Income Statement doesn't show accruals
Annie
Member Posts: 2
Note: Based on reading other posts, I believe I'm still on the old system (bummer, since I've been opted into Wave Labs for years now).
I'm trying to get an accurate view of income for 2017, one that allows me to match up 1099 income with a Wave report. The closest report I seem to be able to get is under the Income Statement option. The problem is that when I set the date range for 1-1-2017 to 12-31-2017 and try to view an income account (header says Account Transactions), I'm shown a list based on when the invoices were sent, and not when the income was received. This is specifically blowing up for me around Jan and Dec each year, as I inevitably have Dec clients whose payments don't come in until Jan.
Can someone walk me through how to get a report showing the total income that was received within that range? Is there a different report I should be running? I'm trying to reconcile an IRS discrepancy. Please don't tell me that the future version will fix this... I need to know how to do this with the version I have right now. Thanks in advance.
Comments
Hi. @Annie.
Your migration to the new version of Wave doesn't have anything to do with your participation to Wave Labs. Simply put, some accounts require specific features to be complete before we can migrate them over. We plan on being done within the next 3-6 months.
Until then, you won't have the option to access reports that use cash-based accounting. We do have a workaround that you can find here, which explains how to handle your cash-based accounting despite the fact that, in the older version, Wave only operates on an accrual basis.
I hope this helps!
Thanks Alexia. My understanding was that all of Wave was accrual based, which is why it surprised me that I'm not able to easily run a report that shows what was accrued during that time span (without a workaround). Perhaps it's lack of understanding on my part; I'm certainly not an accounting pro. Thanks for pointing me to the workaround. I'll see if that solves my problem.
Hi @Annie.
Accrual-based accounting means that income and expenses are recorded at the creation of an invoice or bill, as opposed to cash-based, where those numbers are recorded when money changes hands. Wave does, in fact, work in accrual accounting primarily (exclusively, even, for the older version of Wave).
Looking for simple report of accrual for 2019. Simply total amount of invoices paid. not seeing it as a total anywhere. I am looking under payments and as far as i see, it is each individual not a total for the period ( in this case 2019)
Hey @aDesignedLifellc! If you're looking for a total of just invoices paid in 2019, I'm thinking that the Cash Flow report would be your best bet here! Give it a shot and let me know what you think
Thank you!!!