Who would like sub accounts added to Wave?
lorrijw23
Member Posts: 1
It is difficult to get correct reporting without sub-accounts. Wave - please consider adding this feature in ASAP!
Who would like sub accounts added to Wave?
This is a public poll: others will see what you voted for.
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Comments
@lorrijw23 What's a sub account? My Wave has lots of otpions for different types of accounts, when I go to make them? Maybe I'm missing something big lol
Yes please I also would love sub accounts. sub accounts is used when you want a parent- child relationship between accounts its useful for reporting ex. Office expenses account:
- telephone
- software
- etc
but also really good for classifying assets and liabilities ex:
Business trucks:
- ford 150 2010
- ford 150 2016
- silverado 2017
or
Machinery:
- installation costs
- equipment
-- machine 1
-- machine 2
- improvements
etc...
Why is it 2018 and this is only begun to be considered as a "feature"? This should have been included before the waveapps.com domain name was purchased.
Hi, @lorrijw23, @tiger and @isthiswhatyouwant.
I understand that it can be frustrating to find that a feature you expect to find on Wave hasn't yet been built. It's why we're always happy to discuss potential new features, ideas and suggestions for the future of Wave. We do really want to have these conversations so we can best understand the needs of your business, and so we can make Wave the best tool that it can be.
The best way for you to help is to share with us more details about how a given feature would affect your various workflows, your business, and your time. We care, we want to help and we want to best understand what you need. So let's chat
We'd love to hear more from all of you.
Could you tell us more about your field and your business model? If Wave did have a feature like this one, how would you use those sub-accounts? Would they be used to track specific projects or customers, for example? What are you using to organize your books right now? Do you rely on another software or use spreadsheets? Would you expect reports to be available for parent accounts? If so, what kind of insights would be looking for from these reports?
@JustinA, tagging you on here because I thought you might be interested in this discussion.
Yes, please add sub-accounts! We are a software company and have different versions of our apps - web, iOS, and Android. We want to be able to rollup up all software revenue that includes ALL of our software products, and also break it down by these different versions.
Same on the expense side (as mentioned by @tiger )
Hi, @rzoller.
What would that look like in your chart of accounts? As it stands in Wave, you could set those three as separate Sales accounts which could be tracked individually, or bundled together with all other income. Do you have other sources of income than those three?
@Alexia I see how this can work for Sales accounts but on the expense side, I want to track COGS-Product X; COGS-Product Y etc where COGS would be the parent expense and Product X and Y would be sub expenses so I can track all types of expenses associated with Product Y. I see how this could also be done with a tag feature and exported to a customer report but without either of these features I'm not sure how to do detailed reporting by product line...
I'm a new user so apologies if I'm missing something obvious
Thank you for your input, @SLCL01. I'll make sure to pass it along.
Can you tell me in what field you work? I'd love to know a bit more about your business, so we can have a better idea of how widely a feature like this one would affect our users.
@Alexia in our chart of accounts, it would have a "Software License Revenue" account, with iOS, Android, and web sub-accounts. At the reporting and summary level we want to measure our software license revenue, but from an analysis perspective want the ability to look at the next level of detail.
The problem with having the 3 as accounts is I can't aggregate them.
Yes, we have other sources of revenue: Affiliate marketing revenue, Advertising revenue, and soon we will also have services revenue.
Thanks!
I have been in several fields Manufacturing, Services and construction. And it is a very standard feature. It will allow your users a simple customization of reports. And it is a main feature in accounting it comes from the account ledger where the chart of accounts used to be numbered and you had the 10000 as assets 20000 as liabilities etc then you would add sub accounts by by changing the second digit ex 11000 accounts, then 11200 cash accounts then 11201 purchasing cash account 11202 maintenance cash account. etc etc...
I have used quickbooks, netsuite and sap. and a few other international software packages and it is usually a given that bookkeeping software will have this. I have even used it on liveplan when setting up business plans.
I opened the wave account to manage a small real estate investment where we will build a warehouse and then lease it out. I don't plan on using another software at the moment for bookkeeping. I expect to be able to minimize and maximize parent children accounts on every report where the total of the children account would be added automatically to the parent account.
This actually is a perfect example of a sub account you guys manually added. those 3 separate accounts are sub account of income. what we need is to be able to customize and add more like that. Taking rzollers example lets say for some reason they also needed to track geographically and for some reason add an account to each region so now you have:
Income:
-- Ios
-- android
-- web
but they want to know how much they sell in north america vs asia:
Income:
-- Ios
--- asia
--- north america
--- europe
or maybe they want to do different categories
Income:
-- games:
--- iOS
---- usa
---- asia
--- android
--- web
-- business apps:
--- iOS
--- android
or whatever else you can think of but not only for income but also for cashflow, bank 1 bank 2, etc balance sheets expenses etc etc...
