Accounting Technical Support
Discussion List
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Hi, I was looking for suggestions on whether or not I should open multiple accounts for the different services I provide or make 1 general one. Currently I provide 3 non related business services however I receive my payments in 1 bank account and most expenses are on 1 credit card as well. Typically expenses are shared between all businesses (ex…
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My company is a Rental Company. I'd like to be able to see P&L by property side by side , and Balance Sheet for the LLC as a whole. I have been thinking of setting up properties as Products to which I can attribute Rent (Sales Revenue) as Income and Repairs, Prop Mgt., Mtge Payment etc. (COGS) as Expense for individual property P&L, whil…
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I've connected my business checking account, but I wanted it set as "cash on hand". On the drop down, that isn't present. What gives? Would appreciate some guidance. Kind Regards
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Hi there! I'm selling items on Amazon Seller Central. After 2 weeks, Amazon transfers the money to my Bank Account. Meanwhile, my bank account spends money on shipping, etc. for Amazon. This means that for 2 weeks, I don't have an accurate display of the current profit. This is why I wanted to use an accounting software life Wave. So, both are …
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I'm just setting up Wave (converting from Quicken Home & Business), and I'd like to know how other people use Wave for the personal side of their finances, or if they don't, how you interface with a personal finance program. The business side of Wave is working well for me, but as a solo businessperson, I also need to manage my cash flow on th…
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Hi, I am Canadian but my major client is US and pays in US dollars. They will be sending my business checks that I plan to deposit into a US-dollar account. To save on the exchange fees charged by my bank, I hope to first transfer the money to my personal US account, do a Norbert's Gambit, and then transfer it back to my business in CAN dollars. …
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Trying out Wave and brushing up on accrual basis accounting... I had a balance sheet where Cash and Bank + To Be Received - To Be Paid Out = 0. When I added an expense for purchasing a piece of equipment, the bank account reduced properly and the equipment shows as a long-term asset. However, the top line of the balance sheet is now negative by th…
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I have a camera lens, one of my fixed assets, that I have disposed of but as it is less than a year old have not applied any depreciation. I sold the old lens by trading it in but in doing this got more than I paid for it . The Seller has issued me with a receipt showing the new lens and the old as traded Part ex. How does Wave handle a fixed as…
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I was sent payments for invoices, by check, in November and December. However, I have been out of the country since before they were sent to me, and will not be back till January, so I won't actually get the checks and be able to deposit them into my account until then. I operate my business on a cash accounting basis, so I'm assuming I'll just ac…
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Hi all, Firstly, I have 2 rates of Tax: 13.5 / 20 (And they are named that!) After paying my monthly Sales Tax to Government (it's paid in one lump, regardless of the amount I received at each rate) I notice, when I go to Accounting => Transactions => Add Expense => Category => "Sales Tax Payment to Government", I notice 'Sa…
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Greetings, all! This is my first - and surely not my last - post, as I bravely try for the first time to do my own accounting - ulp! The instruction for "How to create a transfer between two accounts" is not working for me when I want to transfer money from "Business Checking" to "Cash-on-hand," aka petty cash. I a…
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Hi all, I'm new to Wave and accounting in general, so please forgive any 'duh!' mistakes or questions! MY BANK ACCOUNTS I work online and travel constantly. For the first time, I've decided to get my accounting ducks in a row and sort out invoicing ect. My main bank account used to be in South Africa (ZAR), but now I've switched to Revolut so I c…
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My company provides products for clients. Products earn sales income but also incur production expenses. I've registered my products in "Products and Services" . Each product has invoices and when posting expenses, I choose in the ITEM collumn, the product which the expense is related to. Now I want to evaluate the profit of each product…
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Hello, I wondered what I should put a car park ticket as in my expenses? I'm a wedding photographer and had to pay to park at this particular venue. I could only see car insurance, fuel and similar as separate sections. I've just decided to go from my silly spreadsheet to this and am finding it massively helpful already. TIA :)
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So I attemped weave but alas I was an unorganized mess..... so I just shipped my boxes to the book keeper and she completed 2017 and 2018 for me. I want to start from scratch for 2019. Is there a way to wipe out all my transactions, all my posts and such to start fresh 2019?
