Accounting Technical Support
Discussion List
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I have the following situation, which I need help on how to record properly: My partner and I have equal shares in the company. We both provide services and charge for it. Sometimes any of us keep what he charges from the customer for himself, as a part of his share My questions are: 1- Do I need to set up specific accounts to record these tran…
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Hi When I start to reconcile a new credit card what do I put as a starting balance? Would I put it as 0.00 or the credit card available credit or the amount of transactions made that month? What would I put in as a starting balance every month after? Also I have a credit card account that my accountant never reconciled in 2016, so how do I start…
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I have been using wave for a few different businesses (all have different logins). My most recent account, that has a bank connection in place, will NOT show the bank account & credit card box on the dashboard that has the quick view balances. Is there a specific setting I am missing to activate this? Help!
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I'm trying to figure out if I should be deleting some of these transactions or how to correctly categorize them. In the image there are 3 transactions: 1) Payment I received for an invoice I sent to client (which Wave won't let me delete) 2) A credit to my business checking account for the same amount 3) A deduction of the same amount transferred …
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I am reconciling my business charge account for the first time and am not sure how I categorize the monthly payment I make to it. Account the money is coming from is owner investment for now. What do I put down as a category so it shows as a plus in my charge card reconciliation window the correct way. Later, when I pull it from my business sav…
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Hello! I need help changing categories for items in old invoices. Right when we started using wave I didn't understand categories and now I have a bunch of items/services just listed as "sales" and I need to categorize them and have it apply to old invoices. How do I do this? Thank you! Katie
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How to record a purchase of a vehicle to asset , when i you scan the receipt it does not give the asset category choice ?
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Hello Everyone I am new here. Started using wave yesterday. Its a great online software but sometimes unexpected problems arise. I entered some expense account transactions yesterday but i am unable to get a PDF Export of those. Does anyone here knows what might be causing the issue? CSV Export is working fine. I am using most recent version Googl…
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I must be old school How to reconcile wave payments? I've been stuck on this issue for some time, and the amount of transactions that result in duplicates or unmatched transactions is mind-boggling. When working with other merchant payment systems, I always had a monthly statement to work from. Are there reports that can be obtained? There are …
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Some of my sales are via a subscription service. Here's how I would like to account for this and maybe someone can help me figure out how to do it in Wave. I would like to record sales of subscriptions as Unearned Revenue and then journal it over to sales as product is delivered (preferably monthly, since my business is seasonal and I'd like to b…
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Hi, I have an outstanding income for rental of property that I want to add to Accounts Receivable, but Accounts Receivable seems to require an Invoice for the transaction to be made; but when I create an invoice and record payment, i'm not able to select the category as Income to allocate the funds to my Rental Income account category. I can only …
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New to Wave and was wondering if there is a way to set up receipts from the WordPress Give plug in and instead of sending an invoice, send a receipt of acknowledgement. Any other non-profits out there using Wave?
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Hi there, Hoping someone can assist. I have been using Wave but only for invoicing purposes. I purchase products from a vendor/ supplier and resell. How do I track the difference between what I paid for the products and sold them for on a monthly basis? Do I log the invoice that I bought for under Vendor? If all of the items are listed under Sales…
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Can someone help me with this question? * Work was done for a client in December 2019 but due to the holidays, I got paid in 2020. Does Wave record this income (and the sales tax associated with it) as 2019 income or 2020? * Do I need to make a journal entry of some sort to account for the fact that the invoice was not paid until 2020? If so, h…
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Hi. My business recently sold a property that was held for 2 decades (lots of depreciation & long term capital gains). Into our checking account, we received two payments from the title company: * Good faith deposit of $50,000 on October 1, 2018 * Sale proceeds of $607,000, after fees, taxes, debt, etc. on October 20, 2018. How should this b…
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Hi, I wanted to know if it was possible to reconcile and match multiple sales receipts with the bank deposit from my merchant account? Thanks in advance for your help!
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Hey guys, I just went through tons of accounting apps over the past couple weeks and finally found Wave. It's really great! Love the design. I just signed up and linked my accounts but I have no idea where to start when it comes to categorizing my expenses and reviewing the reports. What would you guys recommend for reading to get started with W…
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How or can you link a Transaction to a customer or Job? Such as a materials purchase made at "Lowe's" for a particular Customer or Job
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Hi, my financial year end is Feb 2020. I have some journals processed up until this date. When I look at the accounting transaction report these transactions show correctly. The transactions are Journals to a liability account for provisional expenses. However when I pull a Balance Statement these transactions are not reflected in the balances. Th…
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Hi all, I'm having huge issues where my transactions all individually match line by line with my bank statements. However, the reconciliation module is seemingly inventing income that throws the reconciliation and subsequent balances in Wave. How can I fix this without adding false transactions into my accounting? I've attached 2 images of subs…
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I change the transaction from AR to Sales, but the amount still shows on the Balance Sheet. When I click on the AR account for the details, there is no activity. There is absolutely no transactions/journal entries for this income account, but it still shows on the Balance Sheet. Any suggestions to help correct this?
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I live in a country where we use multiple currencies for payments. Is it possible for an estimate to show totals say for the 2 different currencies I would have used, the base currency and the one with the exchange rate applied. I want to avoid having to create 2 different estimates.
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When I click on Show All Periods in Reconciliation, it just goes back to the first year I had that account and shows me five months' worth of reconciliation periods. I can see no way to view any others. And when I refresh the page, it takes me to the five most recent months of the current year OR it skips to any month that isn't properly reconcile…
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I can't seem to figure out how to run a report showing last year's expenses. Can anyone advise?
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SOLVED after lot of trial and error and no support help After the waveapp software update there is not anymore possible to have transaction placed to category unrecognized and marked as reviewed as it was previously case. This as it seems has caused all my accounts to not match with account balance status, as i have those transactions since 2016…
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Hello, I've reconciled August, for example, showing a match between Wave and the bank statement for end of month. But the beginning of September starts with the final August balance now a negative. Help?
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Hi Hoping someone will be able to help me here. I have a bill from my manufacturer for a variety of items I purchased. I have put the cost of lineitem on the bill against an Inventory Asset (say, Inv A). When I make a sale on this item, a journal entry is made to reflect an debit against expense account called Product Purchase and credit agains…
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I'm trying to record an expense where I purchased an Asset, and I paid sales tax on the item. When I set the expense account to the Asset, sales tax improperly shows as Sales Tax due versus Sales Tax Paid. Has anyone else seen this?
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Why dont ant of the "Account ID's" come across on my reports? Am I doing something wrong?
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This is more of a best practice guidance question as opposed to a potential technical limitation (although, there is one point regarding technical limitations). Desired Outcome I have various liability accounts that represent loans that have a known and recurring monthly payment. These need to be recorded as a transfer transaction within the ma…
