Accounting Technical Support
Discussion List
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The Wave Community will go offline on June 30, 2022. We’d like to thank everyone who participated over the past 5 years with your questions, responses, and feedback. As of June 3, we’ve closed the community to new posts and discussions. FAQ How can I get help from Wave moving forward? Use the help button in the bottom right corner of your acco…
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Having an issue with the update to Account Reconciliation? Please let us know here so our team can help! If you're looking for help getting started with your Account Reconciliation, you can get started here.Katie_Wave Announcement 1.3K views 111 comments 0 points Most recent by CM_Wraps March 29, 2022 10:26AM
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June 22, 9:30 a.m. (Eastern) Our engineers are currently working to resolve an issue that is creating duplicate transactions in reports for some customers. During this time, we recommend holding off on creating any journal transactions. Thank you for your patience, and we apologize for any inconvenience this may cause. We will post updates here…
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For tailored support, check out our chatbot, Mave, in your Wave account. You’ll first need to log in to your Wave account or sign up. Once you’re logged in, you’ll see Mave in the bottom right corner. Mave is the fastest way to get answers about using Wave 24/7. Our Support Team is available through Mave Monday to Friday from 9 a.m. to 5 p.m. Eas…
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In the transactions page, I assigned a transfer of money from a different account to Personal - Cash on Hand. Why won't this money come up in the income section? How can I add cash payments that go into my account as a bank transfer or cash at the bank to my income statement?
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When I buy something online and don't pay sales tax, I need to set aside that tax so that I can make my quarterly sales and use tax payment. How to I record use tax as a liability so that I can create a report to tell me how much I owe each quarter? Once I have paid the government sales and use tax, how do I record that the liability is gone? Than…
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Is there any way to report purchases made for the business that did not have sales tax applied ? If I buy $100 worth of widgets and the seller adds sales tax (based on my NY location), I pay the 100 + 8.13 tax, so a total of 108.13. In this instance I owe NY no further sales tax. However, if I purchase $100 worth of widgets and the seller does …
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Is there a way to import a chart of accounts to a new company from a different company that is set up in my Wave account?
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An invoice of $220 was paid with a check of $286. My partner marked the invoice as paid and refunded $66. Now there is a check deposit of $286 that is not associated with the invoice. I believe he should have paid the $220 invoice with the $286 check, leaving a credit. Anyway, I don't know how to fix this. The money is right in the bank, but it's …
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Has anyone used Wave for a non profit entity?
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I searched but didn't find anything. I am about to hire an Outside Sales Rep. in the US. He won't be an employee and I will be paying him 25% of sales. Two questions. First, how do I enter this as an expense in Wave? What is best accounting practices? What expense does this fall under? etc. Second, how do I actually pay him? Just send him …
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When i bring up a profit and loss report for 2020, I am finding a value under Uncategorized Expense. When I click on the link, I get a message saying that no results were found with that category. I tried listing an uncategorized transaction (even outside of 2020) but I do not seem to have any. I also searched by value, but couldn't find a tran…
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Hi there, I have a question about what currency is used for the amounts entered in journal transaction entries. Here's my current configuration in Wave: * My business currency is set to CAD * I have a Chequing USD asset account that's set to USD currency. * I have a USD Investments asset account that's also set to USD currency. For a particular…
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I have transfers from Etsy, Stripe, and Ebay in "Cash On Hand," but I am not sure how to categories those transactions. They are the sales minus the selling fees from the respective venues. They are default categorized as uncategorized income. I would appreciate suggestions. Thank you, Cory
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Please help! I am trying to reconcile the month of February. Wave is telling me that my statement balance does not equal my wave balance. The month of February is not showing the payments that came through Wave. So the difference is the exact amount of the wave payments that are not showing. How can I reconcile when the system isn't showing the pa…
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I'm new to accounting, and have a small two-member LLC partnership started in 2021. Under "Equity", I have four accounts: Partner 1 & 2 "Investment/Drawings" and Partner 1 & 2 "Owner's Equity". I understand that the Investment/Drawings accounts are supposed to be used for contributions to the business, busin…
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for every sales, we can add sales tax which add the amount need to be payed. But for every service, we need to deduct the amount because of service tax. So for example : I sold product $1000, and service $100. They all have sales tax 10%, so $1100 plus 10% of those = $1210, but for service, the amount needs to be deducted because of service tax 2%…
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I recently purchased an investment house, intended to be rented. I just got the purchase statement from my lawyer, including the amount I owe. It includes expenses: down payment, legal fees, maintenance fee for a month, and property transfer tax. Then it gives a credit (discount) for the property tax, for the few months past in 2022 and the previ…
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A year since Wave was taken over and connections to my bank are still broken every single time I log on. Put in the credentials, get a code, wait for something to happen. Then repeat the next day. It's worked briefly four times in the last six months, and even then it didn't bring in all my transactions. I no longer bother connecting to my bank. T…
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I'm a Newbie to Wave and I have a number of questions regarding Owner's Equity Accounts. Any help would be greatly appreciated: * By default Wave created a single account Owner's Equity account . I have a multi-member LLC, so should I create an Owner's Equity account for each member? * For Starting Balance for Assets, according to this Wave help…
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I am a little confused with year end closing. I have read that I need to do nothing but my revenue account has a starting balance at the beginning of the next fiscal year. Am I missing something?
