Accounting Technical Support
Discussion List
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I'm currently having a problem with the cashflow statement in Wave: The total cash inflow reported on the cashflow statement seems to be inaccurate as it is not equal to the sum of each cash inflow (which is also reported separately on the cashflow statement). Below is the cashflow report that I'm struggling with. It's quite odd for things to go …
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When doing the bank reconciliation are the transactions supposed to clear out of the transaction section? They are still sitting and marked as reviewed in transactions section
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Hey guys, need some help please. I have a candle/soap business & i am terrible at accounting. i need to know how to reconcile items purchased for the business. For eg. i buy soap/candle moulds, containers for the candles, wax, oils, dyes etc. in New Zealand we claim the GST portion (15%) of expenses as long as it is business related. so do i…
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Hello, I use the chart of accounts to set up individual loan accounts and each month I go in and add the installment payment as "income" and category "installment payments" to each account to show the reduction in the loan balance. This skews my profit loss by showing my total income higher than it actually is for this year. …
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where in the chart of accounts do i put a loan for a truck that is used in my business?
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My starting balance is incorrect. How can I change it to reflect the correct starting balance?
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I've searched the posts in this community chat regarding if I receive a credit from the gov't for filing sales tax early/on time. The response has been to: @RCraigB In this case, all you would need to do is make sure that you are reducing the balance on the Sales Tax Payable account by creating a journal transaction showing that funds have been m…
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How can I record a purchase through Wave Receipts and categorize it to an asset account such as "Raw Materials". I buy raw materials to manufacture into finished goods using a corporate credit card, and thus want to use Wave Receipts to upload the receipt and record the purchase as raw materials. It appears I may only purchase such ite…
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Hey y'all - this is a beginner question. I just signed us up for Wave and I'd like to start using it for bookkeeping. We get almost all of our payments via Stripe (a few paper checks as well). We have few expenses. We are not (currently) issuing any invoices from Wave, although I imagine we will in the future. I'm not sure which of the following …
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I pay a monthly amount for corporation taxes, how do I categorize this Tax. Also I normally also get a refund on Sales Tax and Corporation tax at the end of the year, how would these refunded payments be categorized, as the are not really profit?
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Please help is there in any that the software is able to duplicate accounts per programme and or projects e.g. Programme 1 - Accounting fees, Programme 2 Accounting Fees, and should be able to roll up into a single report as well as report per programme. This is pertinent when doing the books for an NGO/NPO, currently have to duplicate accounts i.…
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I’ve been in touch with Support, but haven’t received a satisfactory response. Perhaps the other users have found a solution. I have an amex card that cycles on the 21st of the month. In Reconciliation I can enter an end date of 3/21 and a balance, but the numbers never reconcile as Wave is looking from March 1 to March 21. I have no way of inclu…
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Hello, I have a $105 loan payment made out of my Bank checking account. I have a liability loan account setup in my chart of account for $5000 loan that I am paying every month with principal + Interest ( $100 +$5= $105), When I see the entry in my bank transaction in wave, how do I categorize/ transfer to my loan account reflecting that $100 g…
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How do I set up a subsidiaries on Wave Accounting? One of our subsidiaries does the management (Mgmt Co.) and I would like to transfer the income collected on behalf of the Parent Company.
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Hello all! Just getting started with Wave Accounting (Experienced with QB Premier). I am just getting set up and saw the account section under Liabilities and Credit Cards: "Due to You and Other Business Owners". Sounded perfect for my use since two of us have/do spend often out of our personal accounts. I was hoping that I could enter a…
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Each month I have a folder with 100+ email receipts for purchases for our company. However, as Wave do not allow multiple receipts to be uploaded at once. I each month need to spend 60-90 minutes one by one clicking each receipts and uploading them individually. Any plans for this to be able to be done batch wise. Other companies have gotten this…
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A customer has two invoices outstanding and sends me one check to pay both. How do I connect and reconcile the check with two (or more) invoices?
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How are others in the US using Wave to handle non-taxable health insurance premium reimbursements like QSEHRA? How are you setting this up in payroll? Or using another feature? Thanks!
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So just a simple question I hope. With regards to accounting properly when I download my starling bank CSV is has 3 columns "Counter party" "reference" "type" I have switched to Starling bank and my old Santander bank there was just one column for "description" But Starling CSV is like this Counter part…
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Hello :smile: I'm trying to create an expense transaction using a USD account ( Our main currency is JOD). Usually when selecting an account with different currency, a validation is done to change the currency on the total amount field, but it doesn't seem to work, and when trying to save the transaction an error message is displayed "There …
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My partner gave me a truck for my personal use in exchange for the remaining amount of money owed to start the business. We agreed to both put in the same amount and the truck to me was part of the deal. How do I categorize that within Wave. The one side is his owner equity account but the other side is not income, nor is it a withdrawal. So…
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Hi there, I received income for a tour in Brazil. Do I 1099 the musicians because I reside in the US and was paid by the company in Brazil? Or do they report what I paid them as International income and I don't 1099 them? I get confused.
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I have 2 companies, Mgmt Co. and Holding Co. All properties are under the Holding Co. and the Mgmt Co. manages it by collecting rental income on behalf of Holding Co., which means we doesn't want the tenant to know the Holding Co. name for liability issues, and only wanted them to know the Mgmt Co. name. How do I set up the recurring invoice that …
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I have 3 bank account SAR/USD/EUR and having problem to make the transfer between the 3 account in Wave, how this can be done and is it possible to update the rate by my own. Thanks,
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Hello! My business is located at my home, which I share with my family. I'm not sure as to how exactly I will "bill" myself for water and electricity, considering that my bills are for my entire household. What would be the easiest way to figure out how much electricity and water I have to pay for just my business? I had a friend sugges…gabrielmarquez484 461 views 6 comments 0 points Most recent by gabrielmarquez484 December 9, 2019 3:17AM
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I'm building a house and using Wave to account for costs etc as I intend to rent it out. I'm not quite sure how to enter money I am feeding into the business to pay for materials etc. Any help would be appreciated.
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Dear Wave, first of all, many thanks for this great software, it really makes the life simpler. I have a big problem here, and would be very appreciated for your help. I have EUR and GBP account in my bank. EUR is my accounting currency. I lend (zero interest) some GBP to my partner, and he is paying it back afterward. At the end I've got all my …
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Hi! I have a new business and I'm just starting up my accounts. I can't seem to figure out how to account for my investments. I am investing cash, equipment, and tools (ex. cutlery, knives, other small kitchen tools). All I know is: 1. Cash - debit cash (current asset) and credit capital contributions (owner's equity) 2. Equipment - debit equipme…gabrielmarquez484 181 views 8 comments 0 points Most recent by gabrielmarquez484 December 6, 2019 3:33PM
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Hi hola, I have bank and paypal accounts linked. On transactions, bank transfers to paypal are recorded as credit transactions to pay for paypal purchases. I'm trying to see in reports where this gets filtered out as it's not 'income'... Any tips or pointers welcome cheers O
