Accounting Technical Support
Discussion List
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Hi, I am a new user. Can the books be set up on an accrual basis? If so where does one do that?
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Hi, I gained some interest in a savings account, Wave categorized that as 'uncategorized income'. What's the right way to reconcile this? Thanks!
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Hi, I have a cottage rental business, which has a personal use aspect to it. So, in my jurisdiction, I need to apply an appropriate expense rate to operating expenses, and sales tax ITCs. Determining this rate is something I would do at the end of my tax reporting period, and then apply it across the various operating expenses and sales tax accor…
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Hi Please can someone tell me which accounts I have to debit and credit to enter the journals for opening and closing stock? Also do I just enter the adjusting figure for closing stock at the end of each year, or the actual stock figure? Thanks
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Hi, I am trying to upload transactions into Income or Expense accounts but those options are greyed out. Please see screen shot. Does any one know what I need to do to directly upload into Income and Expense accounts?
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We own 2 companies: Our company "A" and our company "B", which was recently incorporated. We've been recording most of our purchases of "B" in the books of "A", so in essence "A" has been loaning the money to "B". Therefore, in "A"’s books any purchases made on behalf of the ne…
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As if you hadn't already noticed, the first VAT quarter end that is subject to the new MTD for VAT regulations is due for filing by no later than next Wednesday (7 August). If you haven't already done so make sure you are signed up for filing under MTD now as it can take 72 hours before you'll be able to file. If you are going to be late with th…MerlinAccounts_UK 81 views 0 comments 0 points Most recent by MerlinAccounts_UK August 3, 2019 12:02PM
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Please I want to know how to enter information under the chart of account?
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Hi, The general ledger report that is given lacks certain details such as the description recorded within the individual transaction, and having a separate column for the transaction reference number. Any ideas on how to change this as audits done in my country require these to be shown in the GL. Thank you.
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I just realized my sales tax on purchases is not being calculated correctly. It is supposed to be 15% (I set it up that way) but I discovered the system calculates it as 13.04%. I'm worried about all the past purchases I've loaded and if they are also calculated incorrectly. Can someone please help correct this?
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For a couple of days the receipts uploaded is not displayed. IS this a temporary technical issue ? When I try to view the original receipt it says cannot connect when it is redirected to the following link (I have taken part of the URL) https://wave-prod-recpt.s3.amazonaws.com/media/receipt_images/XXXXX Please help as I need to see the images to …
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There are certain assets like bonds, shares and property that can go up in value. I would like to keep track in WaveApp the evaluation of such assets without being registered as income as in most countries tax is applied on the profit when selling the asset. I read from another post that it may be done by adding an income account and add a journal…
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Hi When I look at my cash flow report the first thing I notice is that the Total Sales figure doesn't match my manually calculated figures. I have to add back on the PayPal fees unless using the cash basis I should only count the actual amount received after the fee deduction? My Bad Debt expenses also have to be deducted because they seem to be…
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Hi! I'm writing this down because I'm 99% sure I hit a bug and I know that people from Wave are very active here in the forums. I did not find any other place to report this kind of information. * I created and sent an invoice. My main currency is CAD, but the invoice is for an international client, so it was invoiced in USD. * The client payed t…
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Hi Experts, I am new to the invoice process. If i have opened up an invoice in Wave, if my customer wish to cancel the invoice, what should i do? * Should i delete the invoice? If i delete, there is no way i can leave a remarks there. In the event for audit purpose, i will find it hard to explain to the auditor of why the invoice is deleted. * S…
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How would I account for lending someone money and how would I then record the loan repayment? This is usually from my personal account, but at times one also needs to lend money to a supplier or casual worker.
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Hi, I am currently using a separate App to Manage my Business and Investment property and thinking to merge all into one? Is it possible to use Wave to Manage my investment property ? If it is, How do I enter the mortgage and Rental income? Can anyone show me or direct me to a good article on how to set it up pls ? Thank you Peter
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I received a check deposited and it was an INF. Wave does not have an entry for reversal. Anyone know how to record this. A manual Journal Adjustment?
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Hi, my first post here. I know this has been asked before a number of times but I still face it. I've just started populating my accounts recently and I have noticed that whenever I try to edit a transaction (not marked as reviewed yet) and hit the save button, I get "There was an error saving". This happens regardless of the field I …
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Hi all I opened all my balances on 1st July which all worked reasonably well. I had a GST liability of $1793 which I paid in August against the GST account. How do I create a "Starting Balance" (or similar) for the GST account to pull the balances in to shape? Many thanks Chris
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I do love Wave, but every time I have to go through and do all my receipts there seems to be a major unnecessary step calculating GST through another web app, copy and paste etc that adds at least an hour or more to the job. Here is the way I've been doing it: https://vimeo.com/350020987 Is there a better way I'm not realising? Having this simpl…
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Our owner is freaking out about the Balance Sheet and Income Statement displaying figures down to the cent. He wants it rounded off to the nearest whole dollar figure. Is Photoshop my most expedient route, or can this be done from within Wave?
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Hi, I really don't like the new way of categorising transfers. It's not better, it's long winded and doesn't always work. I regularly use my PayPal account to pay for things even when my PayPal account is empty. If the money is transferred direct from my bank account, the correct transactions appear on my list of transactions in Wave. If PayPal u…
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How do I get the beginning balance to change or is this standard?
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I have been paying company expenses on my personal credit card. The company then periodically reimburses me. How do I categorize such reimbursements? And, do I record the reimbursement amount (which gets imported directly from bank statements) or should I break up the amount into individual line items for each expense?
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Hi, I used to be able to split transactions like mortgage into part personal, part business. Is that no longer possible? e.g I used to pay my mortgage from my personal account and allocate 10% to my business via a split transaction and the 10% was allocated to my business account. This was a great feature which I can't seem to do anymore? Johnny
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Hey there, Wave has two decimals in the amounts (for example $99.90 or $25.16) But my currency uses three decimals (for example BD99.900 or BD25.158) Let me explain it further 100 pennies are equal to 1 US Dollar. so you end up having two decimals in the US. But in other countries like Bahrain, we have 1000 fils equal to 1 Bahraini Dinar, this m…
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Sometimes I get a deposit to secure my services at a later date, usually 50% of the total fee. I'll get the remainder on the day services are rendered. I also need to pay some others that work with me, but I don't need to pay them until I get the full payment. The problem I'm having is keeping track of the deposit so I don't accidentally spend it.…
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I created a nickname (via my bank website) for my main deposit account and now I am seeing them as two “separate” accounts, or rather the same account, one with the original name and one with the new nickname. How do I tell my system that it is one and the same? Or even better, delete it? Bear with me, I’m new to accounting rules. Thank you!!
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Hello I have linked bank feed with Wave for previous financial year and have the transactions to organise. It's a fairly simple property business but as I want it done quickly for tax reasons .. Am I able to go to Transactions and simply Check/edit description / dates etc Categorize (most of them are accurate) Add Customer or Vendor as applica…
