Accounting Technical Support
Discussion List
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I buy production materials from the USA sometimes. I am in Canada and must pay duty on imports. Should I make an account in my chart of accounts and record those payments? I am not certain at the time of this message but I think there is some ability to claim these as expenses at tax time.
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Hi, How should the following two transactions in an S Corp's Wave account be categorized and/or handled? Transaction #1: A $50 personal expense is mistakingly made with the business debit card Transaction #2: In an effort to correct transaction #1, a $50 deposit is made to the business checking account from the owner's personal bank account
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Hi All, I am trying to set up a mortgage and payments as at date and move forward. I am having some issue with this. These are the following steps I've deduced I need to follow: 1. need to setup an Asset account with value $xyz at date 1 - April 2. need to set up a long term liability account $xyz - $100,000 3. need to setup principal monthly pa…
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My company is not limited by stock value, and thus doesn't have Equity per se. Since account names are arbitrary in Wave, I have classified a liability as Member Contributions, and another as member Capital. I have placed these in 3500 and 3600 accounts respectively. When I donate money to the Company. I am really adding capitol, so do I put it in…
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Hey everyone. I use Monzo as my personal bank account. I also use this bank account currently for incoming and outgoings as a self-employed/sole trader. I've just begun going through my receipts and adding all those in. My plan is to add every expense from my Monzo bank account as receipts with the invoices into Wave. Would this be accepted com…
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Hi, Very new and confused. My checking account earns interest and tax is paid on that line 1: INTEREST - CR.INT .012c line 2: IRD:TAX ON INTEREST .01c I have assigned "line 1 Interest:"to category "interest income" How do manage the line 2 "IRD tax"? Do I create a new category in Chart of Accounts and to what? Lia…
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I'm an international user (there's no option to link my bank account to Wave), with not much accounting experience. I'm trying to find out how to enter my credit card information in Wave Accounting. I created an account for my Cash Back Credit Card under "Liabilities and Credit Cards". What I'd like to know is what is the best approac…
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Hello, I was wondering if possible for Wave to make it possible to report on Fiscal years? I understand it's possible to select custom dates, however, a 'fiscal year' option would be great. It could take the date for the 'settings' page. Chris
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Hi, I'm new user of wave. I'm confused about how to convert the profit/loss monthly to equity/capital of owner. can any of you give solution for this ? Thank You
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How do I record a credit card payment? My bank account is connected to Wave so the credit card payment is showing up as debit external withdrawal - Chase Credit Card. Do I use Transfer to Bank, Credit Card or Loan? If I do that how do I enter the individual transactions from the credit card statement and categorize those charges?
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As a sole proprietor, I have set up a solo 401(k) that I plan to contribute to both as employer and employee. I assume that I should record employee contributions as owner drawings, but I'm curious as to how I should record employer contributions. I see there has been some discussion of this in the past, but with recent updates to Wave's interface…
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Hello. The VAT on sales invoice is showing on the sales tax report but the vat on purchase invoices isnt. I've checked the dates etc.. cant understand why the purchase vat is not getting picked up.
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I am trying to understand how to set up WAVE to track what I owe in Use Tax. I don't see anything on the Community about Use Tax except an advertisement for an accountant in the Carolina's which doesn't help anyway because I am on the other coast.... but I'm guessing I am not the first person to need help with this!
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Good day Wave community, probably an entry level question, here is the scenario: My business model currently includes an Online Event Registration provider that captures attendee information, availability etc, and which uses Stripe as a payment gateway My Event Registration provider currently allows me to capture each Client registration in Wave…
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Hi Everyone and thanks for allowing me to join the community. I am absolutely new to accounting and bookkeeping. Started with Wave I was absolutely amazed how easy it seems to handle the accounting. But now as my folder of bills and invoives gets smaller the more difficult ones to put in the system come up. Right now I am struggeling with assets. …
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I have a client that I bill in USD who does the exchange herself and pays me via paypal in CAD. I'm fine with it - but I'm not sure how to account for it. Any ideas?
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Hi. I have a loan account that I need to transfer into wave. I have set up a shareholder loan account (liability). There is no option to add an opening balance. If I do a journal it will inflate the expense account for the following year. It was not a cash balance. Any help please!
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I understand I need to enter shareholder's loan to corporation via Journal transaction. However when doing that I get error Unbalanced. What do I do wrong?idealglasscreations 121 views 3 comments 0 points Most recent by MerlinAccounts_UK April 3, 2019 1:26PM
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Many of my receipts might have multiple categories within a single receipt. I was surprised that I can't create multiple 'split' categories while editing a receipt. The only way I could seem to do that is to select a single category then go edit the transaction splitting it for the multiple categories. Would be nice if it could be done directly…
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Hello. In the previous version of Wave you could check the current reported bank balance against the balance Wave calculated based on transactions. After the migration I believe it showed a way to do this quick check still, without having to do a full reconciliation - this was very useful to me. I have searched the forum and quick help guides, but…
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If I pay a bill at the end of the month and the vendor cashes it at the beginning of the next month. If I check reviewed when doing reconciliations and the date is say 1/28/19 it does not seem to do anything. I have to change the date of the payment to the same month example 2/2/19 as the vendor cashed it to have the reconciliation work correctly,…
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How do I delete a g/l account that I created. The account has no activity.
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Hi, when i selecting Accounting and then Transactions to edit a purchase invoice, i enter the Vendor, select Category, then below you can select Customer and next to it, it says Sales Tax, what amount do you enter there, amount of Tax PAID or Amount of TAX CHARGED to client? Please advise, i`m confused. Thanks
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I need to record money taken out of my s corp by a shareholder. Is the debit side of the entry to "Owner investment/drawings" or "Owner equity"? Thanks for your help!
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Normally payments out of my business checking account to a personal credit card (both linked to wave) are automatically imported and recorded as a transfer. But some months back this changed and they are since being recorded as 'uncategorized expenses' on the business checking side and as 'credit card payments' on the personal side. How can I cor…
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I connected my personal bank account, and immediately realized this was a mistake. Now I can not either unconnect it or remove it. In another discussion it is suggested to look for it in the chart of accounts, but this bank is not showing there, nor have I found any other discussion about this problem. Thanks in advance for your help.
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Is this posible in WAVE? how can i do that?
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Hi everyone, I'm new to Wave after ditching Quickbooks. My accountant is very familiar with Quickbooks. I added my accountant as an editor on my account, and he was able to create a profile. However, he says he cannot see my data in the Reports area. Has anyone successfully collaborated with an Accountant and can give me some info about what an ad…
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Help anyone... i think I made a mistake when uploading statements to wave and all the debits have come out as credits. How do i reverse?
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A similar of the scenario is in the below post. https://community.waveapps.com/discussion/comment/15336#Comment_15336 My immediate thought is to have a separate section before the "Post to Accounting" button, and show related transactions from bank (of same amount, from same payment account) so that I can combine the following three …
