Accounting Technical Support
Discussion List
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Hi. I'm new here in the wave, I have an issue when I add a receipt I'm selling service and products as well When I buy parts, usually I added to product/ services and linked to the invoice and in my bill to be payable to me personally as expences when I start adding the receipt it comes again as I bought a new part. not like the previous part th…
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Hi Wave, On the dashboard and reports for income/expenses, my expenses are not adding up to what I manually enter into transactions. why is this? Is hst taken off expenses when they are added up in both of these sections? thank you
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Hello, We have an issue with a 404 link that came on a clients audit of previous invoices issued, unfortunately we have no backup nor does the client and its creating a bit of an issue. Is there a way to restore the invoice ? or any way to recover it ?
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How do I handle transactions if I have multiple businesses but are using the same accounts (credit card and bank)? For example, I imported my credit card to both businesses/accounts in Wave. Do I delete the transaction in one account, keeping it only in the appropriate account? Or, do I refrain from deleting and categorize them appropriately?
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Too slow for a business person to use.
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Hi, I have a particular situation where you purchase something as an asset, but under the bill option there is only expense / COGS. Where can I add my purchase to an asset account? 2) If my purchase is for COGS item, I purchase it, it goes to COGS as expense, but at the same time doesn't it need to balance the inventory asset side? Which is weird…
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Can someone tell me how to handle a customer in wave that has paid cash in advance for around 8 service visits? I have deposited the cash into my connected bank account but need to know how to make the system show that customer has already paid for each new invoice.
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Hi, I am using WaveApp.com to upload and categorize my receipts. Some of them are already in Purchases --> Receipts --> Done list. I found that I made errors while editing a couple of them before I finalized them. Now, I am looking for a way to edit them, but the only way that I see is to delete them and re-upload them again. Am I missing an…
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Hello, I am wondering how to properly categorize expenses in Wave where the GST/HST is best claimed when you file your taxes as there is a personal component to them and you can only claim a percentage. An example would be our Gas/Fuel expenses for our vehicle. I have been advised it is best to wait to claim these. Unfortunately when I run the s…
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I was fortunate to get my PPP loan (Covid-19 business stimulus from the SBA) from my local bank within a week. How should I treat this in my accounting? Even though it is a loan, it will be forgiven since I am using it for payroll. This isn't considered income, is it?
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Hi everyone, sorry if the question has already been answered but I can't find it so here it is: Is filmmaking gear like cameras, lenses, sound equipment assets or expenses? Is there an amount or a characteristic that differentiate the two categories? (a 3000e camera vs a 10e filter) Is durabilitytaken into consideration ? (For example batteries la…
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When money short in the checking account my bank pull money from saving account or credit card account and deposit. Which category do I need to account in checking account?
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Greetings, I issued my customer a CAD invoice with CAD sales taxes but they paid with a USD check. The USD check was deposited in my USD checking account. After clearing, I purchased the CAD amount and made a little over $21 due to the exchange rate. How can I record the deposit but also apply it to the invoice with correct amount reporting ever…
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How should I handle cash back rewards from the credit card I use for my business? The cash back reward gets automatically applied to my balance, reducing what I owe. I don't want to chart it as Income. Should I create a new chart of account in the Assets or Equity section specifically for the cash back reward? Any other suggestions?
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Hi, Can I distinguish capital expenditure and revenue expenditure in Wave? i.e. for stamp duty which is only deductible when I resell specific property。Thank you.
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I am doing a rec for dates 3/19-4/17. somehow its included back to 3/2. can i delete those from the rec and they still be in the register?
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I receive a message on my phone app that an invoice has been paid, but it doesn't show in Wave apps on the computer. how long does it usually take
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How can I scan very long receipts? Can I combine 2 scans into one?
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Hi, In the UK we are allowed to reclaim the VAT on the fuel element of business mileage. In my previous accounting package I had two accounts for this, VAT Due and VAT Recovery. Debiting the VAT Due account reduced my liability to the HMRC. Would I do womething similar in Wave, or is there a better way to do this? Many thanks, Stuart
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I've seen the recent post on how to record personal transactions from a business account. However, I'd like to know correct way to record BUSINESS transactions from a PERSONAL account.
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I am having difficulty getting over the last hurdle of having a working model for my Trust and Operating Account. I practice personal injury law and must hold settlement proceeds in my Trust account before disbursing the proceeds to myself, client, and other entitled parties. Once I finalize everything I created different express accounts for keep…
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I am having a bit of trouble booking a set of business entries. Materials originally booked to an expense account under customer name Grindel were returned to Lowes. Lowes issued gift card for the return in lieu of cash. Materials were purchased for various other customers against the gift card. Couldn't find any specific GAAP guidance on this and…
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"Cash on Hand", recently added to Wave, seems to be a part of either the Bank account, or part of the "Owner Draw" account and cannot be separated and filtered/searched on. This was added to Wave and unfortunately was made the default for manually entering expenses. Unfortunately I accidentally used it as I didn't realize I wa…
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Thanks in advance for any assistance! Is going to the reconciliation ares the only way to show an ongoing balance after each entry?
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I'm back with the same client and problem. This time, it's not as clear where the duplicate/(missing?) transactions are. My client's Wave account is Abstract Ocean, LLC. For the month of March, two of the P&L accounts have either duplicate or missing transaction amounts. The first account is Production & Supplies: The account transaction t…
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I currently use a payment system for my business that deposits into my bank account each night for all credit card transactions that day. When I reconcile my deposits, I need to break it down into several elements. First, some of my sales are taxable and some are not. So I break those sales down and use the Include Sales Tax feature on the taxable…
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Dashboard and transactions showing different balances, why?
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im understanding a journal entry to be useful for tracking depreciation. Things such as laptops, headphones, monitors etc are what would go in that position. However, is this something that should be categorized as cash on hand or that of business owner investment?
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What's going on here and how do I fix this? I noticed accounts labeled Cash on Hand that weren't, changed account type to the bank account they came from, and noticed the Cash on Hand increased. I thought I'd made an error, so I did it again, and the Cash on Hand increased again. The miscoded transactions are all from 2017-18. I have manually ent…
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I have tried uploading receipts via the web app, the mobile app and by email. Every time they get stuck on the 'Processing' status. I have waited over an hour and nothing happens. I have to use the mobile app to delete them.
