Accounting Technical Support
Discussion List
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So, I've been "using" Wave for several years to do invoices and get payments, but not much more. Every time I try to ... anything, I seem to get stuck in a loop of really unintelligible accounting operations that make no sense to me, like the one below. Why do I have 3 of the same ? I really don't know what to do with these transactions…
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Hello all! I know we don't give Accounting advice here but I thought I'd just try this specific question that doesn't seem to be answered by the PPP article published by Wave. I have established the Account, and have expenses (Rent, Owner Draws) that I have used the PPP Loan for. When those expenses are used, the Category changes from the Exp…
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I am looking at using Wave from now on. But the one problem I encountered with another booking site, was that I receive payments and would mark them as paid, then I would have a large deposit in my account. But when the bank records were uploaded, there was no way for me to correctly match the payments to the deposit, creating double entry and mak…
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Hi guys. My company recently purchased equity stake in another company. In order to facilite the purchase, I put private funds into the company - and used the funds to purchase shares of another (non listed) company. Those shares pay dividends. Do you know how I can accurately display this in the accounting?
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I have added 1 income account that does not show up on the transaction page. We have been using Wave for a year, but only for invoicing. I wanted to put beginning balances in my expense accounts, but not one is showing on the transaction page.
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I HAVE TWO CREDIT CARDS FROM ONE CORP ACCOUNT. HOW CAN I MERGE THE CREDIT CARDS INTO ONE ACCOUNT ONLY?
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Hey, I have a farm and with contamination or other issues I sometimes loss part, most of, or all of a harvest. That is a loss. How would I record that in Wave? Sorry if this is the wrong question but I am new to this.
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Apologies if this has been addressed already. Sometimes I need to edit payments recorded for a bill but since there's no way to do this from the bill page without deleting the payment and adding it again, I've been doing it from the transactions page. The problem with that, though, is that doing so removes the memo and payment method from the paym…
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I use my VISA for mostly personal transactions, but there are some business expenses, so I want to move those transactions from personal to business. It used to be easy, now I cannot figure it out. Please help!
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Excuse my lack of accounting jargon... We had a profit distribution at the end of the year. No cash was distributed as of yet and the profit distribution is considered "undistributed taxable income" and will show up as shareholder equity on the balance sheet. I would love track the amount of SE owed to each shareholder... I followed a…
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Previously, I used my bank's debit card and it was easy to keep track of transactions with my bank connected to Wave. I recently opened a business credit card and now I only see the credit card payments automatically appearing as it is paid through my linked bank account. Should I import the credit card transactions and delete the auto-imported …
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I've been doing CSV imports on a regular basis without issues and understand how they work. However, this morning, I did an import which said it completed successfully, and yet the transactions are nowhere to be found (regardless of filtering or searching). When I tried to import the same file a second time, it said duplicate transactions were fou…
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Morning! I have 2 businesses set up in Wave. There's a bill paid by one but a portion of it needs to be paid by the other. What's the best way to "move" some of the payment from one set of Wave books to the other? Thanks!
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I am a retired accountant but still do bookkeeping for my entrepreneur children. I have their bank accounts set up to as connected banks. My daughter works with a floral wholesaler and her debit card purchases there continually go to Meals & Entertainment. I don't know if I somehow caused this or the system sees something in their name, but…
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S-Corps can contribute to employee SEP IRA and have until their tax filing deadline to do so (March 15 + extentions). The deduction is made on line 17 of the 1120S for the year it relates to. Question: For a CASH basis S-Corp, assume SEP contributions (destined for 2020) are pulled from the S-Corp bank Feb, 2021. How should this transaction be r…
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How do I change the order of accounts when doing bill payments? IE: when trying to Record A Payment I want to change the first Payment Account that come up.
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Hello, I have a bill from a vendor. I am copying the bill details into a Wave bill (amounts, taxes, etc). However, the bill is in USD, and when I pay it with my credit card in CAD, my credit card charges a specific conversion rate. I am entering this exact conversion rate into the bill, and the bill automatically calculates the CAD amount based on…
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I'm a freelance graphic designer. If I quote on a job there is mark up on the materials used for the job. I would like to put the actual price of materials used against the invoice so I can run a report on profit on that job. Is there a way to do this?
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Hi, I have an unbalanced balance sheet and tracked it down to the exact date 7/1/20 and amount $115.96. This particular journal transaction is something I do every month and on this particular date it did not post correctly. How do I fix this problem since I want to start my 2020 business tax return as soon as possible and need my financial report…
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What is the best way to track my livestock? I can track the purchase costs for them when I buy them and the sale price when I sell them but what about the ones that are born? How do I indicate that the number of head have grown? Also, how would I categorize one that died?
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I've been searching and can't find a straight answer. On the balance sheet I see where Wave sums the totals for the year and puts all profit into the "Total Retained Earnings" row. That is great, exactly what I want. On the chart of accounts, I see the section for "Retained Earnings: Profit" and the default account "Owner'…
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Hi there I'm new to Wave. I just setup a connection to my my bank and credit cards accounts. After that, wave imported all the available transactions since some time last year. Just wonder if I can delete all transactions before 2021-Jan-1st and replace it with a balance at the beginning of the year. I did try to delete these transactions. However…
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Hi - looks like I can search and categorize in bulk only 1000 entries at a time! Is there a way around this to do all my transaction (30K+) in one shot? Thanks! :-)
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In the Profit & Loss report, you can click on the little icon by an account name to see the associated transactions. However, the resulting report does keep the date range and report type that was initially selected. I have to adjust the report type and date range manually every time. My Profit & Loss header The resulting header in Ac…
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I have tried to reconcile my Line of Credit account but it will not balance. I have gone through and made sure all transactions for the account form the bank are entered. The issue is with the interest expense for the line of credit not being categorized correctly I am assuming as the amount Wave claims is in the account adds up to the interest …
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I just switched from Quickbooks where you can run an HST report for any period (I do mine quarterly) and see all the figures and line numbers that match the CRA's requirements for easy filing. How do I do the same with Wave? (Note, I disconnected from my bank, which was a huge mess and inconvenience, so this is all based on info I've input in Wave…
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Hello, I have three companies, representing different real estate - Company A, Company B, and Company C. Company A is the parent company, owning 100% membership in Company B and Company C, respectively. Since Company A is the parent company, all money must flow from it for initial investments (before each child company can self-generate income)…
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What is the best way to categorize and keep track of payments made on behalf of a client? I am a web designer and I bill my clients each year the hosting renewal fee is issued by the hosting company I purchase from. I bill the client for this fee so therefore am reimbursed. It doesn't seem like it is technically an expense since I get paid back …
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I printed off my annual Cash Flow Report to make preparations for submitting my small business information to my tax professional. However, many categories are simply not represented in the report. Indeed, the Cash Flow Report does not, at all, reconcile with the transactions page for the year. From a cursory glance, it looks like none of the paym…
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I just started using Wave today because one of the biggest problems I've had with other apps is the difficulty with depreciating my tools/equipment. So after a friend show me this article https://support.waveapps.com/hc/en-us/articles/208623506-How-do-I-handle-depreciation-and-amortization- showing how easy it is in Wave I decided to give it a…
