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How to create account TYPES

zoomerzoomer Member Posts: 1

This question was asked tangentially here: https://community.waveapps.com/discussion/82/adding-a-new-account-to-the-chart-of-account but it was not answered because the OP apparently had read-only access.

Can someone assist: can I create a new account TYPE and how do I do it? I do have full read-write access to my account.

Thanks all for any assistance.

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @zoomer.

    You can't currently create new account types in Wave, only new accounts. Is there an account type you feel is missing from the default account types in Wave? Could you tell us a bit more about your business and the account types that would benefit you?

    edited June 28, 2018
  • CanodyCanody Member Posts: 4

    Hi Alexia, I also have the same issue. Instead of having Account Type, "Business Owners' Contribution", I would like have "Unpaid Share Capital" and "Paid-up Share Capital" with separate sub-totals. Regards,

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @Canody.

    There's currently no way to add new types of accounts in Wave.

    Account types don't work like parent accounts, with reports covering all accounts under them, if that's what you're looking for. Wave doesn't have a parent-child account structure. Account types are really only a way to group accounts on your Chart of Accounts to make it easier to navigate.

  • CanodyCanody Member Posts: 4

    Thanks alot for your response. It's rather unfortunate that there isn't any way of adding new Account types in Wave. As a matter of fact I have several accounts under Equity that I had wanted to put in two separate groups.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Is a parent/child account structure what you're looking for, @Canody? Can you tell me more about how you would intend to organize your accounts and what features you would expect?

    I'm asking because I'd like to forward your suggestion to our product team, but it's always better to give them as much information as possible. It helps us better understand your needs and the needs of your business.

  • CanodyCanody Member Posts: 4

    @ Alexia, Our startup company, Drucilla Investments Ltd was founded by seven friends. Every month, each member is required to pay for the shares allotted to them. Therefore, on our Balance Sheet, (under Equity) we wanted to separate the members' shares into two groups with separate subtotals i.e - Paid up Share Capital and Unpaid Share Capital instead having the default Account Type - Business Owners' Contribution

    I hope that will help.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Thanks for following-up, @Canody.

    I can tell you that there has been a lot of demand to see sub-accounts in Wave recently. I can't promise that it's something we'll be adding to Wave, but know that feedback and comments from Wavers has a significant impact on what we choose to build next, so thank you for taking the time to share yours.

  • jarthdajarthda Member Posts: 5

    Hello everyone. @Alexia My case involves business gift expenses. They are neither COGS or Operating Expense. How do folks create a new expense category for this?

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @jarthda

    Just wondering if you can give us a bit more information about this type of account.
    1. What sort of transactions will we be seeing on it?
    2. Are people paying with gift cards?
    3. Are you purchasing gifts for employees in the business?
    4. What were you hoping to achieve with this type of account.

    Thanks looking forward to hearing from you!

  • jarthdajarthda Member Posts: 5

    Hello @BarsinA,

    I apologize for the delay. The issue remains, however and I'm not able to 'advance' receipts to transaction to reports for a couple of my expenses. I'll answer now:
    1) The transaction is an expense in the form of $50 gift for a host while travelling for business.
    2) No one is playing with gift cares. I am paying for an item which I give as gift.
    3) No
    4) My main goal is to keep accurate records of expenses without miscategorizing a 'gift' as an operating expense or cost of goods sold.

    Thank you

    JOhn

  • ChelseaKChelseaK Member Posts: 261 ✭✭

    @jarthda Hmm, this is a really good question. I suppose it depends on how you view this gift. If you view this gift for your hosts as a business expense, I might say that it is an operating cost.

    If you view this gift as more of a personal gesture, maybe you'd like to categorize it as Owner's Investment/Drawing? You can read more about categorizing personal transactions here: https://support.waveapps.com/hc/en-us/articles/208622836-Handling-business-expenses-with-a-personal-bank-account

    If you view it as a business expense, you can create a separate expense account for 'Gifts' so you'd still be able to distinguish between this type of operating cost versus other operating expenses from your Account Transactions Report.

    I might also ask the advice of a professional accountant here on what would be considered personal versus business in your specific case. What do you think?

    edited September 17, 2019
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