Understanding your new & improved chart of accounts

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  • steve3_psteve3_p Member Posts: 2
    Hi, I accidently connected two bank accounts. I have archived one of them but unfortunately when I do a profit and loss report it includes the deleted bank account. Any way for it not to show up in P&L thanks
  • SamdSamd Administrator Posts: 560 admin

    Hey @steve3_p! It sounds like there may still be transactions associated with that archived account. It may be worthwhile to rename the archived account so it is easier to identify, and then head to Accounting > Transactions and filter for the archived one. Any transactions here would likely be redundant, so you should be able to Select All > Delete. It may take a few moments to update, but once this account zeroes out, it shouldn't reflect on P&L anymore!

  • MargotMargot Member Posts: 4

    Where do you you make a catagory for Franking Tax Credits on share dividends imputation

  • JordanDJordanD Administrator, Moderator Posts: 409 admin

    @Margot That seems like it might be a specific jurisdictional type of account that I'm not fully familiar with. Are you able to give is some more detail about what you would use that account for? Once we have more insight, I will be happy to make a suggestion as to where you could add it in your chart of accounts.

  • nadworksnadworks Member Posts: 32

    From the bad old days of WAVE (2011/2012/2013), I've got many "disconnected" accounts. In those days that was the only way to fix broken bank connections. This makes my reports very messy and untidy. These accounts have been archived, but are still appearing in the new WAVE interface under the new "All accounts" dropdown and are make the total in there look very skewed.

    Being able to delete accounts is an absolute MUST!

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @nadworks Indeed, being able to archive accounts is important! Hmm, I haven't heard of this before. If your accounts have been archived, they shouldn't show up. I think we would need to troubleshoot this issue through screenshots and account collaboration. I recommend submitting a support ticket here so our Support Heroes can help you out with this!

  • JFernandesJFernandes Member Posts: 3

    When an account was archived by mistake, how do I unarchive the account?

    edited June 27, 2019
  • AlexLAlexL Administrator Posts: 1,569 admin

    Hey @JFernandes . In the same place you archived the account, you can unarchive it by selecting the pencil icon beside it's name, and unchecking the archive box. If the account doesn't appear, this is most likely because it had no transactions in it so when it was archived it was deleted. If this is the case, feel free to recreate the account.

  • andriandri Member Posts: 1

    hi, is there any way to sort chart of account according to account id numerically?

  • MyronMyron Administrator Posts: 143 admin

    Hi @andri , I'm afraid that there is no way to sort your Chart of Accounts by Account ID.

  • aamirsaeedaamirsaeed Member Posts: 1

    Can we still use numeric codes for chart of account? i want to use my own developed alphanumeric chart of accounts, having 5 groups/levels. Transactions shall be recorded in last detailed account.
    Idea is to get group wise summarized totals on summary reports and detailed report in GL format.

  • MarkhamSolutionsMarkhamSolutions Member Posts: 2

    PLEASE ADD A WAY TO IMPORT YOU OWN CUSTOM CHART OF ACCOUNTS.... THAT IS THE #1 REASON MY CLIENTS WON'T USE THIS SERVICE :(

  • JamieDJamieD Administrator Posts: 1,114 admin

    @aamirsaeed It is possible to do this, you will just need to make sure that you edit the account names to include the number in the title so that you can decipher which account is which.

    @MarkhamSolutions It could be something that our API team looks into when we start working on the Wave Connect feature again, but we still don't have any ETA when we will be focusing on that specific feature -- most likely, in 2020.

  • MarkhamSolutionsMarkhamSolutions Member Posts: 2

    @JamieD Great cant wait!

  • AkshayAkshay Member Posts: 4

    How to deleted wrong Accounting head

  • EmmaPEmmaP Administrator Posts: 562 admin

    Hey @Akshay! Thanks for reaching out. Are you able to provide some further detail about what you are trying to delete? If you could include a screenshot in your response here, that would be super helpful! Let us know :)

  • matt123matt123 Member Posts: 4

    How can I add a system account? This was possible and very useful in the older versions of Wave, but now I can't find it in the new Chart of Accounts.

