accounting

Discussion List

  • The owner purchases something with a personal credit card for the purpose of the business. Following this, an e-transfer is done from the company bank account to reimburse the owner. How do we track taxes paid by the company? There's this article, (https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-person…
    js_does_taxes 15 views 1 comment Most recent by alexlewiszarkos June 18, 2019 9:19PMAccounting
  • So Wave have announced they're pretty much back stepping from UK & EU customers - all bank links to be terminated from September for users with UK/EU based banks, and a clear decision too to abandon all hope of MTD for Income Tax compliance (potentially to come into effect in April 2021). Where does it leave you, the UK user then? Well, th…
    MerlinAccounts_UK 33 views 0 comments Started by MerlinAccounts_UK June 18, 2019 2:27PM Accounting
  • It doesn't matter where in the UK you are based, you've already leapt into the cloud to do your day to day accounting on Wave so why not stay in the cloud and deal with an accountant that can happily work with you in the same way too? Feel free to get in touch to arrange a FREE non committal consultation - by email to [email protected],…
    MerlinAccounts_UK 9 views 0 comments Started by MerlinAccounts_UK June 17, 2019 10:25AM Find a Wave Pro
  • Hi I have a 2 part question, 1. Since Wave accounting does not close accounts, and use accounts like income summary, how do we properly update Owners Equity? Without making the December Profit and Loss account wrong, which happens if you use closing accounts? 2. A separate issue, how do we categorizes Interest Expense? Since it is not an operat…
    ddme 23 views 3 comments Most recent by Kimpton June 11, 2019 7:22PMAccounting
  • Hello,I am a professional full time accountant that does bookkeeping/consulting on the side. I work remotely, but am based in sunny Sarasota FL. You will have my personal phone number to call or text with questions. This is done on the side so I charge much lower than a CPA or full time bookkeeper. I am also available during the evenings and wee…
    troympapa 111 views 8 comments Most recent by HuskyLogic June 9, 2019 7:07PMPro Network Listings
  • I need to submit my business return to CRA and because my first year was very simple (zero revenue, very few expenses), I don't want to use my accountant for this (I have another business that is much more complicated and he and my bookkeeper use Quickbooks to manage bookkeeping and accounting for that). From what I can tell, Wave doesn't have …
    Mikebrcic 49 views 5 comments Most recent by greenwave June 8, 2019 3:16PMAccounting
  • I'm a small business owner in Ohio with limited accounting expertise. I'm trying to create an accurate balance sheet but having trouble. I'd like someone to help clean things up, reconcile my books and create a balance sheet.
    johnmoul 31 views 4 comments Most recent by magicwill June 5, 2019 1:52PMFind a Wave Pro
  • Hi guys! Does anyone know an Estonian accountant using WaveApp? Thanks for the recommendations.
    SaraG 10 views 0 comments Started by SaraG June 5, 2019 10:56AM Accounting
  • Hi all, I've just discovered Wave for my new business and already use Xero as my main accounting package. Ive been trying out the Wave Receipts app and it seems to work very well. Ideally, I'd like to use that to record expenses and have that data (including a pic of a receipt) synced/passed to Xero. Is that possible to do, or if not, is there an …
    RakeshS 25 views 2 comments Most recent by Marshall June 3, 2019 5:32AMGeneral Discussion
  • Hi all. New to Wave. My fiscal year is the same as the UK tax year, so started adding my accounts for this year to WAVE and using it for invoicing. How do I add the allowable expenses for a UK sole trader so they do not count towards my taxable income at year end? I am not VAT registered as my turnover doesn't make this necessary. Sorry if this is…
    VicPicMark 12 views 2 comments Most recent by VicPicMark June 1, 2019 2:51PMAccounting
  • Headquartered in Innisfil, Ontario, Canada, we are here to help you with your finances. We understand that being an entrepreneur and business owner can be hard work, stressful, and take you away from your family. We are here to help you stress less about your business financials and spend more time with your family. Whether you’re just start…
    aGoodBalance 14 views 0 comments Started by aGoodBalance May 17, 2019 7:47PM Pro Network Listings
  • Small business based in London looking for accounting services familiar with Wave. Would like help with HMRC filings, VAT (if applicable), and PAYE (for 1 employee).
    ryan_uk 13 views 0 comments Started by ryan_uk May 15, 2019 12:26PM Pro Network Listings
  • How have you categorized a transaction that is going into a tax savings account? None of the account type categorization options seem fitting.
    valeriem 11 views 3 comments Most recent by Mikeg May 14, 2019 3:13PMAccounting
  • The transaction are appearing after the invoices are paid. However for the past 5 days they are still in transit and are not being sent into my bank account. The bank connection has no errors and I have updated it multiple times over the past few days. Could you help in resolving this issue. Thank you.
    Nathan101 16 views 1 comment Most recent by Zoe_caff May 13, 2019 6:38PMBank Connections
  • For proper accounting purposes, are the below steps correct to create a vehicle asset and associate it with a financing loan/note? * Create a new loan account under Accounting > Chart of Accounts > Liabilities & Credit Cards > Loan and Line of Credit called "Vehicle Loan" * Create a new asset account under Accounting > Chart …
    travis88 26 views 3 comments Most recent by Mikeg May 7, 2019 3:59PMAccounting
  • Hi, Please fix your sales tax reports so that they tally the totals based on monies COLLECTED as opposed to just invoiced. We do not pay sales tax on invoices that have not been paid yet, as we have not yet "collected" that amount. Sales tax is a pass through that we "collect" from the customer and then pass on to the state. Thank you.
