Accounting Technical Support
Discussion List
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Hi there, I don't seem to be able to find any information on how to include this tax in expenses... Can someone explain a simple example. Say my profits at £1000 and I owe £200. How do I expense this so that is doesn't change my profits for the year, which are of course still £1000. Thanks Philip
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I have a transaction that was canceled/refunded. In my other accounting system I would post the charge and the refund to a suspense account. I don't want it to appear as a charge and a separate payment. I haven't figured out how to do this with wave. Any suggestions ?
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I'm new to Wave and have a couple questions regarding business meal tracking. We are a 2 member LLC and have decided to use the standard travel per diem meal rate for Accounting/Tax purposes vs the actual costs. * What is the best way to track/record the trips and that rate? * This question may not apply based on the answer to #1 but if the ac…
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Account Balance - Bank showing 29.66 AED , however after clicking on the detailed bank account , it shows 27,113.66 AED , keeping same dates and all details
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Hello, I'm looking for information and tips as to how I can see reports from periods prior to the auto imported bank transactions. The years dropdown in the reports section only includes years that were auto imported. I've already changed the date on the Starting Balance to correspond with the actual date the business was opened, and manually ent…
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Total newbie here... so I managed to import my banking info but I can't find a way to get a total for items. For example, how to add up all deposits in a year. Would appreciate any guidance.
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In reviewing my P & L, I see that my "Supplies" category does not reflect all the payments that I have made to my business Credit Card for such supplies. How do I assign my credit card purchases and payments so they will reflect in the correct line (Supplies) in Operating Expenses. Thanks!
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hello! i have transactions in Wave. I instaled wave connect adon for google sheets. Followed all steps to download transactions, reports, but the same issue - on the final step - Run report - blinking but nothing happens for hours.
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Hi there! I am new to Wave and still trying to learn the features and best ways to use. I have a very simple single-member LLC s-corp consulting business. I have a business checking account where revenues and future business expenses come in. I also have a personal credit card and checking account where I have certain transactions that I would a…
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I'm reconciling my account, and I've run into what I think is an error on Wave's end. I've reconciled a period, but every time I go back to the main reconciliation page, the Wave balance shown is off. When I load that period, the Wave balance shown with the transactions is correct and matches my statement balance. I can "fix" the differe…
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When I run a cash flow report for 2020, some of the categories are way off. When I click into the records that I think are off, a completely wrong set of entries are shown that are not categorized by the item selected. If it helps, it seems to be only a problem with custom categories that I might have added.
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I have a couple of transactions that are transfers from one account to another. I can see both of them listed but when I try to use the transfer to Category it doesn't recognize that transaction. How I can link them together?
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What is the difference?
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I am reconciling one of my accounts. For one of the months, the wave balance total on the list of transactions matches the statement balance at the top. When I click on the last transaction and save (without making any changes), the pop-up window appears showing me that the period has been reconciled. When I click on "reconcile other periods&…
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Can someone help me understand how Wave captures each year's retained earnings and how to properly make a distribution in a subsequent time period against retained earnings? Thank you!
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I recently entered 3 transactions where the descriptions were very similar: “Donation in memory of... - Donor’s Name”. I entered these on my laptop and all was well until today when I added a 4th transaction in the same format. Wave incorrectly, and without asking, changed the previous entries to match the one I just entered thereby making it lo…
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Hi, does anyone know how I should log a personal pension contribution in wave? I’m self employed and want to ensure I don’t pay tax on my pension contributions. I’m a uk tax payer. Thanks in advance for any advice/help anyone can offer!
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Hi there, I'm new to small business/accounting and trying to set up Wave for a Partnership my colleague and I just established. I have two questions: 1) We are going to be sharing start-up expenses 50/50. I can't figure out how I should set up the Equity accounts to reflect this. Should we each have our own "Partner Investment / Drawings&qu…
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When I try to reconcile, I see deposits listed as Debits and Withdrawals listed as credits. This seems backward to me. Can someone advise?
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Hi, It seems in Wave, you are able to enter a full expense all year long and later apply percentage to that category to reflect amount of personal or business use. In the blog post "Tax deductions: Vehicle expenses" (found here: https://www.waveapps.com/blog/accounting-and-taxes/tax-deductions-vehicle-expenses ). Under the second point …
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Hi, We have an employee that moved here from out of state. They are in temporary accommodation so during on-boarding they entered their address as their out of state address as they expect to be moving to a more permanent residence locally once they are settled here. Wave must have picked up on the out of state address and now wants me to enter t…
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Hi, I added a bookkeeper in Wave but they cannot see any of the imported transactions or account histories. Also their Chart of Accounts has just the default entries and they don't have any of the custom entries I added. They need to be able to see all the account balances and imported transactions so they can reconcile, etc. How do I get them to …
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I am not referring to the auto-category assignment. I am referring to the pop-up that is shown in Accounting / Transactions, that wants you to review other transactions. I do not wish to review and categorize x other transactions. I do not want to see the following pop up that asks if I want to review 29 other transactions like this one. imag…
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I'm scratching my head on how to properly account for gift cards I give out and how to account for the redemed value of them. Example of situation: 1- I give out a donation of a $25 gift certificate for my products to a fundraiser. (how do i record this since I havn't lost that product income until it is redeemed but I also owe this to a custome…
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I have tried on numerous occasions to connect to FirstCommunityBankSC since last weekend. It still gives me the error, no connection and to try again. my credentials have not changed. It was working fine last week.
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I have a dozen bank accounts listed in my dropdown and they all say "checking, savings, or visa"..... How am I supposed to know which one is which? The dropdown menu when viewing transactions does not even break them down by bank. Is there not some way to rename or "nickname" accounts to something meaningful like "b…
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I cannot get my TD business account transactions from 2020 to import. 2021 transactions import fine, but nothing from 2020 is importing. I had no problem importing 2020 TD credit card transactions. I've connected and reconnected a few times. If I have to upload manually, how do I upload using pdf (which is the only format TD bank provides)? Can I…
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I have an account I tried to reconcile. when I went to accounting>reconciliation I had three categories: Cash on Hand, Donations, and reimbursements. I was able to reconcile the cash on had with no problem but the other 2 I couldn't do. I thought when reconciling all the categories were combined together. How can I remove the donations and reim…
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I need to submit my business return to CRA and because my first year was very simple (zero revenue, very few expenses), I don't want to use my accountant for this (I have another business that is much more complicated and he and my bookkeeper use Quickbooks to manage bookkeeping and accounting for that). From what I can tell, Wave doesn't have an…
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My Paypal account has both USD and CAD transactions posted in it. I also usually hold a balance in the Paypal account and only pay out to my CAD bank account periodically. How can I post income and expenses from Paypal to Wave and also account for a USD and CAD balance held in Paypal?
