Accounting Technical Support
Discussion List
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My head is spinning on this one. I loaned my business $11.5K for some equipment. I have the $11.5K show as a loan under liabilities as a loan and $11.5K as an equipment purchase under operating expenses.....So the P&L statement is all good. But when I look at my balance sheet I want to see the asset on that side its a few months old, so le…
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I have decided to join the WAVE and leave Quickbooks and have set everything up and it looks great.. But I can't figure out how to enter my opening balances for the Balance sheet.. There are only 3 amounts - Bank, one Liability & Shareholder Equity - so not complicated - Please someone advise me..
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We use Eventbrite registration services. Eventbrite has a per-registrant fee in addition to standard credit card processing fees. Should the two types of fees have their own line item on the P&L for tax purposes? Or, can we lump them into a single line item?
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In the old software I set up my business and used the OPENING BALACES to enter the balance sheet totals and new before I made any entries that my ststem balanced Am adding a new business but in the new software there is no OPENING BALANCE to use and it has also lost the Manual Joujrnal How do I puck up all the balances
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Hello. I'm new to Wave and have a question. I uploaded a bunch of transactions that need to be recorded as Products and Services. The Wave import doesn't allow for this so I assume I have to edit each record. However, I can't seem to do this. Any suggestions?
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Hi all, Let's imagine I have a travel agency based in Canada, who sells trips to Greece. In Greece where I do business, there's a VAT sales tax and the tax rate is 24%. When I sell a trip for $1,000, I charge 15% HST (provincial tax). In other words, I collect $150.00 in HST taxes or a total of $1,150. In order to be able to organize that trip, …
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1) A new counter is built and there were some additions to it. I have a receipt of 1000$, and 4 other receipts of 50$ of different date. Total is 1200$ for the counter. Long Term Asset is 1200$. Now to do the Depreciation, I need to create a bill under the Wave FAQ. So I create a bill with 5 Products (1000$, 50$,50$,50$,50$). I can only link on…
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Hi, I'm new here, but can't find any tabs for clothing, make-up etc. As i'm a musician and DJ i do spend quite a bit on clothing, make-up et for stage. What category do they go under on your receipts? Thanks for your help KR Ray
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I run a craft hobby business. Any sales tax that I pay on items that I purchase that go directly into the creation of the product I can deduct from the sales tax that I have to remit to the State. I have sales tax rates set up for each city that I sell/buy in. However, is there a way to break that out even more so that my sales tax report refle…
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Question: How to add transactions for assets? I was reading a forum on StackExchange and the advice was to 1. expense the fees and costs associated with acquiring an intangible asset such as a new domain name or trademark, and 2. add that same value as the intangible asset. Any thoughts on this? Would you duplicate the transaction and assign on…
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I am having trouble finding documentation on how to document income taxes paid (as in, I owed taxes to the government and paid them)...I am assuming this is similar to sales tax...using journal entries, but I am not seeing specific instructions on the names of accounts and how to make it all balanced in the balance sheet (which I assume also is so…
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Hello, Can someone please tell me how I can record the cost of a product sold against an Asset account (Vendor Prepayments and Vendor Credits). One of our vendors has a credit system which we pay real dollars in exchange for credits. We buy products with those credits and our customers pay us real dollars for the products. Trouble is when we in…
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Hello, My business is very simple. For any income, 17% will eventually be claimed as income tax by the local Inland Revenue Board (this is not a sales tax). I would like to have 17% of any income added to a liability account in Wave so that the expected year-end amount owed to the IRB is accounted for. How should I do this ? Is it "legal"…
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Hi, I have anumber of transaction in my account that cancel each other out due to using 3rd party app curve. Sometimes when I have the wrong card selected in curve app. I accidentally pay for a non business purchase with my business account (and vice versa). (I try not to do this, but happens sometimes) I then use curves 'go back in time' featu…
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Hey guys! I have given a customer a small refund as I way overcharged them on postage. The problem im having is that i dont know how to categories it in my transactions. In my transactions where the refunds appears through my paypal account, i have clicked choose a category from the drop down box. The only thing that looks like it might be ok to u…
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I'm a fairly new Wave user. I've linked my bank accounts and credit cards and these automatically import when required, which I can then categorise without issue. Today I created my first bill for something I need to pay at the start of each month. This is paid by a bank transfer each month, however I cannot see a way to link the Transaction (au…
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Hi. I have a bill due (31-60 days) showing in the dashboard, but I have combed through all bills for that vendor on the Bills page and they are all marked as paid. When I click through on amounts owing, the bill/vendor shows in the aged payables (but you can't click to the bill from there, which I still say is really weird). Why is this unpaid bil…
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I entered my transactions as normal and when I went to reconcile, I found the ending balance was incorrect. To backtrack, I deleted the offending amount to re-enter. Now my balance is reported incorrectly. I ended up deleting all the transactions I had entered for that month and the balance shows the deposit amounts even though those transactions …
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I am clsoing my 2017 ac. However, how can I record transaction if my business is ready for profits distribution to partners? We cant key transaction with "previous year(s) earnings" to distribute those profits earn it the year.
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Hi! Anyone know how to add description for each transaction after I split the withdrawal under ADD EXPENSES? Due to one invoice has many different categories of transactions and I have to add description for each.
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I'm struggling to understand how to handle my Feb. (bi monthly) VAT payment to the Gov. which covers the VAT owed for the Nov/Dec period in the previous year. Running a 'sales tax' report includes the Feb. payment towards the current years VAT, throwing the amount to pay out by the amount of the Feb. payment. (I'm fresh from spreadsheets and new…
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I'll be wrapping up my first year using Wave and want to start 2020 with a new chart of accounts. How can I add adjusting entries to essentially start 2020 fresh?
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HI! ANYONE KNOW WHERE TO SET THE INCORPORATION/STARTING DATE FOR A BUSINESS?
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Hi , I am new to wave and was going through tutorials on youtube. In one of the videos there was to feed the beginning balance and journal enteries. Please help me out by indicating where I can find the same.
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I'm very new to Wave. I have a debtor whereby I use their charge card most months for business expenses for my two businesses, and for personal expenses. The debtor invoices me and sends a monthly statement and the payments fall due 20th of the month following. When I charge my account I might go into a store, purchase multiple items on the sam…
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Hello all! I need help with how to account for an insurance reimbursement. I made a sale and the item was damaged in shipping. I refunded the customer and filed a USPS insurance claim. How do I account for the loss and reimbursement? I haven't written off the invoice yet. Thank you
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Hi there, I recieved my first credit card payment the other day and noticed that a transaction was credited immediately under the Account "Payments by Wave". That Account appears under the heading "Money in Transit. That makes sense because it has to be process via Stripe first before hitting the bank account. When it did come int…
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where's is the ENDING BALANCE that you can enter the value manually on any date you want and the DIFFERENCE view which could help you find what transaction you didn't key-in yet? It is no where to be found on the new system https://next.waveapps.com because until now I can still access the accounting system via https://accounting.waveapps.com unfo…
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Example: I have a new $5000 camera that is depreciating on Wave over a 5 year asset life. In year 2 it is dropped in the river and therefore becomes a total write-off. I dont understand what journal entries I need to do in Wave to terminate the depreciation and remove the asset from the account. Any ideas gratefully received.
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Hi, I'm new to accounting but an old hand at SQL and data wrangling. I've just entered a years worth of my own business most of which are expenses; I've just a few sales. I've go one sale where i used Square another sale using paypal and yet another cash. The paypal is integrated and in the system. Square I have to hand enter. Do I do that under t…