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I tried to create an asset account for my recoverable expenses (things like travel and meals that I get paid back for in full, including taxes). However, whether I put it under Expected Payments from Customers or Other Long Term Assets, it doesn't show up under the categories for classifying receipts. Note: there is another thread on using receipt…
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I created an account for my PayPal transactions, and initially brought in transactions by downloading into CSV and then importing them. Now I'd like to link my PayPal account so that I don't have to do CSVs anymore. But whenever I try to create the link, I end up having to create a new PayPal account. Is there no way to link an existing account…
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So, Wave was able to import my Wells Fargo bank statements back to September 9, 2018 for a new account. I went in to Wells Fargo to try to get a file showing all transactions from January 1, 2018 to September 9th, 2018, but the file format won't upload into Wave. Is it possible to enter the transactions from January 2018 to September 2018 manually…
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Are Waveapps financial statements generated with International Financial Reporting Standards?
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Hey guys, hope this makes sense. But I paid a subcontractor $250 and I normally create bills due to the subcontractors and pay out of my business checking account when selecting paid bill. Anyways I withdrew $270 from my business checking used $20 for me and $250 to pay the subcontractor. Now in my Transactions it shows Withdrawal of $270 then Bil…
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I'm currently connecting: * Paypal * Amazon Seller Central * Stripe * Bank Account I'm running into an issue of duplicate charges between my PayPal and Business Bank Account, also between Stripe and my Business Bank Account. PayPal is used to buy goods, and sometimes, PayPal pulls from my Bank Account -- this causes duplicate transactions in Wa…
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Hi, How can I review multiple transactions in one click. In the previous transactions page I could highlight all transactions and then verify all. This button seems to be missing on the new layout.
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I am trying to record a mortgage payment in Wave. I am following the instructions where I am debiting my loan account with a pricipal of 1027.19, I am crediting the bank accoount with 2003.68 and interest expense of 976.49 but the balance in the bak account only falls by 976.49 not 2003.68 what am I doing wrong?
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I need to close my 2018 fiscal period but not sure how to do this. Please helpTrickydicky_44 351 views 2 comments 0 points Most recent by Trickydicky_44 December 17, 2018 10:46AM
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Hi everyone, I'm very new to wave but I'm struggling to correctly manage stock. I buy and sell second-hand designer handbags and accessories. I've added a line for each handbag in 'Product and Services' and ticked 'Buy this item' and 'Sell this item'.... I just can't work out how to get them to show on my balance sheet as an asset. Any help woul…
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Until recently, my PayPal account was linked with my Wave account as is my bank account and my credit card account. Transfers from my bank account to my PayPal account are marked as transfers, but in my balance sheet they show up as uncategorised expenses. When you look at the individual transaction in question, it's categorised as a transfer. I'v…
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After entering some transactions today to reconcile historical Checking Account statements (from a few years ago - just started using Wave so trying to enter old transactions), I must have inadvertently entered a transaction that somehow resulted in having a Starting Balance < Opening Balance. How do I correct this please? Thank you.
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Hi there, How would I adjust tax deduction at source, deducted by my Customer in my ledger? For example, I have a customer called ACME Inc. I've invoiced them $100 and they have paid me $96. The rest of my payment was deducted by ACME Inc. to be paid to the tax man. Now when I go to record payment, I could logically, mark $96, now I would like t…
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Hi, In my business, I pay my designers in a lump sum for projects over the course of a few months. I need to get wave accounting to account for these expenses when the projects actually finished, or when I received a payment for the project. Right now, it looks as if I have had some bad months where not much profit is being made because of this…
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Hey guys, i'm really new to this whole accounting thing. I recently received a loan from a party and since my bank is connected to my account it has automatically been added to the accounting section. I have tried to put it under loans but it ends up creating another entry with the same loan amount. I was wondering how do I make a proper entry for…
