Accounting Technical Support
Discussion List
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My imported Deposits show as debit and my withdrawl show as credits. They need to be reversed Can you help.
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Hi I changed the fiscal year end to June 30th and when you go to report for the firs time it takes the correct date duration from previous year to this year, (please check the attach images) but when we select different year or even the same year again it start and end dates change to Jan 01 to Dec 31st
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My business is not making enough money for me to pay subscription fees from my business account. So, I use my personal credit card for such purchases. In hindsight, I can see how that was a bad idea. How do I record those business transactions from my personal credit card? I have been using the following: Account: Owner Investment / Drawings Dep…
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I searched Google and on this site and it seems like Wave is missing the most basic report that show expenses by categories. I use this report every month to monitor expenses. Was hoping to replace Quickbooks but it doesn't look like I can do that quite yet.
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I am importing a credit card and a checking account. My transactions page shows all of the transactions. On the transactions page I see the following: DISCOVER E-PAYMENT 0901WEB ID: xxxxxx0270 CHASE CHECKING $471.53 Credit Card - Discover (Black - seen…
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I am separating my personal from business books. I have a number of durable purchases and investments that I paid for out of my personal accounts, in the Before Times when I didn't have Wave. I have receipts. I want to book these transactions as a loan from the owner, not as a capital injection, but I also don't want it to affect my bank acc…
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We are a new business and have various payment terms. A typical term is 50% with PO 50% upon completion. What is the best way to deal with this? The customer will issue one PO for the total amount. How would you recommend we invoice this from wave? I have looked at the create invoice and accounting to find answers but have had no luck. Thanks
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I'm not sure how the workflow works for adding things you buy to run your business. I see Bills and Receipts.. They seem totally separate but it seems like they should work together. Can someone explain? This is what I've done: I bought some supplies to run my business. I uploaded the receipt and then categorized the receipt as Production Suppl…
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Hi, I'm trying to reconcile my accounts and the order they appear in wave is different to how they appear on my bank statement which is making my life hell trying to find where the discrepency is. is there a way to change the order of the transactions so i can match them up to my bank statement?
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Hi, Assuming that I have separate services (Service A, Service B, and Service C) provided to one customer in different times, and I have one account called "Report Writing Fees" under "Cost of Goods Sold". If I need to create an expense transaction under the category "Report Writing Fees", how to link this transaction…
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Bookkeeping newb here and I have a few questions about depreciation. * Is it best practice to create a separate asset account (and corresponding accumulated depreciation account) for each asset? Or do you somehow lump them into one account? * How do I decide if something should be accounted for as an asset or an expense? Is there a minimum dolla…
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I have been trying to reconcile the last month in Wave but every time I enter the bank amount for that month it sends it reports and doesn't do any reconciliation. Please help
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Hi, We launch our company in May 2019 and at this end of the year, the Balance Sheet Report has prior years numbers in EQUITY. I don't really get this part of the report. Is there someone who can help me? Also, why December is not included and is on the side? Thanks Equity Owner Investment / Drawings $1,020.00 Simon Hour…
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Hi, Just wondering if anyone can walk me through this? I've tried myself but I cant figure it out! I've had a customer pay my work invoice into my personal account. They we're meant to just reimburse some personal expenses into it, but have paid my entire invoice into it, rather than into the intended business account.. I've subsequently transfe…
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For some reason my credit card is showing my pay'ts for items as deposits ( These should be debits). And deposits to pay monthly balances as debits Where have I gone wrong?
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How do I convert my QuickBooks file to Waves so that I won't lose data?
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i have set up an expense penalties account so if i add expense going out how do i account for the double entry to balance
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I'm trying to verify a receipt on a refund on a expense. Because it is a refund, the amounts on the receipt are negative, including the sales taxes. Wave doesn't let me do this, saying "Receipt total must be larger than sum of taxes". How do I deal with this?
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Hello, When I opened my restaurant, I bought a refridgerator ( actually I bought all the Assets needed to run a restaurant ). I bought this assets from my own personal savings. I made the following record in wave: Debits: Asset account refridgerator 1000 Credits: Owners Investment 1000 On the Banlance Sheet there is every single asset I bought…
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Hello. I can't seem to find a clear answer to this question from historical search. I am using TurboTax Business 2020 version and using WAVEApps for bookkeeping. My retained earning on book is exactly $559 lower than my TurboTax Retained earning amount. $559 is the 50% of nondeductible meals and entertainment for the 2020 tax year expense. Additio…
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Hi, Assuming that I have separate services (Service A, Service B, and Service C) provided to one customer in different times, and I have one account called "Report Writing Fees" under "Cost of Goods Sold". If I need to create an expense transaction under the category "Report Writing Fees", how to link this transaction…
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We operate as a non-profit and want to start each year with a clean set of accounts to operate out of. I can create a new set of accounts each year and close the earlier one for new transactions, but didn't know if there was a way to "flatten" the accounts so starting balance is 0. Scoping the transactions for a report is good, but you…
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I created three businesses on Wave and want to consolidate some of the items. Wave lets me move transactions from the first business to the other two, but not from those two into the original business. How can I fix this?
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I have two businesses under one sign-in. if i link receipts to one of my businesses and later choose to move it to the other , can i do that ?
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I manually entered 2020 accounting (from receipts/ invoices) into my personal account. How can I move this into my Business account, where it belongs?
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Is it possible to change the Invoice Payment description, instead of just saying "Invoice Payment" to "Invoice Payment from Customer Name" Though it is in category description, but it would be very helpful if the transaction description is updated for both bill payment and invoice payment with the vendor and customer name. Spec…
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We have an overseas contractor we've been working with for the past several months, paying him in US$ from a US bank account to his US bank account....all outside of Wave as we've only recently started using WAVE. We would like to now 'add' these past payments into WAVE. I'm told these past contractor payments can get added to Wave with a journal …
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This is a Joke. I have tried using this software but hell its a B*tch... I work in the Point of Sale Industry, so i have used so many different software with my clients. Wave i must say is a special child. It takes hours just to capture simple invoices and Vendors. Rounding? that does not work in this thing. Try and capture an invoice of a few cen…
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Airbnb has a particularly frustrating way of encapsulating several transactions, some positive and some negative, into a single bank deposit. I'm unable to replicate this in Wave. Say deposit was for 900. 1000 of that is income for property #1. Negative 100 is a resolution refund for property #2. I enter 1000 and categorize it as income #1 but whe…
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On the Personal side of things, how do I record my income tax return (form 1040)? Seems simple enough but I don't know where to put it and everything I find on here is referring to business entities instead of personal.