    WhiteGlove 23 views 4 comments Most recent by alexlewiszarkos May 7, 2019 2:31PMSales & Invoicing
  • so I don't normally use account reconciliation, should I? I run a small self employed business with somewhere between 50 and 100 transactions occur in wave. I have looked back through reconciliation and first month that doesn't match is November 2017 Difference is £52.85 Looks like an invoice was recorded as paid in Wave transactions 25/1…
    snappyfish 21 views 4 comments Most recent by Samd May 3, 2019 8:18PMAccounting
  • Hi there, I live in BC where we have both two sales taxes: GST (recoverable) and PST (non-recoverable). When I record an EXPENSE using Wave (see my Shopify transaction), you can see only GST is marked as recoverable, even though I accounted for both taxes in my entry. For expenses, my sales taxes are behaving as expected. However, whe…
    youngstreet 39 views 4 comments Most recent by youngstreet April 23, 2019 2:55AMAccounting
  • Dears Wave's team as non profit business I still examining this software and for non profit accounting it is important to have extra classification for the income and the expenses this can be added in many ways 1- make product and services provide sub items/services , this can help to classify the services as restricted or unrestricted for th…
    eyadkat 13 views 1 comment Most recent by Charlotte April 22, 2019 9:19PM
  • Hi there, I recieved my first credit card payment the other day and noticed that a transaction was credited immediately under the Account "Payments by Wave". That Account appears under the heading "Money in Transit. That makes sense because it has to be process via Stripe first before hitting the bank account. When it did come into the back …
    rainwlilds 23 views 6 comments Most recent by HandymanHeadlee April 18, 2019 11:16PM
  • Hi, How should the following two transactions in an S Corp's Wave account be categorized and/or handled? Transaction #1: A $50 personal expense is mistakingly made with the business debit card Transaction #2: In an effort to correct transaction #1, a $50 deposit is made to the business checking account from the owner's personal bank accou…
    HOSPM 17 views 5 comments Most recent by Mikeg April 10, 2019 12:58AMAccounting
  • I'm an international user (there's no option to link my bank account to Wave), with not much accounting experience. I'm trying to find out how to enter my credit card information in Wave Accounting. I created an account for my Cash Back Credit Card under "Liabilities and Credit Cards". What I'd like to know is what is the best approach to…
    Acumen3 25 views 5 comments Most recent by Mikeg April 8, 2019 5:56PMAccounting
  • 6 April 2019 kicks off the new tax year (2019-20), but this is also when the 2019 tax returns (covering the 2018-19 tax year) can start to be filed. . Returns done on paper MUST be filed by 31 October whilst returns filed online have until 31 January 2020 to be filed. Your self assessment tax payments are due in January and July each (save for …
    MerlinAccounts_UK 55 views 1 comment Most recent by MerlinAccounts_UK April 8, 2019 11:45AMFind a Wave Pro
  • New tax year has started so we're now open for new client's, and where better to start than by inviting our UK Wave user community to get in touch. We're experienced not only with Wave but with several other accounting solutions, not to mention 3 decades of practical experience in the accounting world. . Size doesn't matter - its true! We are h…
    MerlinAccounts_UK 24 views 0 comments Started by MerlinAccounts_UK April 8, 2019 11:36AM Pro Network Listings
  • I would like to have a coffee / breakfast with other Wave users in Estonia. If you're interested just leave a comment below. I'm in Tallinn.
    Cameron 19 views 0 comments Started by Cameron April 7, 2019 12:34PM Local Groups
  • As a sole proprietor, I have set up a solo 401(k) that I plan to contribute to both as employer and employee. I assume that I should record employee contributions as owner drawings, but I'm curious as to how I should record employer contributions. I see there has been some discussion of this in the past, but with recent updates to Wave's interfac…
    Carrie_W 29 views 1 comment Most recent by Mikeg April 6, 2019 1:55AMAccounting
  • Good day Wave community, probably an entry level question, here is the scenario: My business model currently includes an Online Event Registration provider that captures attendee information, availability etc, and which uses Stripe as a payment gateway My Event Registration provider currently allows me to capture each Client registration in …
    Fpal 16 views 1 comment Most recent by Samd April 4, 2019 5:35PMHelp Center Discussion
  • Many of my receipts might have multiple categories within a single receipt. I was surprised that I can't create multiple 'split' categories while editing a receipt. The only way I could seem to do that is to select a single category then go edit the transaction splitting it for the multiple categories. Would be nice if it could be done directly…
    sageacy 26 views 2 comments Most recent by Aug April 1, 2019 1:19AMAccounting
  • Hello. In the previous version of Wave you could check the current reported bank balance against the balance Wave calculated based on transactions. After the migration I believe it showed a way to do this quick check still, without having to do a full reconciliation - this was very useful to me. I have searched the forum and quick help guides, but…
    Jfirey2001 20 views 1 comment Most recent by JamieD March 29, 2019 6:25PMAccounting
  • Hi am a new wave user looking to file my business taxes for the year and I looking for an accountant or booker keeper who is using wave. You can reach me on [email protected]
    JustinIyizoba 12 views 0 comments Started by JustinIyizoba March 29, 2019 4:21PM Pro Network