Accounting Technical Support
Discussion List
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I have just started looking into the products and services section where you can add them for specific services or products you sell, but have some questions. * Are you able to see a breakdown over a time period of how each of your products/services are performing when doing this? I notice you can do this with Vendors. * Is it possible to have va…
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Thanks for your help in advance. It just time to close my books. Wave accounting creates to accounts. Jane on Foreign Exchange and lost on Foreign Exchange. We do not have access to those accounts. I need to close those accounts for my year-end. How can I create a journal entry to close those accounts to income summary? Any help would be great…
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Hi, I'm looking for how to link my transactions from my bank to receipts that I email to Wave. Seems like there is a provision for linking a transaction to a bill but not to a receipt. When I add a receipt, Wave is creating a new transaction in the same payment method instead of linking it and hence creating duplicate transactions. I'm talking…
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Hello! I am new to Wave. I would highly appreciate if you could assist me. We have established a new business with 4 different owners. My question is the following: Can I create a default percentage for each owner? For example, if any income will be received by the company, naturally it will be divided into 4 owners. Same thing on the expenses.…
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In Wave, How do I record payments to myself from my business checking to my personal account as the owner? It's different from payroll so I'm not sure how to appropriately record this. Thanks!
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Hi, the staff is paying back her advanced salary by deducting her monthly salary. I'm trying capture this transaction when payment is made but seems like Wave doesn't allow debit transactions in accrued salary. How should I treat this transaction?
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I enter my credit card transactions manually. Any way when I'm adding expenses I don't have to choose the credit card each time?
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I think I almost have things working, i have a vendor that i've made a pre-payment to, now I want to use that. I created an asset account under vendor prepayments. put in the amount of the prepayment. I created a bill for an amount for that vendor (less than the prepayment). Then I went to pay the bill on the bills page, the pop up comes up, i …
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It seems that reconciliation is tied to default currency. If you're reconciling foreign currency bank / credit card accounts, Wave requires that you provide the reconciliation amount in the Default currency. This doesn't make sense because account statements and transactions for those accounts are in foreign currency, therefore reconciliation sh…
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Hi, I run a cabinet company and have donated some of my work to a non-profit organization. To record this in my ledger, should I invoice them and create a payment from a new account for donations to create a zero balance? What's the best practice? Thanks!
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I have an invoice created in wave. It was paid on June 28 2018, but didn't hit my bank account until July 3rd 2018. How do I reconcile this transaction so everything balances? I can't change the date the invoice was paid in Wave.
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i want to enter old debit balance of customers. how can i do that?
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Hi when doing an "all data" export via settings>Data export is there a column that tells you the high level expense category e.g COGS or Operating Expense? The only expense/income description I see is "Other Accounts for this Transaction" which provides a level of detail down.
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Hello, Following the advice of "Claiming reimbursable expenses on an invoice", I have an account for Reimbursed Expenses and I can invoice my client. However, using the Receipts app, I do not see how I can record the initial expense. The previously mentioned tutorial uses a manual procedure to record the expense. Cheers,
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Hi guys, still quite new to the app. I linked my banking to the app so that it is pulling transactions daily. However, when I click on monies received for a certain invoice, the system will capture the income on the transaction list. So in other words - the transaction statement will pull the amount from the bank (lets say R50), and when I Record …
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we buy lunch and dinner for our employees. where would you suggest categorizing these? meals and entertainment or??
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I haven't seen anything like Vendor Statement on the wave. Is it possible, please help?
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This message appears after you download the application
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Hi all, When I started my business I spent the first few weeks paying for things using my personal debt card: this has made filing our first years accounts good fun. I'm struggling a little with understanding how to handle this in Wave. I'll explain here how I'm trying to do this currently: (1) I've setup a personal account and a business accoun…
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I need (tax office needs) to specify each transaction and document by uniq ID. How do I edit the account ID in predefined account record (for inst. Accounts Receivable) and is it possible to get this ID on accounting reports? What does the bill# (purchases agenda) means? Should I put the number printed on the bill by a vendor (what if the same …
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I work with other Government bodies for purposes of contract manufacturing some products with researchers. I am wondering whether the best option is to use the part of vendor and bills as a service or manual entry expenses but seeing this forms part of cost of goods I cannot post the entry as a service as it requires me to quantify it into price a…
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Hello I have a client who has taken a lease out on a large property and has sublet portions of the space to other people to reduce her own rental expense. This is not her core business, just a way to manage the rent expense. I want to know the best way to capture this income. I see there is a "Refund for expense" category which seems c…
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My accountant has asked me to adjust opening balances for some of the following accounts after completing my year end accounts - where do I adjust for Retained Earnings and Accruals?
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I am trying to set up my business accounting on Wave. On the accounting menu, I cannot find an option for journal entries or inputting starting balances. Help needed please
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In reconciling my bank accounts, I inadvertently entered the closing balance for the WRONG account. Reconciliation tells me there is a differnce, but the only action I can take is to click on the "Reconcile" button which would allow me to adjust transactions, but there seems to be no way to correct the false balance. Help please.
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Hello, I was importing my first set of transactions and one of them was an estimated payment to the IRS for quarterly taxes. I'm not finding a category for that item. Am I missing something or what category do I assign this to? Also, can wave give me an estimate for taxes, such as self employment and such? I didn't find that if it is present …
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On my "Personal" account, I have an existing credit card connection that is importing data to my "Equity->Owner Investment Drawings" category. This is not correct. 1) How can I switch the existing historical transactions to the proper "Liability->My Credit Card Account"? 2) How can I switch the existing bank c…
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Hello, I just signed with Wave but type of our business to get started. We are a motorcycle dealer/store repair shop. We started in March, 2017 and I've done our books manually. We filed an extension for our 2017 tax because our tax preparer wants our information in the computer/quickbooks. Is there a way to enter all the information that I hav…
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Hey, I just started using Wave. I have receipts from April til now. I want to be able to put all the receipts in so that I can have a good grasp of profit/loss and such. Do I have to take pictures of all of the receipts or is there a way to enter them manually?
