About me

My name is Mike Granata (MG Financial Services) and I'm a CPA with over 30 years of experience in accounting and taxes. I'm located in Maryland but have clients from coast to coast. Through the cloud, I can assist you with accounting, payroll, compensation issues and various tax filings. (federal, state, local, property, payroll and sales). Experienced in C corp, S corp, LLC, partnership and individual taxation. I offer great service at a reasonable prices and make myself available during the evenings. My experience has ranged from single owner businesses through billion dollar publicly traded companies and everything in between. Please visit www.mgfinancial.net for more information and pricing.

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www.mgfinancial.net
About me
My name is Mike Granata (MG Financial Services) and I'm a CPA with over 30 years of experience in accounting and taxes. I'm located in Maryland but have clients from coast to coast. Through the cloud, I can assist you with accounting, payroll, compensation issues and various tax filings. (federal, state, local, property, payroll and sales). Experienced in C corp, S corp, LLC, partnership and individual taxation. I offer great service at a reasonable prices and make myself available during the evenings. My experience has ranged from single owner businesses through billion dollar publicly traded companies and everything in between. Please visit www.mgfinancial.net for more information and pricing.
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  • No problem, anytime Mike G, CPA www.mgfinancial.net Servicing clients coast to coast
  • JamesW, Nope, should not affect gross profit. Taxes are shown after gross profit. So I would not add an account under cost of goods sold. Just regular operating expense. Mike G, CPA www.mgfinancial.net Servicing clients coast to coast
  • JamesW, Taxes are an operating expense even if they are not deductible by the corporation. Based upon post I'm assuming you are talking a C -Corp which has US tax payments. It is correct that they are not deductible on Form 1120 however, you make a…
  • melissa18, Should have not affected net income. Hmmm, hard to say, but I'd be happy to take a look at it for you. Let me know. Mike G, CPA www.mgfinancial.net
  • melissa18, To chime in. If the S-corp makes a distribution to a shareholder you should have an account under the Equity section for Shareholder Distribution - John Doe. The rules with S-Corps is that there must be proportional distributions to shar…
  • rationalanimal, Unfortunately if I am interpreting your post above correctly, each rental property has it's own cash account. However, they are all included in the same accounting profile. Meaning they are all shown on the same balance sheet. Wave …
  • Shizzle5985, Items paid for by the seller do not go into the basis (cost) of the asset for the business. Mike G, CPA www.mgfinancial.net
  • John2312341324, There are varying ways in excel to re-format your import file. For instance, using a true/false formula. Example: @if(b1=positive,-b1,0) What the formula is saying is, If cell b1 is the word positive then enter the negative value of…
  • jacsbuchanan, Although I don't know the answer to your exact question, I thought I would make you aware that unless the LLC elected to be taxed as an S-Corp, owners of an LLC cannot pay themselves a W-2 salary. Mike G, CPA www.mgfinancial.net B…
  • Deeserenitea, There are a few ways you enter expenses. You can connect your bank and have transactions imported. You can download from the bank into one of several file types and then upload using the More/Upload a bank statement on Transactions pa…
  • Cameron, If you are sharing an office space with someone else, then I would classify the payments either to the landlord or your co-habitation partner as rent expense. Mike G, CPA www.mgfinancial.net
  • Sarah, I'm not familiar with how items are presented in South Africa. However, you should follow the rules of how items are presented locally. So for example, here in the US a sole proprietor cannot take a salary. They are called draws. So if the o…
  • Sarahc, It would be a matter of going back to the original transaction and changing the coding from Salary Owner (expense) to Owner Draw (balance sheet). Same with credit cards. Are you in the US? If you feel your books require some help, I would …
  • TrinityMediations, That's good to hear that you have it agreed back. I would keep in mind that Trust Fund transactions (receipts and disbursements) should not run through the income statement. Receipts by the trust fund are not income and disbursem…
  • Just my 2 cents. What I suggest to clients who want to use Wave for invoicing and accounting is to set up two profiles. One is the invoicing company. The second profile runs cash basis only (imports bank and credit cards). By running it this way, yo…
  • philip456, I do a lot of bookkeeping for clients with varying cut off dates on their credit cards. I just do a visual check to be sure it agrees back to the statement. Go to Reports/Accounts Balances, pick your account and drill down. It gives you …
  • Nads, Actually both. So if you are building a physical structure for use in the business and using your personal funds to pay for it then you would debit Fixed assets and credit owners contributions Mike G, CPA www.,mgfinancial.net Better Servic…
  • E_Hernandez_Esq, Transactions in the trust fund should only go between the asset and the liability to increase and decrease the balance of the trust fund. For example, let's say the fund has 300k. You won a case and are entitled to a 50k fee. Entri…
  • Hmm, sorry to hear. You may want to directly contact one of the administrators here on the forum such as @Charlotte or @Samd and see if they are able to help. Best of luck. Mike G, CPA
  • CherieCooks, I believe it's as simple as turning that feature on under the invoicing settings section. Mike G, CPA www.mgfinancial.net Better Service - Better Pricing
  • I have a client that uses Wave payroll. The journal entry that Wave makes is to book gross wages. The following is how it's done. Debit gross wages (expense) Debit Employer Taxes (Expense) Credit Payroll liabilities (for net pay) Credit Payroll Liab…
  • toastytush, Misunderstood your question. I think an admin would have to chime in on whether that was something offered before. If you are sending many invoices all together, you could type your message once, then using the Windows copy and paste sh…
  • 22asepsysca, Sounds like your issue was resolved. Software can be a funny thing and as someone who spends all day in them, I can surely attest to the little annoyances and nuances. Hope you have a great day. Mike G, CPA
  • toastytush, I believe if you go to settings/invoice customization then scroll down to invoice settings. Should be a box there for you to type your standard message. Mike G, CPA www.mgfinancial.net Better Service - Better Pricing
  • laila, Item to check: Is the offsetting entry also imported into Wave. Meaning if I transfer a payment to a credit card from my checking account and both accounts are imported then I would expect to see a credit (in black) from the checking accoun…
  • laila, Hmmm. Not sure why that is happening. I just updated a clients books yesterday with some transfers to credit cards. Be happy to take a look for you if you are comfortable with that. My email is [email protected] Mike G, CPA
  • JorgeG, I had the same thing happen to one of my clients accounts. I just deleted the connected and then re-established the connection. Everything imported from the last date. Mike G, CPA www.mgfinancial.net Better Service - Better Pricing
  • Cary, I think you may have to delete the reinvestment. The import of transactions is purely mechanical. So if you brokerage account is posting 2 transactions then Wave will import them both. Your option would be to delete or disconnect the account …
  • Sorry to hear about your frustrations. I have many clients that transfer between accounts and to credit cards. I don’t seem to have any experience like that. So when the transactions are imported there is going to be a credit(black) out of one accou…
  • lisandra2001, What seems to be the issue? Mike G, CPA