Accounting Technical Support
Discussion List
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Good day to you all please I followed the instruction on "Simple inventory entry & tracking in Wave" on this link https://support.waveapps.com/hc/en-us/articles/208623546-Simple-inventory-entry-tracking-in-Wave to manage my inventory but right now My Profit and Loss statement is showing me the same values for my Income and cost of …
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So one of the locations I provide services for pays me monthly with a cheque that includes money they collected for me, from which they deduct operating expenses. E.G. if I have $5000 income, and they charge me 30% for rent/overhead expenses, they would cut me a cheque for $3500. My bank statement would record this as a deposit of $3500. However, …
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I made the mistake of not initially opening up a business account at the beginning. Now that I have one and spending 2 days reconciling all the transactions, I am most confused about how to account for payments towards my business credit card. Prior to me having a business checking account, I have been paying my business credit card in full using …
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Hi I am new to wave so I am going through things for the first time. For instance, my use case right now is a bill that one of the owners paid out of their money. I have the receipt and I have uploaded it. I have categorized it (computer - hosting) and for the account, I used the only payment account I have access to that makes sense (Owner Inve…
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Hi, I have two clients who paid off part off their invoices in the last financial year when I wasn't using Wave. I submit my accounts on the cash basis and last year has been submitted. Now this financial year they are paying off the rest of their invoice in irregular instalments. I record the transactions in Wave and include in the notes the ori…
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Hello, I need some help here. My problems are how do we put in wave for a topup transaction? For example: 1. ABC company (my company) transfer $100 to XYZ company (supplier) for topup. Later when we order items, they just deduct our money that are deposit to them because they don't proceed who are $0 in account or insufficient balance. Hope anyo…
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Hi, I'm new user here. How to add product category?
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How do I export all my data from wave accounting into excel so that I can make changes and amend it.?
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Is there a way to attach a receipt to a transaction that has already been recognized by wave? For example, if wave sees a transaction from my bank account automatically, and then I upload a receipt, it seems like I get two identical transactions, and I have to delete one.
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Hello! We operate a small baseball club organization, and we often pay things like tournament entry fees and league dues on behalf of our parents, who later reimburse us for those expenses. As of right now we are invoicing the parents and showing this as revenue, and our payment to the league/tournament is shown as an expense. My concern is tha…
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Hi, I have a lot of payments allocated to cash on hand but it need to be in Bank Payments received from customers was posted to cash on hand, what is quick and easy way to change to Bank? I have about 2,000 invoices recorded. Do I need to go into each invoice and change the payment method and payment account? Is there no way to select all the …
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Hi I am quite new to Wave but tried to sit for a number of webinars and watch videos on how to use it. I have now been using the application for about 4 months and I really like it. I am however finding difficulty findings ways how the system would calculate the sales tax automatically when I upload a receipt. I know that when I add a transaction …
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I have two waveapps accounts. I want to migrate data from one account to the other and close the old one. Is it possible?
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Here in the Philippines we used to add a 12% vat but how can i add it in the sales and purchases. Thank you.
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I'm just giving Wave a try to see if it suits me. In my first month of this financial year which started on 6th April my business bank account, which is synced in Wave, shows a cash paid in transaction. This transaction included some cash from an invoice already accounted for in the previous year. What I have done is set a starting with balance, …
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Wave has a very good report functionality for gathering and reporting information for HST reporting. Your Canadian invoices to customers with HST attached is entered as "HST Paid Payable." I advise Wave users to report their HST quarterly. A work-from-home service business with $175,000 in sales (all in Ontario) could have HST payable of…
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How do I get a report with the pictures attached to the expenses to send to my accountant??
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Hello, In all the reports in the contact field dropdown, if we select a contact name then it is displayed multiple times, some are displayed twice and some thrice. Once we select any of the one, then for some the report data is displayed and for other the report is blank :( What may be the reason?
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Hello Starting new business and new account. When I connected my bank account, a balance shows up of cash. How to I categorize that? I don't want it to appear to be income
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I just got Wave today, and I tried uploading my bank statement. For some reason, it wouldn't do it! I tried downloading the file in every format your site suggests. No go. The only way I can download a statement is as a PDF. Now what?
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I've just had to pay an invoice that is on the purchase ledger with my personal bank account (waves fist at customer who hasn't paid their huge bill yet). How can I account for this? If I mark it paid, there will be no accompanying entry on the bank statement. Should I submit an expense claim, and zero it out somehow? Thanks for advice!
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Is there any solutions about wave converting itself the currencies on same date at different exchange rates? Please Thank you Can it be fixed? Kindly advise if we can change the exchange rate manually because it does not seem to be accurate.
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Hello, I am having an account in foreign currency (USD) however after a couple of transactions i found that the balance in equivalent local currency is not reflective and the difference most probably automatically reflected in the loss on foreign exchange and balance became in negative sign!!!....what is the advise to adjust the balance in local c…
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When a customer gives me a cash tip, whats best to record this? Sometimes when a customer comes to buy something, every now and then they don't want a receipt. So I created a customer called "cash customer" for this example. So should I do the same for "cash tips"
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Hi, I'm trying to account for GST (goods & services tax) in a journal transaction. For example: Insurance expense as a debit and paid for with personal funds so credit to Drawings. I can't see anywhere that has a drop down tab to account for the tax. Any help would be much appreciated 😊
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The Canadian Controlled Private Corporation (CCPC) has a very attractive corporation tax rate, a lifetime taxable capital gains exemption of close to $825,000 but there is a severe penalty imposed by the CRA (Called Part III tax) on excess dividends. Those excess dividends are essentially the amount of the GRIP (graduated rate investment pool) - c…
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am stuck over 3 hours with this case . cant fixed something wrong for sure i was adding my debit also credit than asking for Equal ! 2- also its asking ( Please enter data for at least one account ) i do it also but cant be save again Please someone explain Best Regards
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Hello my client can’t make, co’s payment links is not with the invoice I created for him to make payment
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Hi I want to continue my accounts using wave but my company is old so how can I continue with the year end records of previous year. Can auditors audit using wave as our books are audited every year. Kindly help me on wave or whatsapp me on my number +254708726058 Mombasa Kenya Thanks
