Accounting Technical Support
Discussion List
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Hello all. I offer my customers a 1% 10, net 45 option and while most customers opt for cashflow v. discount, I have one that has started using it (smarter, IMHO). I know the easiest way is to just discount the invoice by 1% and call it a day, but I'd like to fully recognize the revenue and account for the discount taken as a metric. Anyone hav…
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Hi there, I have a problem where my trial balance report is unbalanced by this MYR7.00. It shows up dated 26/09/18 but I've no way to find this transaction. I've attached a picture of it below. Can someone please help? Thanks Rushdy
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I accidentally processed a Wave invoice for the wrong business and it is now a transaction I cannot delete. I can record the payment manually on the correct business's account, but not sure what to do to make this transaction not count as income for the original account through which the payment was processed.
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I have an invoice that randomly showed up in my list of "unpaid" invoices and I CAN NOT delete it. I get an error that it cant be deleted. It's driving me nuts because it is not supposed to be there AND supposedly it's overdue by over 200 days except I hadn't seen this invoice until a week ago so that can't be right. Please help!
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Dear all hope you have been fine. I am writing from Kenya where Wave is really BIG. One challenge I am having is with my EURO Bank account. On the Transaction view, the Closing balance is EUR 269 which is translated correctly to the home currency of KShs 30,000. However on the Trial Balance and Balance Sheet view the home currency is shown as KShs…
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Looking for the accounting entry to use for funds I received as an individual under the US Cares ActI am using Wave for my personal accounting and for my husband's business separately. His business income is recorded on Schedule C of Form 1040 as a sole proprietorship. I use TurboTax for my tax software. We received payments under the Federal Coronavirus Relief Law (CARES Act), and I am trying to determine how it will affect my taxes. I know…
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Hello experts, I am new to wave so can you please help me. I tried to enter the opening balances of assets in wave. But, the problem is that it is not showing at the opening balances at the account balance which is under chart of accounts. Please help me I am posting an image
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I'm new to charging HST and trying to figure out how to properly account for the tax collected and owing on sales that were subject to transaction fees. Since the deposits don't include the transaction fees, how do I a) account for the fees properly, and b) calculate the correct tax amount collected without manually overriding each transaction?
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Every time Wave transfers money to me, I get two postings which makes my Payments by Wave account Unreconciled. It's been working fine for years -- but now it's consistently wrong. Would be super cool if I also got paid twice – but hey, no such luck! :smiley: Please advise..! Thanks, /John
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I have just started using Wave and I have uploaded my receipts, checked them and verified them. Once done, I have moved over to the Accounting - Transaction tab, but I cannot see any of my receipts/expenses on this page. I have tried to search for solutions, but haven't seem to find any. Please assist in what I am doing wrong.
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I am in the UK. I am evaluating Wave to see if it would work for me. I am a sole trader and will use the programme to create VAT returns and my annual tax returns. I work on a cash basis. Generally it is looking very good. However, I am a bit lost on a couple of things: Firstly I can't see how to add an Expense category - I don't want all my expe…
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I am using Wave for both personal and business. I really like how it can categorize all the income and expenses, but because only my personal accounts are linked (and not my husband's), it's only tracking and organizing half of our family's finances. Do any of you have yours and your spouse's accounts all linked to the same Wave account?
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Hi, Just wondered if someone could please shed some light on my conundrum.... I have been using a credit card, but not able to pay it all off - so when I make payments to credit card, how does wave calculate vat? eg total transactions £500, but making payment of £250, conversely there could be the reverse ie £250 transactions and £500 payment. We …
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Is it possible to change the email that I signed up with?
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How to record purchase return and sales return in wave?
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When I do work for my client - lets call it THE COMPANY, I am then working with numerous employees within THE COMPANY. They want estimates to be addressed to them. I want to be able to set up THE COMPANY and select it from the pull down, and then be able to customise who the estimate/invoice goes to. I can't do this. What is a workaround. Thank y…
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Hi there, For a number of transactions I split them between their main category and Owner's Investment (e.g. I work from home, so my rent is 25% Rent Expense and 75% Owner Investment). This was following on from advice I had gotten from Wave staff. I went through my past entries and I had categorised a lot of them as Owner's Equity, but I'm now r…
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When I first set up my business in Wave Accounting, I don't recall there being an option for "Type of Organization" on the initial creation screen. Now I see there are three options there - Sole Proprietor, Partnership, ans Corporation. I tried creating a new test business to see what the differences might be and for the most part it l…
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I have created a [mixed] trust account to record a retainer and disbursements/fees. There are two accounts, firstly a bank account called Trust Account and secondly a liability account called Trust Funds Held [under Customer Prepayments and Customer Credits]. When I receive a retainer I journal entry to the Trust Account and the Trust Funds Held a…
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Under Accounting > Transactions, regarding funds that came in for an invoice payment, do I need to apply sales tax to this transaction line if I use the "Payment received for an invoice in Wave" method (assuming the invoice has sales tax), or does Wave handle apply any applicable sales tax automatically in this case?
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Sorry if this has been discussed, I couldn't find it. Is wave compatible with UK making tax digital?
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I added a transaction for $1905 in Account "Banesco" (Accounting > Transactions) and then deleted the transaction. Even though the transaction was deleted, it is impacting the ending account balance (Reports > Account Balances). Im not sure how to clear up this issue This issue is becoming critical for us, please help!!! Than…
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Anyone care to take a stab at how to link a replacement bank credit card under an existing account without linking the bank account twice?
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I created a new invoice on 29 June. I then recorded a payment but accidentally put a date of 29 July. I picked it up a few days later, deleted the payment and recorded a new one with the correct date. Since 29 July the original payment has been reflecting on the Account Balances page as an overpayment on both Accounts Receivable and the bank accou…
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Hello there, I wanna ask you guys how to do you create the entry for expired Goods so you can write them off from you inventory on wave apps
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Hello I am very new to Wave and trying to generate some reports.I have tagged all my expenses with a expense account. But I dont see any Liabilities generated for these expenses. Any ideas on how to enable that.
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Hello, I have been using the same credit card for business and personal (will be changing this). I pay my cc from a personal account and transfer money out of business account to reimburse myself. How do I record this in Wave?
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Help! Aged Payable Report does not agree with Balance Sheet Report It seems that this is another issue after the upgrade of Wave. Suddenly Aged Payable Report does not agree with Balance Sheet Report. I am not able to finalise the year and do the audit of my accounts! I've been using Wave for 10 years. Those 2 reports were always reconciled. Now…
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I own a local newspaper and a local radio station and I are bartering advertising - they're giving us X number of radio spots in exchange for X number of newspaper ads. How would I record this barter transaction for bookkeeping/tax purposes?
