Accounting Technical Support
Discussion List
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How do I add my business location to quotes and invoices? I see that the only options this software gives me for a business location is USA or Canada to select where my business operates from... I am based in South Africa. Why can't I add in my South African business details on my invoice? My client needs an invoice with my business operating add…
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My business is an LLC. In California we are required to pay a yearly LLC “Fee” for the permission to operate an LLC in CA. Last year that fee was accidentally paid twice and I just received the refund check from the state. Wave only offers "Sales Tax Refund" which is incorrect. So how to categorize this? Do I need to create a new accou…
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Hi Folks, wondering if someone could help me understand how to use wave to enter gross sales in wave. We receive deposits into our bank account (from cc sales) that include net sales (income), tips (liability), sales tax (liability), and fees (expense). I tried using the split transaction but it doesn't allow me to enter both sales and liability …
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There is no activity under certain item in income and expense. I check all my transactions and there's nothing. even when i click the item, there's nothing there. Why my profit and loss still show that items
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Need help with accounting for 'drawings' or taking a draw by the owner. When I try to do this and try to take from my main checking account Wave says that all of this type of transaction must pass through a equity account. Say What?paul_logan66 2.3K views 11 comments 0 points Most recent by itspronouncedoshay September 3, 2021 9:54PM
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I'm moving over from Quickbook and need to run reports based on an individual Customer. I used to be able to do this in Quickbook by running a P&L report and filtering by Customer Name., I can't seem to figure out how to show income and expenses for indivudual customers... Is there a way to do this??? Thanks
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My Business account had surplus funds I did not need to use, so I opened an investment account under it and invested some of the surplus in a balanced mutual fund. I know the tax implications but any post-tax return is better than the money sitting idle. 1) In wave app, where should I create this new investment account? I will have to move money …
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If I have made a transaction for credit card for fuel purchase. Then I made a payment using by checking account for that specific fuel purchase. Should I create just a transfer for that then delete the transaction. Or should I keep that fuel transaction and create a transfer for credit card payment.
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This probably a basic accounting principle and is probably explained everywhere on the internet but because of what I assume is a lack of proper vocabulary to describe the question, I couldn't find the answer... We are nonprofit and we use Eventbrite to sell tickets. Do I have record every ticket sale individually in our books or I can simply rec…
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Hi, We have recently incorporated and have invested some money in the company on various things. I have added two shareholder loan accounts for each of the partners and put the expenses in their names respectively. Now how can I pay back the shareholders and record the transactions ? I have put the partner's initial spend as expenses ? Is that i…
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I found an instance where the sales tax report is giving false information. In July, 2021, I had four different invoices where I received partial payments that were each the final payment for those invoices. Since I use cash accounting methods, and my state requires me to submit any sales tax I have collected on a monthly basis, I paid the sales t…
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For the last few weeks my account has mysteriously unreconciled itself going all the way back to 2017. First I waited for what I thought was probably a bug to be fixed. Then I went in to see if I could fix the problem. I see multiple duplicate entries, and many entries classed as credits when they should be debits. I'm hopelessly confused. I don't…
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I'm new to Wave this year, moving over from Quickbooks. Love it so far! In QB, I had a Credit Card ledger where I could allocate my credit card expenses to each expense account and it would show up in my P/L statements. How do I do this in Wave? Currently it just shows the bank withdrawal for the full amount. I do understand that I can probably …
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We need to create a balance sheet for our annual return, but are not sure if we have accounted for money we have paid into the business correctly. Example. We paid for web development out of our own account and want to include this as a business expense. Should we: Show the expense only.... Add Record - Expense - Web Development - Owner inves…
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I have a client who had 3 open invoices totaling $169.85 who paid, using Wave Payments, but paid $170.00 using a link from one of the invoices. I can't figure out how to let Wave know that the 2nd and 3rd invoices are also paid. I tried going to the transactions for both the deposit into my bank account and the ACH and splitting it as "Paym…
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Hello Everyone! How can I calculate a total expense by business percentage use? Thanks, Thuc
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We're a small NGO so does the application do the job and can it be customized for nonprofit?
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When trying to upload a bank statement, it redirects to a "We're in maintenance mode" page. This has been like this the last couple of times I have tried so I'm not sure if I'm really unlucky or something has broken? Wave status page reports "All Systems Operational". Steps to replicate: 1. Navigate to Accounting > Transact…
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When I go to Reports > Account Transactions (General Ledger), I select an account to export its transactions but on the description for invoice payments it shows only "Invoice Payment" without its number. In the past (before October) the same report used to show "Payment for Invoice #167" for example (it had the number of t…
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Hi, Can anyone help? I'm new to Wave and have found that Wave has this account called money in transit but i have already imported my bank statements! If i transfer the funds over to my bank i will have duplicate entries! You can't delete the Wave money in transit and it would take a long time to delete all the Wave income in the bank! Any ideas i…
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None of my Payments by Wave show in my reconcile window so I cannot reconcile. Also, many other transactions do not show up. Please please can you help me? I have spent 4.25 hours trying to figure this out.
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Hi! I look into all the discussion but find a little information about interest expense and finance charge related account. I wonder why Wave classifies interest expense as an operating expense when outside resources identify it as a non-operating expense? Plus, I need to record late fee expense, can someone advise if I need to create a late fee…
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If a family member or friend gifts money, how do I input this "transaction" under personal accounting?
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Hi im still confused about how the inventory and cost of good sold feature works. I am going to sell second hand items on ebay, so none of my items are the same. Im trying to figure out what I should be doing. Should I be listing every single item separately into my inventory with its original purchase price and then reconciling it the cost of co…
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Please help! I am trying to add a new email account on my waves profile but I am not receiving any verification email. I have tried multiple times but still nothing is coming through...
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I run a sole proprietorship and over the course of 2017 I made some loans to my business from my personal account, both are linked to my Wave account. How do I reconcile the loan and repayment amounts between the two accounts? Any pointers would be greatly appreciated. Regards Doug
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I made a purchase on a credit card and then returned it after I paid the balance. The balance was sitting on the credit card and the only way I have been able to post it to accounting is a transfer from credit card to checking. It is showing as an advance from credit card. Is there a work around to show that as just giving me my money back vs a ca…
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I am a CPA just learning Wave. I like a lot of features about it but right now the balance sheet does not balance and I'm loosing my mind! Please help?
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My company recently bought a property that is financed by the seller. There was a small down payment (say $10K) that was put in by an owner and the rest ($90K) was financed. There was no money from the seller at closing. There is a payment ($500) monthly for the mortgage. How do I set this up? I am hung up on the seller not presenting any funds. …
