Accounting Technical Support
Discussion List
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Hi - I need help with categorization. My siblings and I have a trust for the farm property we inherited from our mother. Would I list distribution payments as "owner equity" payments or in some other way?
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Why is the Cash flow statement/report only available as an overview of a selected time period, yet on the dashboard one can see (but not access or print) a month by month comparison? I need to be able to access the month by month comparative. Without it I'm afraid this software s useless to my small business. I came across because of recommendatio…
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Hi all! I'm starting a business and I want to buy a Phone and maybe a laptop for it, but I have no revenue yet... how could I mark this so then I can pay with my own cash and then get refunded? I know, pretty basic stuff, but like everything in setting up a business, it's learning by doing! Cheers! Pol
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The old WAVE gave me the ability to move transactions between my personal and my business account. I am unable to find this option in the new interface. Pls help.
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As you may already know, when you accept online payments with Wave, we automatically create a transaction in your accounting records. Once the payout for the transaction is deposited in your bank account, your bank connection will typically import that deposit transaction within two days. When this happens, Wave automatically creates a transfer b…
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Hi, I ran a Sales tax report and are wondering why the (Tax Amount on Purchases) is $63.48 less than the (Purchases Subject to tax) X (GST rate). I have looked and all my purchased are including GST. Any suggestions on finding this anomaly would be helpful thanks?
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It is surprising that only some reports have the export button while other do not. I was looking at the reports and noticed that Trial Balance has an export button, but Profit and Loss or Income Statement does not have. Businesses do need to extract these reports for regulatory submissions from time to time. Is this a problem with the browser or …Overture Accounting & Bookkeeping LLC 141 views 6 comments 0 points Most recent by ChelseaK June 27, 2019 6:54PM
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Hi. I am completely new to Wave, I am used with using Sage/Xero etc. When you look at the VAT100, is there a way of reconciling those transactions so that the next quarter you can somehow run the report which will show any transactions from the previous period which has not yet been included on a return?
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Hi, Im just wandering what happens to my personal budget data, can i download the information?
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Hi, I have processed a vendor invoice, paid $535.62 which included 10% GST of $48.69. I have paid the full amount and marked the invoice as paid $535.62 however, Wave is showing $48.69 the GST element as a liability? Does anyone know if I am doing something wrong? Seems wierd...would be grateful for any advice, thanks
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My company is new and hasn't made any income yet, but myself and my partner are spending money on expenses such as travel and conferences. What is the appropriate equity account to place these expenses? A separate owner equity/investment/draw account, or shareholder loan? We want to be reimbursed when the company starts to recieve income.
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how come the transaction created the transfer to xxxxx, item highlighted in yellow kindly assist i am manually unlink the transfer and re categorize it tq
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I use a couple different 3rd party forex services. The flow usually goes like this: * Wire US$ from my corporation's US$ checking account to Forex account * Exchange US$ for CA$ * Electronically transfer the CA$ to my corporation's CA$ checking account I don't know how to correctly categorize the withdrawals and deposit or where and how to capt…
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This was actually a question. Which one of these Methods are best? Are there any issues with using Method 2? I am confused and after reading several of these posts I am not sure I have been doing this correctly. We have a couple short term rental properties and when getting them set up we have used our personal credit card to One get points and Tw…
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I work alot with cash and don't need to create an invoice is there any way if just inputting sales. As in a guest house I don't have any inventory
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I have an operating corp and a holding corp. Holding corp owns operating corp. I own holding corp. Operating corp dividends its income up to holding corp. And holding corp dividends out to me, How should these dividend payments should be captured and categorized? It is unclear in the UI.
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Hi Wave Community...first post here. I invested in a software and training in order to start my LLC recently. I paid for this before starting the LLC. I paid with my own money. How would I track this to mark it as a start-up expense in Accounting?
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Bills should be downloadable as a document & Payments (expenses) for any transaction should have the option to be documented, just like sending receipts to customers from the invoices.
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Hi all, I'm looking at my Profit & Loss statement and I'm seeing that Wave is recording: Payroll Gross Pay + Payroll Employer Taxes + Payroll Salary & Wages as operating expenses. This means it shows the payroll amounts twice as an expense and this expense is duplicate. When I look at Payroll Gross Pay, it shows in the books as Journal…
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Wave is an excellent software package for the self employed (proprietor) entrepreneur. It easily keeps track of billings, collections and disbursements. It allows the entrepreneur to see his or her income at a glance. The income of a proprietor is revenue less expenses. There is no T4s issued for a proprietor - although a proprietor can have empl…
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when I report my invoice as paid I merge it with the bank transaction and change the catagory to the service that the payment is for. The problem is when I go back into the invoices its back there again showing as not paid. If I leave the catagory alone the income does not show on my profit and loss report because the invoice has its own unique ca…
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Is there a way to add a transaction's notes to reports? For instance, when reviewing a month's expenses, it would be good to see that this specific expense (currently reported with "Amazon.com" as a description), could have an additional column stating, "purchase of indoor overshoes; Amazon.com order number: 112-8152118-2514649&quo…
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Hello! New to accounting. I'm trying to figure out how to 'set money aside' for a big bill at the end of the year. Licensing fees, for example, I have to pay every year and I'd like to make sure I have the funds available. Or lets say I want to put money aside every week to cover new furniture. How would I do that?
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The owner purchases something with a personal credit card for the purpose of the business. Following this, an e-transfer is done from the company bank account to reimburse the owner. How do we track taxes paid by the company? There's this article, (https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal…
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Hello, I'm new to USA and need advice =) If I want to deposit checks in which taxes are already withheld. How can I write them down in Wave, so that I do not have to re-pay tax on them? thank you
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As 25th May looms closer, I need to get my GDPR information into line. Does anyone know how Wave is dating with GDPR? As you may know, if you deal with any personal data concerning someone in the EU (customer, supplier or anyone), GDPR applies. Breaches of GDPR mean a fine of 4% of your global turnover for the first offence, where you are based.…
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Title doesn't really explain anything. I want to know about "Bills" inside the Purchases section vs the "Add Expense" inside Transactions. Am I correct in saying on the P&L Report they show up on the same place? A bill is one that is entered and paid at a later date? I pay all my bills as I get them so can't I just enter …
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Hi there, I have tried to find some info on doing this via the support page but have drawn a blank, if anyone knows how to do this I would be really grateful for some advice please. I have various invoices from my supplier and one credit note, I have entered all under "Bills" and the credit obviously as a minus value. How do I allocate t…
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So Wave have announced they're pretty much back stepping from UK & EU customers - all bank links to be terminated from September for users with UK/EU based banks, and a clear decision too to abandon all hope of MTD for Income Tax compliance (potentially to come into effect in April 2021). Where does it leave you, the UK user then? Well, the …MerlinAccounts_UK 81 views 0 comments 0 points Most recent by MerlinAccounts_UK June 18, 2019 2:27PM
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Hi there, where can I find information about term deposits accounting? Do I need to create a new account in Charts of Accounts? Will I need to do a journal entry for the interest? How will I need to categorise it once the expense is imported from my current bank account transactions? Thank you
