Accounting Technical Support
Discussion List
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I am setting up my first VAT registered company on Wave and, coming from Sage, I have a question about the various codes I used to use on there. I had the standard T1 for 20% VAT, T0 for 0% VAT and T9 for transactions that were left off the VAT return completely, such as journal transactions and certain financial transactions. Do I need to create …
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Hi i want to get a choice to link the service or the product to a certain income account and a certain expenses account and be able to generate a report of the product and service profitability
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When I make a payment to the government for my HST (sales tax) I had debited the HST Payable account and credited the Bank Account the payment was made from. The payment was made in January - but it was for the 4th Quarter owing - so Oct-Dec. But then I end up with an incorrect amount showing as owing for my next period (Jan-March) because I have …
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My home currency is GBP. I had $422.87 in a "Cash - USD" account. I exchanged the whole $422.87 and got £304.28. . I entered a transfer of $422.87 from the "Cash - USD account" into my "Cash on hand" account. The "Cash-USD" account showed a balance of $0.00 which is correct but also a balance of -£38.49. How…
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hOW WOULD YOU REFLECT SALARIES IN US DOLLARS
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I sell physical products on eBay as well as having an 'invoice' based service business. I need to be able to add a manual transaction for each eBay sale (as PayPal integration is broken) but want to tag the product sold on eBay to this manual transaction the same way I can tag a product when issuing an invoice via wave - I can't figure out how to…
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I apologize if this has been addressed elsewhere. I'm new to accounting (academic starting up a side business) and new to wave. This might be more of an accounting question actually: what would be the best way to account for assets that a partner has contributed? Eg at the start of our business, I bought a bunch of ropes and climbing gear. This wa…
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And the category is a REFUND for whatever category the transaction was. IE Refund for Inv_Yarn etc. I have to go in to EVERY SINGLE transaction and change it. I *feel like it happened with some update. I'm looking for a BULK way to edit them all 'backwards.' Has this happened to anyone else? Dana
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When recording that an invoice has been paid via the bank entry, Wave doesn't recognise the invoice because the currency conversion has delivered a different amount in the bank. I can record payment directly on the invoice but then I am forced to delete the bank payment or risk having two entries for the same payment. Any ideas on how else to reco…
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Hi, I have a sales tax that i created, however when i did create it in Wave, i did not list it as recoverable when i should have, what is the best way to fix this ? Delete that created sales tax and create a new one as recoverable ? will this upset my current sales tax data ? Regards
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Since March 10th, 2019 my receipt app cannot recognize any merchant name, date and amount and I have to key in everything. Can anyone tell me what’s going on?
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I am new to Wave. I am working on reconciling my first month of transactions for my small business. I have imported my transactions, categorized them, and marked them as reviewed. I then went on to reconciliation and entered my bank ending balance. The ending Wave Balance is 0 and shows a difference that is my ending balance of my bank account…
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Is that possible? I can open the receipts which I uploaded through the Android app, but don't see any options for creating or editing records with them.
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I want to mark funds each month for taxes, equipment etc but I dont want to have to setup actual accounts and move the money. I've tried setting up a 'TAX Savings" account in the chart of accounts then using a journal transaction to move funds to it from my general bank account - that all works fine. However, now the general bank account's va…
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Basically, businesses are not allowed to use spreadsheets for accounting because data can be deleted at anytime. Instead, all transactions must be posted. If mistakes are made, edits themselves will be posted. https://www.verksamt.se/en/web/international/running/accounting/do-accounting-yourself-or-hire-help
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I start out with wave with nice feature of scan receipt, soon i found myself missing receipt because not every time i scan receipt or will miss some. I then realize that i can import credit card and bank transaction ,but then i can't attach image to transaction. I was wondering what the best practice for scanning receipt or how people are doing it?
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Hi, I'm new to this, I entered one month Jan 2018; trying to get a full year in and get up to date as of this month (april 2019); and so, I only entered 1 month's worth of data; and now I cannot figure out how to reconcile? When I click on the month to reconcile, it takes me to a page that I cannot select any of the transactions. What am I doing…
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Im very new to this and have a quick question - I've invoiced a customer who paid me straight away with cash. Ive marked the invoice as payment received (cash on hand) and then deposited the cash to my bank account at the end of the week. This has now been picked up by Wave - how do I categorise this as I don't want the same 'income' to be essen…
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hi we have different buildings each building have many apartments how to manage the income and expense of each & every apartment, separately in this software is it possible? please guide me
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I frequently have expenses/income in a different currency from my primary business currency. Is it possible to select a different currency when entering an expense/income transaction? I thought this was a feature of Wave but have been unable to find a way to do it. Any advice? Thank you.
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Cross-posting from https://support.waveapps.com/hc/en-us/articles/208623466-How-to-handle-sales-tax-returns-and-refunds-from-your-government. I am in the process of migrating to Wave from Simply Accounting–going back to the start of 2019. One of my first transactions in 2019 is my HST remittance to the Receiver General. In SA, I recorded a genera…
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Hi all! Not sure if I titled that right but having an issue properly booking all of the transactions involved in a Secured Credit Line account. Secured being defined as having to give the bank $45K Cash as collateral to have a $45K Revolving Credit Line. Once the company shows better credit standing and history, the cash is returned after 9-12 mo…Pop_BookKeeper001 141 views 5 comments 0 points Most recent by Pop_BookKeeper001 April 12, 2019 8:53PM
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Hello, I am having difficulty in understanding waveapps ending balance. All the transaction I entered through Journal transaction as I just started the business. The amount it is showing 19,200 is correct but it is negative. if this figure is positive then all will be good. can anybody explain how to get this figure in positive.
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If I go through the "expense by vendor" report, it shows the totals for all Vendors with a recorded transaction....but there doesn't appear to be any way to see transactions that don't have a vendor listed. I know that some of my transactions have been entered without a vendor....due to error or oversight, as it requires an extra step. I…
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Need help on creating Share Capital Account , common shares and class preferred shared account
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I am an estate sale agent. I have estate sales for people inside their homes, selling furniture, etc owned by the client. For this service, I retain a commission on total sales. For example: I conduct a two-day estate sale, sell $10,000 and retain 35% commission - writing the client a check for $6,500. How do I categorize total sales (all money, i…
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I am new in waves a accounting. After uploading receipts , reviewed but entry does not show in vendor account , VT account updates but vendor account does not show any entry at all . Can anyone help please
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I am following the guide they provide, I did everything and got up to the journal entries which is the last step. Before I finished adding all the entries I run a trial balance, none of the values actually move. I checked the amount of tax I owe, it shows only the new invoice I created in wave meaning it doesn't show the rest of the cleared in…
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Hi, Are you able to explain how I set the starting balance for Sales Tax (in my case VAT)? I started using Wave from 1.1.19. My VAT quarter started on 1.1.19. As at 1.1.19 I owed HMRC £X.XX in VAT (from the VAT quarter 1.10.18 to 31.12.18). In mid-February I made a payment to HMRC of £X.XX. When I produce a Sales Tax report (for 1.1.19 to 31.…
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It used to be easy to compare actual bank account balance with wave balance. So first question is how do I do that now with the new layout Previously I was advised to delete the Stripe deposit bank transaction so that it did not duplicate the Wave transaction. Is that still the case with the new wave accounting? I have still been deleting stripe…
