Your reports just got an upgrade! Cash basis reporting is now available for most reports
We know that as a small business owner, cash basis financial reporting is essential to understand how your business is performing and to file your taxes. We heard your feedback, and we’ve released an update to your reports in Wave that allows you to choose either Accrual Basis or Cash Basis when you run most reports.
Both Cash Basis and Accrual Basis modes are now available on:
You can toggle between the two modes by choosing from the report type drop-down in the report.
In addition to introducing Cash Basis mode for most financial reports, we also improved your Cash Flow statement, making it easier to read and understand.
We removed $0 line items and clarified the language we use for transfers. For example, instead of seeing “Transfer to credit card” you’ll now see “Payment to credit card,” making it easier to see where your money is going at a glance.
We also removed transfers between bank accounts to ensure the Cash Flow statement only shows money moving in and out of your business, giving you the best picture of your finances.
Learn more about how to read your Cash Flow statement.
We hope these improvements empower you to spend more time understanding your business, and less time worrying about financial reporting! Let us know below how Cash Basis reporting will help your business.