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @matt123 In the context of Wave and accounting, I'm not entirely sure what you mean. :) What exactly would you like you like to do in Wave with a system account? You can certainly create any accounts you wish to under your Chart of Accounts! With more insight into this, maybe we can help lead you in the right direction though. :)

  • matt123matt123 Member Posts: 4

    @ChelseaK In the past, users had the ability to designate certain accounts as "system accounts" which would show up as a payment account option when scanning receipts through the wave receipts mobile app. An example would be an expense accrual account (liability) that can be used to track all of the expenses that employees had paid for on the company's behalf but have noet yet been reimbursed for. In the new version of wave, the new liability accounts I create in the Chart of Accounts do not show up as payment account options in the wave receipts app. ad

  • mario_var7mario_var7 Member Posts: 3

    Hi There, what is the best way to change the Account Type? To give you more detail, an account was created wrongly under The Account Type "Money in Transit" and should have been instead under "Cash and Bank".
    Should I just create a journal entry to move the balance to to new account created and then archive the old one?
    Thanks for your help

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @matt123 Ah okay, got it. Navigating the differences between the older version and the newer version. Yes, it's true that you can no longer assign a system account to an uploaded receipt. Now, Wave will only let you assign an official payment account to a receipt, which wouldn't include any created liability accounts. While I see where you're coming from in wanting to assign 'a yet to be reimbursed' expense to a liability account, it's not actually the most accurate way of doing things. Instead, you'd want to create a Reimbursements liability account in your Chart of Accounts. Then, once you've reimbursed them, you can create a transfer from your checking account to your liability account. This Help Centre article walks you through the process: https://support.waveapps.com/hc/en-us/articles/115005928103-How-to-account-for-reimbursements

    @mario_var7 If you click into the transaction from Accounting > Transactions, you can change the account it exists under. Here, you can move the transaction from the 'Money In Transit' account to the Cash and Bank account. If you don't need that account which was incorrectly created under 'Money In Transit', yes, go ahead and archive it! :)

  • KarmaDiving_13KarmaDiving_13 Member Posts: 3

    Hey I archived an account but it still appears in my reports. I'd like to delete it completely as it fakes all my accounting...
    How to do it ?

  • EmmaPEmmaP Administrator Posts: 562 admin

    Hey @KarmaDiving_13! That is correct, if you archive an account you will still be able to generate reports for it. If you do not want these transactions to appear on your reports and you do not need them, you could delete them all. Go to: Accounting > Transactions > select the account from 'all accounts' > click 'select all' > delete. Proceed with caution as this action can't be undone. Hope that helps!

  • alexgarciabalexgarciab Member Posts: 6

    Hi there, I would like to know why an Archive Account is still showing up under Transactions > All Accounts. The account is empty and it should not be shown there. Is there anything am I doing wrong?

  • M_krasM_kras Member Posts: 1

    my chart of accounts does not show the archived accounts.

  • BarsinABarsinA Administrator Posts: 874 admin

    Hey there @alexgarciab

    Typically an account will only appear if there is any strange account activity in it. Can you try going into your Reports > Account transactions (general ledger) > Filter it by the archived account > See if anything exists here? If so remove the transaction and be sure that it's archived under your chart of accounts.

  • alexgarciabalexgarciab Member Posts: 6

    Hey @BarsinA yes, there are transactions on that account. This is an account used in the past, that I want to keep transactions, but that is no going to be used in the future. That's why I archived it. I do not want it to show up on the dropdown of "All Accounts" in the Transactions view. Is there a way to do that?

  • BarsinABarsinA Administrator Posts: 874 admin

    Ah I see @alexgarciab

    Thanks for the update. Unfortunately any account with active transactions in it will still appear in that dropdown. The account archiving is mostly meant to not allow you to utilize this account anymore when importing or accounting for transactions. I hope this makes sense, take care!

  • NIDONIDO Member Posts: 2

    great arrangement and very precise and to the point explanation

  • AlexLAlexL Administrator Posts: 1,569 admin

    Thanks @NIDO , appreciate the feedback on this!

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