Best Of
Re: Custom reports
This something i've been trying to do as well. Our situation is that we have different business units. So we have student houses that all operate with different and seperate costs. I would love to be able to see how each student house is doing on its own, without including costs like website hosting, gain/loss of currency exchange and income from other sources.
Re: How to move transactions between two or more businesses
Also I had a suggestion for all of the users in that thread but you locked it and I wasn't able to provide them a workaround. Here's what I'm doing to get around this problem:
Hypothetical entrepreneur has 3 businesses: A, B, C. He has 2 credit cards and each credit card has transactions from all 3 businesses.
Business A Profile in Wave (imports credit card 1):
Create two Income accounts: Business B Profits, and Business C Profits
Create two Expense accounts: Business B Expenses and Business C Expenses
Business B Profile in Wave (imports credit card 2):
Create two Income accounts: Business A Sales, Business C Sales
Create two expense accounts: Business A Expenses, Business C Expenses
Business C Profile in Wave:
Create two income accounts: Business A Sales, Business B Sales
Create two expense accounts: Business A Expenses, Business B Expenses
Allocate all of your co-mingled pulled transactions inside each profile as you normally would but use the internal accounts.
You can keep allocating the transactions like this for as long as you want until you're ready to move them. You could even move them all in one fell swoop at the end of the year, although I don't recommend it. Anyways, once you're ready to hunker down for a "transfer session" open two browser windows. In one window, filter the transactions for the business account you'd like to transfer from. In the other window, open the business that you're trying to transfer your transactions to. In the business you're moving to, create an account that matches the source it came in from e.g. "Chase Credit Card" so you can still have a paper trail of which account each transaction actually came from. One by one create a new transaction in the second business for each transaction you're wanting to move from the first business. Match the date, the price, and allocate to whatever expense account you normally would. Once you're done moving all of the transactions, delete them from the first business you moved them from. Do this for the sales/expenses of each business that exist inside of the other businesses. In my case this process took me a couple of hours but depending on volume it might take different people a long time to do.
Of course, offering a simple feature labeled "transfer to different business" would completely remove having to do this manually like this.
tshm001
Re: Difference in Balance while recording starting balance
Hey there @Malpak7679
Manual Fix
When a foreign currency bank account reaches a zero balance in the foreign currency, there is usually a home currency balance in the account, due to foreign exchange rate fluctuations over time as transactions are recorded. If you zero out the balance in the business currency by creating a journal entry (the other side is gain/loss on foreign exchange), Wave calculates a corresponding foreign currency amount which is then recorded into the balance of the account. This means that ultimately, either the account will show a business currency balance (which is a 'phantom' account balance on the balance sheet), or the account will hold a foreign currency balance (which doesn't appear on the balance sheet, but then the bank account can't be reconciled as there is a 'phantom' transaction in the foreign currency).
We're working to make it possible for you to be able to update the business currency balance of a foreign currency bank account without also creating a foreign currency transaction amount. This would prevent your balance sheet and/or the account to have a phantom amount.
A workaround is to create a related functional/home currency “valuation” asset account, where you can make entries in the functional currency only, so the net of the valuation account and the bank account will be correct. We're working on automating this process, but in the meantime, this must be manually done by you. If you have further questions on the accounting principles of this, please reach out to an accountant. The valuation account would need to be the same account type as the account which needs to be balanced. So if it's an asset account you're looking to revaluate, you can create an asset valuation account. Picture it like a placeholder account here you can store the balance away from your actual account. This is definitely a workaround and we appreciate your patience until we eventually give the option to change currencies in Wave.
Wave is currently building a transaction rewrite which will, in its final phase, include the tools needed to reconcile these ghost amounts. I don't have an ETA for this launch, but I can say that it is the current primary focus of the accounting product team. Thank you for your patience while we build this feature out to completion.
Barsin
Re: Ability to show discounts and taxes after subtotal
Highly required!
This could also be used in the reverse. For instance, it is not uncommon to charge a "project management fee" at 10% of the value of the project.
So what we need is to subtotal all line items, and then apply either a positive or negative % on top of this. If negative, it is a discount. If positive, it is a value-based further fee.
Virgil
Re: Measuring Client Profitability and Costs
I agree completely. I migrated from Sage to Wave and this is a feature I am really missing. Iy could be as simple as allowing us to create tags that can be assigned to every transaction for a customer so that the a P&L for that tag (customer or project or event) can be generated. Please help with this feature. For those of us who manufacture items in batches, these tags could help us group costs for each batch
FOA
Re: Upload bank and credit card statements
why cannot I confirm credit when the column is blank? I have a debit for the month but no credits so how can I upload the bank statement with no data in the credit column? Sorted - put it in manually but it would be nice to be able to select the column header even though the column is empty.
Goldens
Re: Emailing receipts isn't working
I have been using this for ages and has been one of the best features of your application. I created a number of automated rules which meant that I would get receipts posted on Wave with no input from me.
Now going through all the receipts since July to try and understand what the heck I missed. Not happy with the communication from your side at all guys!
Mjago90
Emailing receipts isn't working
For the last two days emailing receipts to receipts@waveapps.com isn't working for me. They just aren't showing up anywhere. The last time I successfully emailed a receipt was 7/8/2019. Is there a problem with this feature? Thanks for any help!
Re: Time tracking
I as well switched from freshbooks. The time tracker should be free and easy to use. Log on, log off, add it to an invoice.
Quww
Re: Time tracking
I tried Blue Camroo, very much hoping that it would let me use Wave again, and come back from Freshbooks. It doesn't:
Add date to the invoice
Allow for various rates
Add time to the invoice by date range
Give a single invoice or time view
Basically anything that Freshbooks does. I was so hoping this would allow me to use Wave. Blue Camroo looks to be a nice sales and marketing tracker, but not for simply billing time to customers, like so many of us do!
There are suggestions here to do an API with some very good time tracking apps, rather than reinventing the wheel, why not use those already in use that have good APIs like Tsheets or Toggl. Please! There are so many of us willing to pay, as evidenced by those of us that use Freshbooks or Quickbooks.