Chart of Accounts

ElKapitan

Hello.

I am currently using quickbooks for Mac and am interested in moving to an online platform like Wave. I am looking through it and can't figure out how to setup the chart of accounts like we have in Quickbooks, with accounts (Projects) and then sub accounts (supplies, transport, communication, etc.) under each account. Any suggestions on how this can be accomplished in the Wave Platform?

Thanks

Just_Lurking

Unfortunately, I don't believe Wave supports sub-accounts. In addition, I'm not aware of a feature like Quickbooks' Class Tracking or Xero's Tracking Categories, both of which can be used to achieve the same result as having sub-accounts.

Perhaps someone from Wave will weigh in as to whether anything like this is on the roadmap.

Alexia

Hi, @ElKapitan.

@Just_Lurking is right. Wave doesn't break down accounts into sub-accounts or smaller categories. A feature like this one isn't on the roadmap right now, but we're always looking for ideas and feedback, so I'd love to have more details on exactly what you need to do.

Can you give me a bit more information about what you want to do with Wave? I might be able to offer an alternative or a workaround

Also, @Just_Lurking, feel free to tag me on posts like this one, if you ever want my input on anything. I'm never very far

Kenj

@Alexia it will be great to have sub-accounts. For example, if you are not going to have "project/departmental categories", we classify it as RENTAL INCOME - but within there is Rental Income for various properties. When we present the accounts, we have option to show all the transactions within as RENTAL INCOME but sub-account does not appear.

It only appears for biz owners like me to make management decision to drill down to profitability of projects, etc. Same for COGS.

Alexia

Thank you for your feedback, @Kenj!