Accounting Technical Support
Discussion List
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Wave Accounting really does not have a way of accounting for these loans without using journal entries. As you know, PayPal transactions can be automatically downloaded into Wave Accounting. Wave Accounting wants to treat loans as liabilities (which they are). I treated these loans as Equity infusions to my business. These loans are only secured …
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Looking into using Wave. When I go into Transactions and filter, say for example, 10 expense items it displays the updated list. How do I print or export that filtered report?
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Hi I have compared to bank transactions and it says £124.50 left. I am 100% sure it's the same as my bank but it still says £124.50. When I go to the transaction however and find the invoice to pair it with, the invoice says £250 on the link I click to choose what invoice it is. However, when I find the invoice properly and view it in full it sa…
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Hi! I do not use a business bank account I am currently using a personal account for business expenditure and income. I am very confused as I have been withdrawing personal money within the personal account to my savings account and also depositing money from there also. I would like to know what to mark these transactions down as? Please coul…
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Hello, I am trying to reconcile uncategorized transfer payments between my different bank accounts and for the most part it is really straightforward, but for some, the steps that I take do not work. 1) Click on one side of the transfer 2) select Bank Transfer from the dropdown 3) Select the corresponding transfer transaction 4 The uncategorized …
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I connected my bank, and it pulled in my long term savings accounts (Retirement and Tax Free Savings Account). I want to put my TFSA into my 'Cash and Bank' category, but it won't let me change it's allocation. I want to do this, because I just transferred money out of that into my bank account, and I can't set up the 'transfer from, transfer to' …
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we are a privately owned fishing camp with 9 members. We do not send invoices, have any inventory, need a record of either short or long term assets, or worry with depreciation or amortization etc. I do need to keep track of members dues or guests payments and what we spend on utilities or repairs. So I many of the default accounts just are un nec…
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Posting categories on mobile in portrait mode places the module/ window for selecting categories under the layer for transactions (under accounting -> transactions). It means that working in mobile requires zooming in a lot for landscape mode or constant rotation when working. I’m sure it would be fixed by adjusting the index of layers. …
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When I verify a receipt, it posts it to accounting, however there is nearly always another transaction there that has automatically imported from my bank account, is there any way to merge these? Otherwise I end up with two transactions with screws with my accounting My work around might just be to disconnect my credit card from Wave as then I'd …
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I am new to Wave and, having outgrown the spreadsheet approach to managing two small businesses, I'm giving Wave a go. One of my businesses is a cottage rental, which involves an "account" with what is essentially a property and rental management company. I receive monthly statements, which (to simplify) include: * Any expenses incurred…
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I have several transactions which are linked to the same Chart of Accounts category, but I need some way to allocate them to a subcategory. For example, I have transactions under a category called "Activities Income", and I need to specify further to which particular activity it is linked. I seem to be stuck on how to solve this: Opti…
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I'm new to Wave and very frustrated. I can't get my credit cards to download (a whole other issue), so I made Journal Entries to reflect the charges for the month, with each charge on the statement as an expense to the right expense account. In the General Ledger, the entries show up exactly as entered, but when I run a P&L, some individual …
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I'm looking for some insight into the GAAP (Generally Accepted Accounting Principles) on how to draw inventory items from a sole proprietorship for personal use. For example, I bought a T-shirts through my business as inventory for $10. I later realize that I just want to use it myself. Do I just CR Inventory and DR Owner's Investment/Capital? C…
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Hey all, I'm Kasun from Sri Lanka & searching for an accounting solution to a charitable institution from Wave. There I have an issue with the standard names given on wave, Income, expenses, net profit etc. that does not match for a charitable institution. Is there any possibility to change those wordings on Wave flatform?
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Hi... I am new to Wave. in my business, i was OLD SCHOOL and I use to put all my receipts in separate envelopes and log them in a journal weekly.. Then at the end of the year when i do my taxes, i add up all my receipts for the different categories and get totals for each. I joined wave a few days ago.. I downloaded many of my receipts and pic…
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I just finished inputting products into wave and now need to duplicate them into another business. Is there an easy way to do this?
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I do the accounting for a Cub Scout Pack. I have money that comes in which is categorized as an income account. Then I create an expense account when money goes out. How do I tie the two together. For example, we have an event. I collect money for that event, that money goes into an income account. We pay the vendor for that event and when the mo…
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Hello, I'm putting aside a fixed amount of money each month for my small business to pay for a large expense at the beginning of each year. It remains on the current account, so at the moment it is considered in the profit&loss. My financial year ends 30/06/2018, but the expense will only be paid in Feb 2019. I would like to show that it is n…
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Hello I am new to Wave and to accounting. Please pardon my ignorance if this is obvious or already answered previously. * I created an LLC in November (let's call it XYZ LLC). This is a single-member LLC. I set up a bank account for this LLC. * I transferred $500 from my personal checking account to the LLC checking account. I have two questions…
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Hello, I want to delete a "source record" for a transaction so that I can change the "category" for the transaction. Are there any repercussions to doing this?
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I want to file my receipts and inventory but there are only certain categories on the list to choose from. I have a construction business so I need a category that says Equipment. Can I creste a catagory?
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I'm attempting to follow the instructions laid out in this Help article: https://support.waveapps.com/hc/en-us/articles/208622606-How-to-import-past-transactions-from-your-bank-or-credit-card-account I've connected all the accounts I want to track, and downloaded all the transactions that my bank allows (all per step 1.). When I attempted step 2,…
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How would I go about adding construction tools and equipment to both the Property, Plant and Equipment section and how do I set up a depreciation and Amortization for this items?
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I'm not able to find any information regarding the printing of Accounts Payable checks. Does Wave Accounting support this? It's not useful to me if not since many of my vendors do not accept credit card payments.
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Hi, this may be more of an accounting question, but previously I would enter checks as deposit transactions in an undeposited funds account, then enter one expense transaction named "transfer to general fund" for the total amount of the checks. When the deposit I made downloaded it would automatically match that undeposited funds expense…
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The only way that I have found to add a new account is to edit the name of an existing account. However, when you run the Income Statement, the accounts do not come up alphabetically. Is there a way to sort the accounts on the statements?
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As a mostly 1099 income freelancer, I sometimes use my personal bank account for business purchases. With my account linked to wave, how can I mark specific transactions as business or personal?
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Hello, I am reconciling my credit card statements for the year and I realized that I reconciled my first three months of transactions to the wrong month. I would like to fix the issue but I don't see anyway to make those transactions that were reconciled to the wrong month available again for reconciliation to fix the problem. Is it possible to ch…
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Hi. Wondering the best category to use for local, state, and federal taxes. Thanks!
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Hi all Having a bit of a nightmare, not quite sure if missing the plot. If I put £100 into my company, and I record this as a +£100 director's loan, then I subsiquently record a £100 expense (stationary, for example), when it comes to the balance sheet I have a negative value exactly equal to this? Not quite sure how I am supposed to be appropi…
