Accounting Technical Support
Discussion List
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Hi everyone, I have Wave connected to my bank accounts. I was trying to run a report on my income and I found that it's listing my credit card payments as income. If I switch it from Deposit to Withdrawal then I can change it to an Expense. But I'm wondering if this is the right thing to do.
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Hello, My business has a piece of real property as an asset that is being developed- there are expenses such as building material costs, permits & Govt fees & such that need to go to increasing the basis value of the asset, how do I enter this in Wave so that it comes out on the Balance sheet & P&L correctly??
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Hello, I'm a freelancer and I'm very new at this. I have a transaction that went through my business credit card and I reviewed it in Wave. However, I'm now realizing it should not have been a business transaction/purchase. What is the step-by-step procedure in Wave to fully correct this situation? Thank you for your time and patience. :smile:
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I have two "Paid Bills" that are not pulling to the ledger/transactions for some reason when all others transacted the same way are. Any ideas what could cause this?
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Hi everyone, I just got started with Wave for my sole trader business here in Fiji and there is something I just cannot wrap my head around. Before I had an official business account at a local bank, I already needed to pay a variety of fees and other set-up expenses from my personal account which are essentially business-related expenses. I now…
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Wave, this is driving me crazy! I cannot seem to upload bank transactions anymore - I always get the message that Wave is having 'difficulty reading the dates of the transactions'. I have tried everything on the help page - changing the date format, making sure there aren't extra columns etc. I've even cleared my computer history to see if that…
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I'm new to Wave and have set up my accounts and categories. I am now trying to make transactions entries. I need to make a deposit which also has a debit within it. The program will let me make additional notes on the transactions (splits) but I can not use the category I need (a business expense, not another credit) . I have emailed WAVE 3 tim…
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recently i noticed even when I click the save button. the transactions are not being saved. Anyone else having this issue?
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Procedure of sending the invoice through an whatsapp message attachment on Android Devices?
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I have downloaded the template and filled in the data in correct formats (hard cut and paste) but the system still says "The CSV file must contain an amount, date and description column. Learn more." Help!
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I have had many of my online orders split and charged in multiple orders but I only have one receipt for the order. What is the best way to account for this? I can't merge the transactions because the amounts do not match, I can't add all the split transactions together, so do I import the receipt multiple times and adjust the "total" am…
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Hi, I do a significant number of purchases online using paypal as my payment method. Typically I receive an email receipt, however it is in the body of the email and not as an attachment. Any solution or workaround here for sending it on to receipts@waveapps.com? Thanks James
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Hello, I hope this is the correct category for my question. How do I account for services rendered that were donated? We are working with a non-profit that provides free cleaning to cancer patients. We did the work and they will provide us with a donation receipt in the amount we would normally have charged. Do I create an expense account title…
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We have a transaction that was for paying a bill for $34,460. This wire transfer had to be canceled out and returned because of a bad address entered by the bank. So they refunded us $34,351. We lost $109 in bank transaction fee. What is the correct procedure for recording this transaction. I tried making a journal entry for "Payment returne…
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I entered the payment of a few invoice manually, but the bank balance is not updating. Anyone else have this issue?
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I purchased a building and the seller offered to finance. We did a promissory note with a fixed 8-year term at 0% interest. (family member purchase). How would I set this up in Wave so that I can record my monthly payments, and reduce the balance owing for that note with each payment? I'd still like for my monthly payments to show up on my P&L…
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Not sure if this is the correct area for this question. I just purchased multiple assets that will need depreciated. Is it best to put them all in 1 depreciating asset account with 1 corresponding Depreciation account and just put all the entries there? or should I create a new account for each asset with it's own depreciating account and an acc…
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Hi everyone, I'm a new Australian-based small business owner and I'm struggling with a problem with Wave. Everything has been working well, however I have noticed that my 'All Accounts' balance is inaccurate because it contains duplicate transactions. For example, my 'Payments by Wave' page will show "Invoice payment for Invoice 5" and …
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Hi all Can get I get a deeper meaning of the above please? Example: Looking at my GST account for Q3 I see in the cash report the one invoice paid in that period is not included. It is however included in the cash and equivalents report? Why so? Both methods are Cash based. I thought cash equivalents are for credit cards of which I don’t have …
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I had just started using WAVE for my business. Running a profit and loss report and clicking on details shows uncategorized income. Clicking on uncategorized income show the wave direct deposits made into my checking account from the invoices that I created which were paid my credit card through wave. Clicking on the direct deposit brings me to…
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Hey Everyone, I am a single person LLC and brand new to Wave and Bookkeeping/Accounting in general. I just found out that I have been a victim of debit card fraud from my business checking account. How should I categorize those expenses? For example , should it be under liabilities (Other Short Term Liability) or under expenses (Operating Expe…
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If I change the name of a category for income or expenses for ease of end of year reporting, will the change in name affect prior year information already recorded? Such as changing name of Miscellaneous revenue to travel time. Will previous entries recorded as Miscellaneous revenue change over to travel time?
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I used to be able to transfer a charge that was made on a personal card or from a personal checking acct to a business category. But lately I am only able to categorize the expense as Owners Draw. This was the same in the other direction (business charge to Personal expense). I assume this resulted from a software change. I would like to know…
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I just noticed when doing a report that when the new upgrade was done the system switched my Cash & Bank accounts to Property, Plant & Equipment accounts! Now system won't let me change them back, it suggests that I set up a new account??? What about all the transactions in the account? I've been with you all since 2011, there's a lot of t…
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Hi, since there is no longer auto bank statement importing in South Africa (worst move ever btw!), when I go to download and import my bank statement, it keeps uploading every transaction from the 1st Jan every time I do it, so every time I have to go and manually delete duplicates which is infuriating and a huge waste of time. Is there no way to …
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We spent in excess of 17k from our personal accounts last year, in start-up funds for our business in 2019. This was not one big investment but 100's of small ones. I did not understand why but understood that I should categorize these as income to the business. Now, I do not know how to fix the fact that the business looks like it made 17k more…
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My 12/31/19 Balance Sheet is not balancing by $2,500. I finally narrowed it down to 12/9/2019, in the Accounts Receivable account. On the Balance Sheet, it shows a balance of -$2,325, but when I click the detail, it shows a balance of $175. What could be causing this?
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How do I enter payment for an invoice, when that payment, which is automatically deposited, has been reduced by the customer for providing temporary insurance. For example: I invoice customer $500 for services rendered. Customer pays the invoice with an electronic deposit of $475 which includes a line item deduction of $25 for Workers' Comp insu…
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One of my customers wants an individual weekly update of work on the go, as well as a monthly statement. Is this possible?
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I entered a transaction and assigned it to a specific customer, but when I go to view the customer statement, it says there is not activity.
