, or creative divisions. Consider Wave's current state like an intro to accounting 101 and we're very excited about our growth and trajectory. But with that being said it's obvious that your business requires a more robust software to help your business grow, which is of course an impressive sign for your businesses needs!
We're always learning and growing from the help of our users, so we appreciate all of your posts in regards to helping us develop.
I see your point but I think that nearly every business can benefit from being able to categorise some or all transactions.
For instance, at first glance, a hairdresser may appear to be single activity business,
However, they may easily earn some extra money on
Or they might find it invaluable to be able to seperate out income & expenditure on hair colouring, to see if that side of the business could be developed or dropped.
I can't think of any business that would not benefit greatly from being able to categorise transactions, so that they can be easily see the profit/loss on certain aspects of their business.
I love Wave but this is one aspect where Quickbooks shines. For a simple use case, you don't need to waste time categorising every transaction. They allow you to only categorise the ones which you want to seperate out in reports.
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
@philip456 You bring up a great point about the importance of being able to separate out income and expenditure on specific products and services. To use your example of a hair salon, which would want to know what they make on hair colouring specifically, well, this sort of thing can be tracked in Wave! All you would need to is create an income account for Hair Colouring and then categorize those transactions accordingly. When you add a Product or Service in Wave (under the Sales tab), you can also associate certain products and services with those specific income accounts. That way, when you go to create an invoice and receive payment for it, the income transaction is associated with your Hair Colouring income account. Then, you can go to your Reports > Account Transactions, select for your Hair Colouring Income Account and see all the transactions associated with it. You can also select for dates here so you can analyze how much you bring in for specific products or services for a specific time period.
I understand you're also interested in project based accounting though. It's true Wave is not really designed for this yet but like Ryan pointed out, you can create a separate business in Wave to track income and expenses for different projects.
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.
I'll add a +1 to this though my use case is slightly different and probably not as important as other use cases shown above.
I run a martial arts school with numerous classes in different areas. For me, a simple "tagging" option would suffice - as long as that tagging option was available across all parts (invoicing, customers, billing, etc.)
It would make it a lot easier to track how each class is doing individually as well as being able to track the business overall.
As I said, my case is a little different, but it would be a very handy feature for my business
+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.
Hi @djflorian, thanks for commenting and sharing your thoughts, we really appreciate it! Sharing your feedback in the Wave Community provides our Product Team with real world use cases for specific feature requests.
+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.
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!
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...
Hi everyone! Thanks again for weighing in and sharing why this feature would be important for you!