Accounting Technical Support
Discussion List
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Hello. My name is Diyor and I'm new to business accounting. I imported goods and received an invoice from customs broker including GST for the goods purchased. In order to record it properly, should I create entries that reflect separately the services of a customs broker and GST and GST for Goods as a separate entry? Please kindly advise what wou…
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Help, please. I have two accounts one in CAD and another in EURO. I made a purchase of EURO from CAD acc and debited EURO acc. After that, I paid to the supplier in EURO and did customs clearance in CAD. Obviously, I have an exchange rate difference as well. Please kindly advise how to record these transactions. Thank you in advance, Diyor
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Hello! This seems like a basic question but I haven't found any suggestions or solutions anywhere...I put every expense on my credit card each month, then pay it off in full each month. I don't want my credit card purchases to be their own expense category and therefore have each expense 'counted' twice. For example, I buy a stapler with the credi…
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Hi there! I own several properties and I employ a property manager. The PM collects the rent, they take their percentage and then cut me a check for the rest. My question is how do/should I track that in the WavesApp? Since the app is linked to my bank, the transaction is good but not sure how I should add PM Fees. Example: Rent: $500 PM: $5…
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Hi, I record all my invoice from the supplier I use in Bills. But I often end up receiving refunds from them for returned goods. I create a new transaction ("Add Income") and categorize it under "Refund received for a bill in wave" and select the correct bill the credit is associated with. When I go back to the original bill th…
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Good Day, I am in my first year using Wave. I don't have a ton of cash flow but have enough I wanted to track it. There are times where I need some money out of my personal (home) checking account and deposit it into my business account to cover a purchase. I set up an "account" Called Owner Income in Other Income categor…
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Hi I've been using the category drop down for 'Owner Drawings' but have left the account drop down as is on the default business account... am I meant to change the account dropdown to 'Owner Drawings' as well?
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Hi, I own a rental property through a limited company. When the company bought the property it had to pay a substantial amount of Stamp Duty Land Tax (SDLT). This tax is sufficient to cover profit for the next several years (I don't know if it's permissible to count it against profit though when calculating corporation tax?). When doing the accou…
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Hi, I have followed the instructions in this article to adjust both accounts for the business expense. I have debited the appropriate expense account, however, when I go to Transactions and pull up that Category, there's no record of expense there. Eg, I paid for lunch with a client using my personal account. I recorded the expense in my personal…
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Hi I'm new to wave and accounting in general. Im a small sole trader based in the UK and having trouble working out what to do when taking money from "The Business" ]I understand that as a sole trader I am the Business, but for the purpose of getting my accounting figures to look correct i am having a little trouble recording when I mov…
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Hi there! I run a travel agency and I am facing some difficulties as below: Assuming I sold a tour package worth $1000 to a customer in January, I issue an invoice to the customer and the customer pays in full My tour operator (let's call him ABC operator) sends me a bill of $800, which I would like to record under Purchases > Bills However…
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I have a receipt for business equipment that should be categorized as an asset. It appears Wave only allows me to categorize a purchase as an expense!? Sure I can categorize it as an expense and then go edit the transaction to change it to an asset, but that is a hassle when it would be so much easier if Wave let me select an Asset account. Do …
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Hello I had a machine go down and insurance covered the cost to replace. How do I record this transaction? I have a check from them to deposit, and then will need to pay contractors.
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How does Wave flag duplicates?
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I have been splitting a lot more transactions lately and I have noticed some of them insert the secondary category into the transaction view whereas others show the primary category; surely it should always show the first category selected as this is more than likely the most prominent one? For example if I split the transaction into: Computer So…
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My "Other" is somehow a bit high, how can I find which transactions are they? Thank you
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Hi, I'm new to Wave - loving it. However, I'm getting duplicate income entries. I am connected to my bank account and it seems that might be part of the issue? When I get paid and tell wave an invoice is paid, that shows up in accounting but then the credit into my bank account shows up too. I'm not sure how to correct this? I'm guessing I'm m…
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Where can I put donations on the chart of accounts? Both services and monetary.
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Hey Wave Folks! I paid a company for services rendered. My biz partner reimbursed me for his share of the bill. How should I book this entry?
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Hi, can anybody help, i need to display both my and my clients tax registration nos on my invoices, but theres no field for it, is there anyway i can edit 1 of the field names?
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hello wave community, I want to swith to Wave software and i want to know if it is possible to upload an excel file with all the transaction since the beginning of financial year (8 month of operations). Thanks
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Hi, how do I categorize a corporation income tax payment to CRA in my transactions? Thanks
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Hello All, Wish to start using the account software. Any idea how I should do this? Any help appreciated. Ylee
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Hi people, I run a property rental company... Rent comes in and Mortgages, Repairs, wages goes out... When I run my monthly report for Invoice by customer, all is ok (all rents show up) When i then run my monthly expense by vendor, not all my expenses show up (mortgage payments are missing) Any idea how to track this problem down >>>…
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When I select the reconcilliation option it only gives me the most recent month, starting from todays date, even though my transactions date back over a year. I think this has happened because I disconnected my bank account and then reloaded it (I had set it up in the wrong category so had to start over). How do I set the reconcilliation start d…
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On the old interface I could drill into a bank transaction and see the linked receipt but can no longer do this now. The receipts functionality is severely limited without this option and makes auditing a nightmare at the moment. Any idea when this functionality will be available in the new Wave?
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Hi I'm using the Personal section of the app to track my personal expenditure on my current accounts and credit cards. I have two questions: * What is the best way to categorise investments? Naturally these would be 'expenses' but they are also assets and can produce a return or gain. What method would I employ to best record this? * Wave has …
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Hi, I can see how to set up a journal entry to make a loan/mortgage payment, but my question is... In Accounting/Transactions, where the payment is listed from the bank auto reconciliation, how do I select the appropriate category? In the drop down list it only appears to allow expenses, income or equity, but the correct category is none of the…
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Hi, I'm newly set up as a freelancer, and getting quite a lot of work through sites like Upwork and People Per Hour. I was wondering if you could tell me a bit about how I'm supposed to record earnings for income from these sites? I work for a number of clients through them, and withdraw funds from them into my business account which is linked to…
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Think this would be helpful when a purchase receipt was paid using two payment accounts, duplicate a ready state receipt, then post the corresponding payment amount to the right account?
