Accounting Technical Support
Discussion List
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Hello, it's the newbie again. Just want to clarify what I'm doing based on reading the tutorial and viewing past discussions. I'm an Electrician. I buy misc material: Plugs, bulbs, screws, wire nuts, so on and so on... for my truck and use it on various jobs. My billing looks like this: Labor and Materials. That's it pretty much all the time. Que…
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Hi! Can Wave mange personal and business account, plus rental properties and investment tracking? Thanks!
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One way of ensuring that VAT returns and Sales returns are accurate is if a report can be generated which shows all the transactions that do not have a sales tax to them. Is this available or can it be generated somehow?
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I am opening a new business and completely messed up my first attempt at setting up Wave. Going to start over but confused on where I put the cash I used to start the retail business. Account is linked properly to my bank and PayPal accounts.
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i would like to ask, because im new to wave apps, new to business, and got confuse to record my business transaction. im not too good in english too, pardon me. 1. to start my business i register account at bank, let say $ 1000. how to record it? i think it should be categorize at equity... but at what account? cash on hand or owner investment? 2…
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I am a very small business owner and have been filing my own taxes since I started a year ago and it has been pretty simple (minimal to report) . Revenue for my business has increased in the last quarter. I am using cash basis accounting and am trying to figure out which figure on the cash flow sheet I would use for Gross receipts (total sales o…Breathe_better4life 341 views 2 comments 0 points Most recent by Breathe_better4life January 15, 2020 7:28PM
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I am trying to generate a sales tax report but the column of purchases subject to tax are all 0.00. I have uploaded all the receipts and i have reviewed them and then again this column of purchases are all 0.00. Can you please help me out? Thaanks
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Hi, it seems like the numbers listed for specific expenses in both of these sections are different and I don’t understand why. For example, for my personal accounting I have “groceries” as one of my expense categories. But when I look at the reports for grocery expense by clicking on “cash flow” and “profit and loss”, the numbers over a the same o…
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Balance sheet statement Cashflow statement Please assist
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Hi all, it's the newbie here. Just started with Wave about a week ago and I've been reading soom about the Title Discussion I've listed above and I'm still a tad puzzled about which is for me. I've started my own electrical company and usually just bill labor on one line and materials on the other on my invoice. Putting my material as an Inventory…
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I am trying to get reconcile last month's bank statement ending balance with the Wave balance, but the amount is off. This is the first time I am trying to reconcile the account, so I don't know if I can do a journal entry to get the balance to zero or if there is another way so I can continue to reconcile the account each month. Does anyone know …
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Hello, Can anyone help me with this? I do bookkeeping for a non-profit museum and I need to track donations - who they are from, totals given, and then track what the donations were used on - but the money will actually be deposited into the same operating bank account as all other monies.
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Recording payment manually for a bill is asking for 'payment account'. Previously, it didn't ask for that! I'm not sure which account to select because the bill is for two different products with two different expense account. Those expense accounts were already associated while creating those products under 'bill section' Is it a technical issue…
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Can anyone please advise me on how to post advance payments received from approved quotations, that will reflect in the customer ledger. Thanks
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My account was upgraded at the beginning of November to the new interface. Payments by Wave (PbW) was working as expected until December 3, in that the PbW Account would be zero after the deposits were paid out. After that date, the paid out deposits no longer match the net credits and now it looks like too much was paid out (the bank deposits mat…
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Hello We are a trading company in Africa. We import products from all around the world. I wanted to know how we can integrate Import Customs Duty and Shipping Charges onto one purchase order? For example: I have an invoice from my supplier from china for product A An x 100: 100$ Shipping: 50 $ Total: 150 $ When the goods reach my country I …
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Hi, how do I record credit card payment that came out of my bank account to payoff the balance? Also, how should I record any credit card rewards? Thanks
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I recently purchased a new camera for my photography business and payed shipping on it. I feel like the shipping should be separate from the item cost especially since it's a depreciatable asset. Can I categorize the shipping in the same account as what I use for shipping product out to clients or should I make a new account? Thanks!
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Where in COA would you code state and federal income tax payments in wave?
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I understand that the IRS classifies a payment as complete when I hand the check to the vendor. So, that's a 2019 expense. It's marked paid in Wave. However, the vendor hasn't cashed the check, so on my bank statement, this will show up on Jan 2020. What's the best way to handle this for reconciliation, or does it even matter since I already h…
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Hi - My invoices include management fees and expenses for reimbursement. I've discovered the "split invoice" option when adding payment. Tried splitting the reimbursement funds and recategorizing them as "reimbursements" but it loses connection to the original invoice and appears I have unpaid funds. Is there a way to split inv…
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I create an invoice as usual. When I come to record payment or a Bill however, the category states the invoice number. If I pay it and then enter a category of, for example, Consulting, the transaction updates but my desktop then displays the invoice as not being paid. Am I doing something wrong?
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Would it be possible to have parking as a transaction type?
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Hello how do I add transactions from a closed bank account into my Wave account they are for sales and expenses that will be needed for accurate reporting and forecasting the. Thanks
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I send an Invoice to my customer and they pay me through direct deposit. When they pay me there is an input in the accounting section of money received say $500. Then when i go to mark the invoice as paid, i get another entry in my accounting as another $500 received. Am i not accepting the invoice correctly? or is there some way to resolve this a…
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Hello, I had setup liability accounts manually for a loan and a line of credit previously as my bank didn't support those accounts to be downloaded automatically via connected accounts. My bank has since changed this and when I updated my connected accounts recently the loan and line of credit accounts showed up as downloadable, however, I was un…
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We currently have about 50 physical products that we sell, different prices and volumes for each. Does anyone know if it would be best practice to have an Inventory, COGS and Income account for each product we sell or just to keep it at a an Income, COGS and Income level?
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hi.. for the past week the cash flow statement has not been properly updating.. it is not reflecting all the other accounts.. no matter how much transactions I'm inputting and receipts I'm uploading the cash flow remains as is.. help pls
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Hi, I'm new to Wave and accounting in general. I recently setup a UK Limited Company and during company formation purchased 1 share. How and where do I record this share purchase in Wave? Thanks James
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Seeking advice on how to account for Private Health Services Plan in Wave. Cheers!
