Accounting Technical Support
Discussion List
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Can anybody talk me through how to record a transfer between my personal account and my business account in Wave? Sometimes I need to move money from my personal account back into the business to help pay for a large expense etc. and I'm not sure how this should be recorded. When I look under the 'Transfer to bank, credit card, or loan' category, …
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I run a small decor business and everything I purchase I list it under "office supplies" because I can't find anything else that relates to it in the dropdown box. Is their anything that pertains more to the supplies I buy for my decorations business? (we make balloon designs, rent out arches etc, make cake toppers among other things) A…
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I deleted an invoice, but the amount still shows on the P&L. When i click on it says - The page you tried to visit doesn't exist This is usually caused by an incorrect or outdated link. Please assist
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We had to refund a customer, but for some reason now it shows that it was income for us. and each month keeps adding money we did not earn.
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Hi, my business has investment accounts such as stock brokerage accounts, cd's etc. which are business assets. I want them to be included as assets for balance sheet reporting. Is there a way to add them to Wave? Thanks
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greetings! previously, i didn't realize that income from paid invoices is categorized according to the income account designated for each item on the invoice. (i just made my invoice items without noticing and appropriately changing the income account for each one). this means that i've ended up with a bunch of income which just shows up in the …
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This may be more of a general accounting question, but I'm also just not sure the best way to represent these transactions in Wave. Some quick background: we put on an annual tech conference. Our ticket sales are processed through Stripe, and we charge sales tax on them. We record ticket sales as unearned income and then recognize that income on …
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In the section Account balances - my income appears twice, in both Accounts receivable and Cash on Hand. How can I avoid this double counting?
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Hello, I want to create a standard bill format, which I can export as a CSV, excel, Word doc. This will be shared with my Vendors and they will submit their bills to me in this format. is this possible? Is there a way to custom fields to a Bill? Thanks
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Good Day! I need assistance, please... In 2018 Profit and Loss the net loss was HKD -321,376.98, which has the same amount in the 2018 balance sheet. When I checked the 2019 balance sheet the "profit for all prior years" was only HKD -312,110.58 but when I clicked the Profit for all prior years it is HKD-321,376.98.
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I'm fairly new to accounting so please don't shoot from the hip! Long story short: * I started a small business recently; * I made several (lots) of personal purchases on my own credit card or own bank account (with invoices showing my name and not the company's) for the company, i.e. currently I own them but I want to them transferred to the com…
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I have Remitted Sales Tax Payments currently "Uncategorized Expense". The sales tax were generated through our Shopify sales and ultimately paid off from our Business bank account. In my transactions I have a bunch of Debits for all Sales tax payments made to multiple states. How do I categorize them because they are not technically ex…
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I saw another thread about a savings account it was advised to create an account in chart of accounts. I did that but when I comes to the category there is none I see for interest earned or anything that makes sense to that it fits in. Please help!
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(Reposting here as I may have posted it in the wrong forum, since I have had no response from Wave) Hello, Not sure why Wave had to break what was working fine, but with the new update to the layout in the Transactions page, a couple of things broke. First: Why is Uncategorised Income/Expense no longer highlighted in red? It was of HUGE help to…
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I run a small design studio (sole proprietor) and am trying to understand how to properly track purchases that I make on behalf of my clients AND ensure that my income/expenses are accurate come tax time. Here is a very dramatic example situation - let's say my client wants to buy an item from one of my trade suppliers. My cost is $15,000 and I p…
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I took a draw from my S-Corp SMLLC and my balance sheet "owners contribution" equity amount is negative. Is this a poor way to account for owners draw? Total equity which includes "Retained Earnings" is positive overall. Its just "owners contribution" that is negative.
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Hi There. I'm new to doing my own accounting and I need some direction. I automatically set my bank statements and my credit card statements to import into waveapps and it worked great. I had to manually enter older statements which I already did but I'm having one issue. I don't know how/what to classify my AX payments from my bank account. …
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During the pandemic, I used short-term payday advance services such as Dave, which resulted in about a dozen credits and debits. How do I property account for these transactions?
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When someone pays by check, it's recorded manually. In transactions, it shows as "payment for invoice." When I make a mobile deposit with the check (upload a picture of the check and amount to the bank app), it creates another transaction, which is a duplicate. I don't think I should delete it bc it's on my bank statement. How should th…
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Hi, I am new :) am looking to understand how to start a bulk change for customers when I am in the "Transactions" page. These said customers give donations not payment, so I have no reason to create invoices for them. This is for a church. Can someone please give me direction? Thanks!
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I had to set up a loan with Snap Financing. Where loans generally get paid to a bank account, the snap loan went directly to the mechanic so none of the explanations cover this. They all direct you to set up the loan using my bank account as the recipient of the money, but this is not the case. I never actually saw the money. The only "record…
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Hello, I'm quite new here and searched through the forum but couldn't find the answers. I'm an amazon canada seller but US based company, so my default currency is USD. I'm trying to record my amazon sales by creating journal entries because there are fees, net sales etc. But when I enter these numbers as in CAD (because the money goes to a CA…
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Hi there...Prior to "opening our doors," we made some considerable purchases from our own personal banking and credit card accounts. * Should we capture those investments? I would like to so that I can have the company pay us back when it makes sense. * How do we capture these investments? * How do we capture the re-payments from the c…
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When looking at transactions is there a way to quickly look to see if they have an attached receipt to it? It would be nice having an icon next to each transaction showing a receipt has been already attached to it.
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The value under transactions for my checking account ($9,779) does not match the value shown on the dashboard (actual checking account value). Also this wrong value is listed on the balance sheet. I started a new wave account at the beginning of the year, and added an accurate starting balance. What am I doing wrong?
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I just used Wave Connect to import spreadsheets of older credit card statements that it was not able to pull from banking and all of the transactions that were supposed to be withdrawals (expenses) are showing up in Wave as deposits (income). Firstly, how can I batch change all of these since I don't see any option under the Transactions tab and …
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Hello, I'm new to accounting and bookkeeping I'm trying to be my own accountant. I just want some help regarding how to categorize my shop items. I do cell phone/ computer repairs I have a corporation and I want to know if I buy tools how I would claim them to lower my business income. For example I have a purchased a machine that I will use ever…
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My husband and I have three businesses between the two of us, all of which started last year. We just filed our first business tax return (2020) and need to get our accounting and systems in shape for 2021 to eliminate stress. Our accountants recommended Wave. But I have some questions as I'm getting things set up but first some more context: …
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I'm having an issue with my Cash On Hand payments doubling up on my income. What I mean is, my Cash On Hand invoices are going to my Services income, and then when I actually deposit this Cash On Hand into my bank account, this deposit goes to my Uncategorized income as well. Therefore, If I mark a $50 invoice as cash on hand, it is actually showi…
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Hello, I currently have 4 soon to be 5 businesses on Wave. I can't seem to figure out how to add a liability(Loan) and asset(value of my property) to the balance sheet. The 4 I have on here are existing so that's not helping to get going. When I add them they go on my P and L too. I saw somewhere about adding a bill. I've tried that and still mana…
