Accounting Technical Support
Discussion List
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How do I change my tax percentage from 6% to 5%?
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Being trying to upload a couple of expense receipts for days now and it won't sync just tell me to try later what do I do.
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After generating my income statement I realized that some services were assigned to incorrect income categories. I've updated the service details to correct the category but it seems to only apply going forward. Is there a way to get the income statement to update to the correct categories?
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Somehow some business receipts were uploaded into the Personal Wave account. Is there an easy to move these to the Business Wave account. Thanks Dianne
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Hello I’ve been using wave for the last 3 years and managed to handle all my (Sole Trader) requirements until now. So my problem is I’ve just bought a new van for my business with a loan from my bank. I did a lot of searching and found some information on how to enter these into wave. However I can’t seem to get it to work and my head is serious…
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Hello all, after days of trying I give up on how to add personal items such as my van, zero turn mower, chain saws etc. to the handyman service I'm about to start. I have no idea how to enter $50k in items to a business so it shows the business still owes me $50k and it doesn't show up as an asset. Any help gratefully accepted.
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Hi there. I have receipt for parts purchased that have been returned. How do I input them to the system? It says total must be larger than taxes when inputed in the the form.
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I'm not understanding the process for categorizing the credit card transactions I import. I want to associate them with expense categories but as a credit all I have is the asset side of the ledger. What am I not understanding?
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Hello all I wanted to delete an old account added to Cash&Bank (attached mage aac1) under Assets, but not finding a way.Kindly guide me.Attached is image
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Hi, I do a significant number of purchases online using paypal as my payment method. Typically I receive an email receipt, however it is in the body of the email and not as an attachment. Any solution or workaround here for sending it on to receipts@waveapps.com? Thanks Jamesjamesdawsondesign 31 views 0 comments 0 points Most recent by jamesdawsondesign June 12, 2019 9:15AM
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This discussion was created from comments split from: Making Tax Digital (MTD): Digital record-keeping and filing in the UK.
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How can I see the total of the invoices that have been paid each month. I don't want the outstanding amounts included, just the actual amount that's actually been received? At the moment Im physically adding it up from my bank account, but there must be a better way?
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Hi I have a 2 part question, 1. Since Wave accounting does not close accounts, and use accounts like income summary, how do we properly update Owners Equity? Without making the December Profit and Loss account wrong, which happens if you use closing accounts? 2. A separate issue, how do we categorizes Interest Expense? Since it is not an operatin…
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I am looking for some best practice advice wrt merging transactions. I have the same dolar value transaction shown from my connected bank account and also shown as a receipt from Wave. Do I merge these?
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I have photographed all my receipts on my phone and can not access them to match my expenses, they are only accessible on my business tab, but I am using them for my personal, there is no place in setting to place these receipts in the right area. Personal and business do not seem to work together at all. Also my accounts are the same I have to d…
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I have a question hope wave's admin can help. How do I save the previous year and start with a new financial year on wave?
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Hi! If you’re reading this post, you may already use Wave, or you might be evaluating Wave for your small business and you need to be sure it will meet your requirements for reporting under MTD. If you are unsure which version of this information is applicable to you, please click here. You are likely already aware that HMRC is introducing new VA…
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I've just started using Wave and have transferred a load of transactions and learning as I go along. Thought I was doing well (had managed to issue invoices and reconcile to bank statements)... until... I was double-checking everything last night and thought I'd entered the categories incorrectly for a number of withdrawals so I changed them all (…
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Hi, Just evaluating Wave for a real estate agent. We need to track HST (13% harmonized sales tax) collected and HST paid out to determine what is owed to the government. The challenge I have is that some of the expenses are food related. We pay the full amount of HST when purchasing, but can only claim 50% of it for reducing what is owed. Is the…
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Has anyone gone through the steps of backing their old quickbooks file into Wave. This includes invoices, estimates, item list, and customers list ?
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Hey all, I'm new to Wave but I've managed to import everything from my spreadsheets really easy, and I'm finding it good fun to use!! (Call me weird :sweat_smile: ) Anyway, adding a Customer to an expense transaction, what does this actually achieve? Will it help me? How would I even know I've done this? Will it make the tax man happier? I'm in …
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Hi All, My partner is a sole trader (UK) and I am helping her with wave - she is a freelance artist. There aren't a lot of transactions yet but most of the purchases that she's made through her business account are for paint/brushes etc - I've been marking these down under the "Office Supplies" Expense Category. Is this correct?
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I have a dropshipping business and need to record the purchases I make, I don't hold inventory. Just confused where to do this as if I click on Chart of Account / Expenses - I can see Cost of Goods, but there is no selection for this when trying to allocate transactions. I assume I'm missing something simple but would appreciate assistance.
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Hello, everyone. I'm new here and having a hard time understanding how to use this site. I linked my bank account, which worked out fine. However, once I integrated my Etsy account, all of my Etsy payments are showing up twice in my Transactions. They are coming in as individual sales through Etsy, but I've already had the money deposited into my …
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OK - here is the scenario. I have a customer that after viewing the Customer Statement of Accounts shows that they have a credit balance - money that they have overpaid. How would you handle this? My thought would be to set up a new account under Chart of Accounts / Liabilities / Customer Prepayments and Customer Credits. How would I show unde…
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Is it possible to set the category of a transaction automatically based on the description? Having to manually set hundreds of transactions/month is laborious and boring. In some cases the category name is identical to the description, in my instance uploaded PayPal fees have the description PayPal Fee and the category is PayPal Fee. In most inst…
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Hi there! I have operated a very small business since 2015 and I have never kept track of things like: inventory, assets, liabilities. My transactions have been extremely minimal, though I do have inventory and I have filed taxes and kept bad records. I want to start a fresh set of books from 2018 onwards, but I am lost as to how I account for th…
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I am posting this in case other people have this issue. When reconciling bank statement to Wave balance, I received the message "There was an error saving your balance. Please try again later" I cleared cache, tried another browser, checked all bank feeds were updated, checked all transactions were reviewed but I couldn't see any probl…
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I would like to be able to control the order that accounts appear on the balance sheet sections and the profit and loss statement., preferebly by account number so I can control presentation ordering and most liquid to least liquid assets, etc. Does Wave strictly sort Alphabetically? How can I control the order? Stephen Scott, CPA
