Accounting Technical Support
Discussion List
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Hi all. New to Wave. My fiscal year is the same as the UK tax year, so started adding my accounts for this year to WAVE and using it for invoicing. How do I add the allowable expenses for a UK sole trader so they do not count towards my taxable income at year end? I am not VAT registered as my turnover doesn't make this necessary. Sorry if this is…
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Hello Everyone, I am new to waveapps. I found it excellent so far but there is this question i need to ask about receipt and Bills. When email receipt for a bill to wave, it shows up in the wave account and i am able to assign that receipt to the expense category it belong. My question is, do i still need to create that expense as a bill in the Bi…
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Can multiple email addresses be used as Primary? the reason is that different Directors can email receipts via email to Wave. Please clarify. thanks,
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Apologies in advance if this is not the right place to post this question. I've added a starting balance in my bank account. However, what do I select in the 'Choose a category' dropdown menu?
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im in the process of reconciliation, and i have one physical business account, but theres 2 on wave apps and i need to reconcile both? also do created transfers cause imbalances in the books??
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It would be great to have a help-page article detailing how to enter a one-off annual expense and then spread it through the year. This is the process in Quickbooks Maybe something similar to the article, How do I handle depreciation and amortization? but hopefully without using journal entries. Maybe it's possible with an initial bill & pay…
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How do I record cash that has been deposited to my bank account?
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Can someone please tell me where I should be allocating my cash (withdrawals) in the "transactions" tab in wave. If I take monies out of the bank in cash, how should that be categorized when I spend that cash on expenses. Also, when I run reports how to show either income or expenses from that cash. Gosh, I hope that makes sense. Tha…
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If you have to pay up front the cost, for example a studio rental, then the client reimburses you. How is that handled in wave? If I do a photoshoot in a studio that I rent, in the past I had the client pay directly, now all the studios are forcing paying up front or a substantial deposit when booking. So now I am paying 100% then adding that cos…
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Hello. I'm new at this so hope i'm making sense. I have a service business and we're about 2 years old. We charge our 50 or so customers a monthly fee but ask them to prepay either for the year or for half the year. Of course most do half the year as we don't apply any financing for that mode. I understand that I should be creating some kind…
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Hi, In the Receipts mobile app we can upload the receipt, enter some details and 'Save' these before we 'Post to Accounting'. This is helpful, because sometimes I only want to input some of the data and complete it later after I have double-checked some other details. However, in the Desktop app there is no 'Save' option, we have to immediately '…
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I've been adding in expenses manually in transactions but I've also added (and paid) for bills. I've noticed that any bill payment I have made has not been added to my list of expenses... Why? My expenses are WAY off since I make a lot of bill payments.
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I am a freelance music educator who works from home 2 days a week. I pay for my mortgage, bills, utilities, phone & internet through my personal bank account but I want to apportion a percentage to the business. e.g My total phone bill is £30 but I want to record £5 of it as business use. Do I upload the PDF of the bill for £30, paid out of m…
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When I run the cashflow report, it contains a number of entries that do not exist in the Transactions, how do I fix this? For a more detailed explanation, whenever I refresh the bank connection, all income comes in with a default category, and I then go through and change. However on one day, May 7th, three transactions appear to have been duplica…
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I'm having difficulty deleting some receipts from my list, I go to the drop down arrow at the side of the receipt but it won't drop down for long and if it does and I click delete it throws up the receipt underneath it.
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Hi there I am no accountant and just need some guidance to make sure I am doing my transactions correctly. I have stripe as payment method in my wave, BUT I also have stripe for my website. My website is not integrated with my wave. So when I receive my money from stripe into my bank account it is a mix between the two platforms. How do I account …
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I have deleted the bills for (Insurance- property) because it was entered in by mistake.. however, the bill is still stuck in my Cash flow. How do remove it? it is no longer reflecting in my income and expense statement
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So I run a small business with a partner and we have just starting using Wave. We run an LLC so our income is pass through and so we periodically distribute earnings from our Business bank account linked in Wave to our personal bank accounts (not setup in Wave). I am a little confused on how to properly record all of this. For example, there is a…
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We sell products on behalf of our clients and retain the funds untill the end of each month when we make a direct bank transfer to their bank accounts. This money is not our income, we simply hold it on their behalf. How do I code this income in our chart of accounts?
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Hi Is there an issues at the moment with CSV importing of bank statements? We tried linking our ASB Bank (in NZ) and it created duplicates all over the place and almost forced us to jump ship, but I managed to find and remove them all and remove the bank link. Now, we're unable to upload CSV bank statements which had been working alright the last…
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How do I change the expense account that wave uses for automatic coding of transactions when using a bank connection, so that it can automatically code to another expense account.
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Newbie - Can't find Accounting Transaction category for a Vehicle loan
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Obviously, I am no accountant, but for some reason, the amount listed in Wave is a few hundred dollars less than the actual amount in my checking account. I cannot for the life of me figure out why this is... how do I go about fixing this discrepancy? Do I need to hire an accountant?
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We frequently have purchases that are made on our behalf which in theory would be reimbursable, but the individual wants to treat it as a donation. It doesn't seem right to treat it as an 'in-kind' donation of goods as we have a receipt for the exact amount of the purchase on our behalf. Ideally, I would like to record it as an expense for the …
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How have you categorized a transaction that is going into a tax savings account? None of the account type categorization options seem fitting.
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Im not sure what to do in this situation. I purposely did not add my credit card to my wave account because I wanted to add reciepts and didnt want to worry about duplication. I dont want to have to go through hundreds of reciepts and pair them with the credit card transactions. Too time consuming. When I go to pay my credit card wave counts that …
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The fees are taken out before the sales deposited into my account. How do I make a correct record of sales?
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Please help, loving Wave and have figured most of it out for myself, but there is one issue I can't seem to solve... I am based in the UK and often Invoice US clients in dollars. Once I've been paid I would like to "record a payment" to match up the payment with the correct invoice. However the currency conversion is always a few pound…
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I am at a total loss. When entering new income I want to associate a customer with it. But there does not seem to be a field for that. Same thing for expenses. I can't link the expense to a paritcular vendor. that's bad because if i run a customer or vendor report it won't work and i never can see how much i made from each customer. Anyone have …
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Hi there, Say the owner has withdrawn $1000 profit, which of the attached screenshots would be correct? Thanks!
