Accounting Technical Support
Discussion List
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I had $800 come in from a GIECO claim because I got in a car accident and there was a settlement for medical bills and pain and suffering. How would I categorize this income? Is it separate from the business or related since it impacted my work? What would be the name of this type of account?
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Hello all, this is the first time I have done my books, I started my business officially in aug 2020. I started it as a hobby in 2011 and have been keeping all my receipts since I started. I have never done a tax return and I am doing that now ready for next Jan and going LTD very soon. My question is, all my start-up costs from 2011-2018 are …
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There seems to be a bug. When I go to Reports/Account Balances, it shows a -5000 Account Payable, but when I click to see all the details of Account Payable, everything is in order, it's balanced out and it's zero... how can I fix that?
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I am confused about how to record a transaction of purchasing a stock ETF. What do I need to add in Wave?
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When eBay collects tax for sales IN MY STATE, unlike for the rest of the country where eBay handles it, eBay actually pays out TO ME the tax collected on the sale. In other words, I AM COLLECTING this sales tax, and need to pay out to the state. Because the amount of sales and resulting tax collected in my own state is a small percentage of sales …
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Hi, I am having a little confusion on setting up the initial accounting for a recent property purchase. How should funds that were used to acquire a property be treated? Should they be classified as equity? I am trying to make sure that they tie into my balance sheet correctly. Thank you!
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Hello - new to Wave and trying to test importing receipts - is it possible to customise the categories assigned?
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How am I supposed to enter additional info on a transacion now? Squeeze it into the payee/description box? I used to be able to enter an invoice number or a description of items for a transaction in a separate 'notes' box but cannot do this anymore. I don't like this and am sure others feel the same. Is this going to be fixed? This pertains to spl…
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Is there a way to setup Email notifications a day before the bills due date that I have to pay
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I've been making transfers between accounts (for example, moving money from a USD checking account to a USD credit card, or from a Turkish Lira savings account to a Turkish Lira checking account) for a couple years now, no problem. However, I started having a problem a couple days ago, when Wave rolled out the new Transactions interface: Transfe…
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I have several deposit transactions that were payment for multiple invoices (one was payment for over 40 invoices) and when I try to "Save" to post them, I receive an Error message. I have tried over and over to save and I keep getting "Error saving transaction". When I finally give up and go back to the invoices to see if an…
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Hi there, How would you categorize funds sent to an investment account such as Questrade or any other brokerage firm?
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I am looking for input on how to enter government grants in Wave. The government grants are received based on reimbursement of expenses already paid. Would this simply so in as an invoice from the government program and then apply the payment received against the invoice? I imagine it would require a separate income category? Also, the reimbursed …
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So, I had some cash left over, and bough listed equities through an investment platform. As a DIY accountant- this introduces three questions for me, which I can't quite wrap my head around. Has anyone smarter than me maybe done this before? * How to record the buying transaction? * How to record the selling transaction? * How to record the capit…
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Apologies in advance if this question doesn't belong here. Just so I understand the Accounts Receivable in the Reports -> Account Transactions -> Accrual Reporting: If all my clients have paid their invoices in full, then should there be a Debit for the amount of the invoice, and then an equal amount in the Credit column when the invoice i…
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hi! I am trying to enter an expense and having some difficulty with the new update for Transactions. Has Wave removed the field for entering comments/notes with the expense? I can't seem to find it. Thanks in advance for your help!
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greetings! i'm assembling numbers for income tax. the Canadian form for reporting business expenses requires per category totals EXCLUDING HST. i don't see any way to make Wave generate that, i've set my expense categories to match the CRA categories, so i do get per-category totals, but they include the HST, since expense numbers work that way …
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Hi, I am a little confused how to organized USB purchases. I purchase a set of 10 USBs say for $200. I keep them as inventory and sell each one as they are being requested. I am not sure how to file this so that for taxes it is accurate in my expenses. Do I use Bills to capture the expense from the vendor and file it under some category such as,…
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I noticed that after the implementation of new transaction page, the calculation of the sales tax QST/TVQ that I have setup at 9.975 percent is showing as 10 percent when including it on the new transaction page. Is there something that I should be done. Appreciate your support. Thank you.
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Hey guys how does one setup multiple credit card users under a single parent account? One Amex account.. 3 users with different cards. is there a sub account feature? Thanks!
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For those who have a Wave Money account, have you had any difficulty applying for a PPP loan with it? Right now, I don't see how there's any way to provide a monthly statement as required by the SBA...
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So I have been going through my books and trying to balance everything out and it is fine except that, when checking the trial balances month by month, I get to a date in March where the trial balance goes out by 43.90. There is indeed a transaction on that date for 43.90 from the bank but the account is reconciled. Out of curiosity, we removed th…
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We had an issue with our 2020 Profit & Loss report. We are a cash based business. We toggled our Profit & Loss report to "Cash Basis (Paid)". We later noticed that the Sales income line item did not agree with our actual sales revenue based on invoice payments received in 2020. We then generated a report for Sales income, and in…
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My business American Express card through Amazon earns reward points that can be used as part of the payment for a purchase. For example, if I buy something for $30 and have $5 of points available, I can apply that at checkout in Amazon and the invoice total will be $25. When the American Express transactions are imported (via American Express a…
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I am trying to reconcile my account and I am looking for guidance on how to address time-delay issue I am experiencing. The scenario is when I have a client pay for services on the last day of the month, i.e. 31st, the point of sales doesn't deposit those funds into my bank account until the next business day, i.e. 1st. If I want to reconcile my…
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Hi i read through the community posted that Wave do not have any financial year end procedures. Howeve, my system's financial year end is set at December but the P&L accounts have brought forward numbers from prior financial years. How do I set the system to zero it?
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Hi, I have employees that require different pay periods e.g. one gets paid on the last day of the month for the hours they worked that month and one gets paid on the first of the month for the hours they will work that coming month. On the 'approve payroll' page it looks like i can only have one pay period and one pay day for all employees regar…
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We are selling raffle tickets for someone else. We don't get a cut, it's a straight in and out of the bank account situation. What sort of account do I open to record those transactions? I don't think it should appear on the P&L report. Is that correct? THANKS!!
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I just created a sole-member LLC in Texas for my brand-new business. I am familiar with Wave in general, but have not actually used it. I don't have a business bank account yet, but will have one soon. I connected my personal bank account to Wave as I have quite a few expenses for the business that I want to start tracking. Naturally, most of the…
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I just created a sole-member LLC in Texas for my brand-new business. I am familiar with Wave in general, but have not actually used it. I don't have a business bank account yet, but will have one soon. I connected my personal bank account to Wave as I have quite a few expenses for the business that I want to start tracking. Naturally, most of the…