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I'm a newbie and have used wave in 2018 (Great app, BTW) How do I start a new year from zero? For example, when I run reports > General Ledger for 2019, expense categories (say meals or Internet expense) still show "Starting Balance" carried over from 2018 and then the new transactions of 2019. Same happens for all other categories l…
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Hi, I'm having an issue and not sure where to look. When I go in reports and select Sale tax my sales subject to tax is different than my total sales. All my sales have been triple checked and all have taxes. I've attached screes of my total sales and my tax info. If anyone has any idea what could be going on that would be greatly appreciated. I…
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Hi, I am trying to map this reality as good as possible in wave: I have a vendor in Europe. To reduce transaction fees, I have a vendor account with positive balance with them that I send money to in larger sums when necessary. I record their bills in WaveApps in EUR. I can pay them from the given "Vendor Prepayments and Vendor Credits"…
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I have an issue where the amount from my Aged Receivables and Accounts Receivable is different. Should it be same or its okay if its different?
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Hi, I need to invoice somebody for $306.25 + $30.62 sales tax = $336.87. This is because I have the booking agreement already where the client has rounded the 0.5 cent sales tax down. However, with wave apps, the sales tax is automatically entered in using the 10% calculation. When I enter $306.25 (ex tax), the tax is automatically calculated a…
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Hi I have found that when I am entering bills because the tax is added on each line vs calculating at the end of the invoice/bill the numbers are off by anywhere from a penny to a few cents. Is there a way to change this or do I have to work around my adding a line item to minus however much off it is?
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Hi I have created a Bill in Wave to record a Purchase, and did a bank transfer to the Vendor. Due to unforeseen circumstances, the purchase is to be cancelled and the monies refunded. I set the Payment category as "Payment for a bill in Wave" and Refunder as "Refund for a bill in Wave". Now the Bill obviously still have full…
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Hi Newbie with little Accounting knowledge. When a running business receives a cash injection as capital, how do we record this in WaveApps? I have created a "Capital" under Chart of Accounts -> Equity --> "Business Owner Contribution and Drawing" I then set the Category of the bank transaction to Capital somehow it'…
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Is there a way to lock past year accounts after they have been closed to prevent unauthorised changes?
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Hello, I just joined Wave today. I connected Wave with my two business bank accounts (I'm in the process of transferring to a new one within the same institution after filing my PLLC). The transactions that were imported are incomplete and missing a lot of deposits. Oddly, the purchases seem complete. On the account overview page it accuratel…
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Hi, Please help (I am starting to use wave first time) I am trying to import a csv customer list. The preview of the first 5 customers in list (when importing) shows all info correctly in the different columns. But when i click on import, after short while i get a error "Hrmm, we didn't find any new contacts to import. We failed to import xx …
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Hi i would like to know how can i see the total per category. For example how much i spent on restaurants, office supplies etc. I need the total amount of all the receipts in that category.
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I've noticed all descriptions written by Wave Apps outlines the $100 example -- if you invoice $100 we take 1% of your invoice, and will charge you a $1 fee. But what about larger transactions that are 5, 10, 15k in size? Most platforms have a maximum ACH fee of $10, and I want to confirm this before allowing someone to pay my $10k invoice and I l…