You don't know where or what or how which customer will want to track. this feature allows everyone to customize their books the way they want to see it. Instead of adding a new field for everything etc location to track location on the new customer page then add a field for category then add a field for corporate sales vs individual sales etc.. I understand some things like location make more sense as a separate category field but I hope this example shows the benefits of sub accounts.
Thank you for following up, @rzoller and @tiger!
Ditto on comments by @rzoller @tiger @SLCL01. Thanks for hopefully expediting this feature request
Hi, @isthiswhatyouwant.
Could you tell us a bit more about your field, your business and how, in your specific context, you'd use a feature like this one? Real-world examples do the best job at helping us assess the impact a potential new feature can have.
Has anything happened on this potential feature? I do the accounts for a small non-profit (i.e. we have no money) and would love to be able to use this - something free and cloud-based is perfect for us. But the lack of sub-accounts means I can't do reporting the way I need to - for example, I need to be able to keep track of total "administration" costs, but there are a number of things in that category that I need to track separately. So our chart of accounts looks like this:
Administration (parent/roll-up account)
There's a number of different roll-up accounts like that (both for revenues and expenses), so using Wave's "other income" for one of them doesn't give me a solution for the rest.
So right now I can't use Wave, because I can't set up a chart of accounts the way I need to, and it's incredibly cumbersome (and time-consuming) to export data and create my own reports rolling up the various accounts manually.
So please, please, PLEASE add sub-accounts!
Hey @WCC. I appreciate this high level feedback on adding a sub account feature in Wave. Full transparency, sub-accounts are currently not on any immediate roadmap currently. This could be something that we implement in the future, but we still don't have an ETA as to when this will be available. Once we do have an update regarding this feature request, we will definitely be sharing it in this thread.
Really is as needed feature (sub-accounts). With Real Estate investment need to be able to break out each properties income and expenses for tax purposes while providing the roll-up allows full management reporting on property as well as overall basis. On the Consulting side it is the same for clients so you know what you're profit/loss is for individual clients as well as your overall.
I don't think you're really going to get a lot of comments on it because the comments that have been put here cover most people's requirements for it and I've been following this thread for a while and not yet having it on the road-map is disheartening.
Hey @JAM . Thanks for your detailed response letting us know exactly how you think sub accounts would help out our users. I don't disagree with you and I actually see how having sub-accounts for both Real Estate and Consulting would streamline many processes.
In regards to this feature not currently being on our roadmap, the team does its best to gather feedback and insight from our customers into which features would be game changers for them. Of course, there's a lot more than just feedback that goes into deciding when a feature should be implemented, but we do take your comments into consideration during this process.
With all of this being said, we get a lot of feature requests for a lot of different products and we're constantly sifting through them to see which makes the most sense. At the moment as you know, this isn't on our roadmap, but we will continue to check back and determine whether this fits into the equation for what we're implementing in the future.
Thanks for updating us on this. Really sad its not on the road map I've been using this software more and more and I believe it will help you tackle a lot of other things I've seen users requesting like Reimbursable expenses by project. Categorizing products, Assets, Income, etc, etc.
In the forum I see other suggestions like tags, categories, etc every-time anything like that is suggested in the forums its an indirect request for sub accounts which are the original accounting practice worldwide to be able to detail down and up all sorts of tracking. I hope you guys reconsider as it will make this very good product a lot better. And its not just for real estate and consulting. its for business in general everyone has different needs and things they need to track/report.
I have used this in manufacturing to track:
costs per product line,
assets by location
sales by location
sales by product
expenses by project.
I've used this in real estate to track:
maintenance by property
rents by property
fixed assets by location
improvements by property
We really appreciate your expertise here @tiger
Thanks so much for chiming in. Our software started off as a very novice platform for business owners who operate on a transactional basis. But as our users businesses grow, our platform should too. This takes time and we are just as eager as you are to move forward!
As soon as you add sub accounts, we will switch over from QuickBooks to Wave. We are non-profit choir and having the ability to report on total concert expenses and to breakdown those concert expenses is critical.
Please add sub-accounts!
Wow, when I was being trained as an accountant over 30 years ago, sub-accounts was part of our accounts allocation. They are not only important for audit details, but assisted greatly in presenting Financial Statments supporting worksheets. I believe you will attract much larger sets of books if you include sub-accounts as an option.
If a Ledger Account has sub-accounts, it means that the user can only post transactions to the sub-accounts for that fall under the Ledger Account, and the totals of all the sub-accounts will show in the main Ledger Account.
Sub-accounts are what's preventing me from switching my personal expenses away from Quickbooks. Another vote for yes.
Please add sub-accounts. So much time is spent manually adding multiple categories or breaking down single categories.
Hey all,
Unfortunately, sub-account in Wave are not currently on our roadmap. This could be something we look towards implementing in the future, but this will not be happening for a long while. I'm sorry to be the bearer of bad news, but I want to be able to remain completely honest about expectations.