What is with the new UI?
isthiswhatyouwant
Member Posts: 8
I have two user accounts: one has a new UI with VERY LIMITED functionality; the other, older account, has an archaic GUI, but it allows many more accounting functions (e.g., transferring credit card transactions to different companies/personal). Is Wave in the process of limiting functionality (like Google Finance and everything Apple), or is it in the process of bringing the old UI platform's functionality over the the minimalist new UI? I need to know, cuz the answer will determine if it is time to run away from Wave, or not.
New UI:
Old UI:
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@isthiswhatyouwant
Can you post more screenshot of the new UI?
We don't have the Launchpad as shown by you
Hi, @isthiswhatyouwant.
We're working on migrating all of our users to the new version of Wave at the moment. The new version does not currently have a feature to easily move transactions between businesses or to your personal page, but we are working on adding this feature back. If you'd like a workflow on how to handle paying for business expenses from a personal account, I'm happy to offer a way to handle it until this feature is ready.
If there are other features you aren't finding, let me know, I'd love to help. Limiting functionality is not our intention. In fact, we've added quite a few features to help businesses that operate in multiple currencies, as well as new reports to allow for better insight about your business.
Having used the new platform for a while, I can say that it is much faster and more robust. Still look forward to being able to seamlessly transfer credit card transactions between companies rather than making hundreds of manual journal entries.
Here are several screenshots of the new platform:
Thanks for sharing, @isthiswhatyouwant! And thank you for the compliment on our work, we can't wait to bring the new and improved Wave to all Wavers!
@Alexia you said:
“If you'd like a workflow on how to handle paying for business expenses from a personal account, I'm happy to offer a way to handle it until this feature is ready.”
Could you please post this? Thanks.
Absolutely, @isthiswhatyouwant!
Here it is.
Let me know if you run into any issues and I'll be happy to help out!
@Alexia thanks. Your link recommends recording the personal transactions on a shared bank account on the EQUITY side of the ledger. What are the accounting implications of recording expenses on a business credit card or bank account as SHORT TERM ASSETS on the business BS for personal expenses incurred on a business account? I am managing the books for a few closely-held investment companies whose investments range from landlord, to NNN lease properties, to seed funding for startups. Multiple related entities with either partnership or single owner companies, some of which are subsidiaries of each other. Despite routinely advising them to use separate credit cards for each business and personal separately, they rarely use the correct for any transaction.
Company A has 2 credit cards, which are used by Companies A, B & C plus personal owners 1 & 2. Checking accounts of any five entities may be used to pay bills of any entity, depending on cash flow and account balances. Total mess. How best to handle? Short-term assets & liabilities, or owner equity? Should each relationship (Co.A<->Co.B, Co.A<->Co.C, Co.B<->Co.C, Co.A<->pers.1, Co.A<->pers.2, etc.) have one account with both debits and credits recorded against it, or separate asset & liability accounts that are reconciled at year-end?
Example, when Co.A’s credit card pays Co.B’s expenses, it debits Co A asset account “SHORT-TERM LOAN TO Co.B” and credits the CREDIT CARD account. Simultaneously, CoB. credits its “SHORT-TERM LOAN TO Co.A” account and debits it’s appropriate expense account???
...and how to actually record the transaction in Co.B’s ledger if the credit card transactions are imported to Co.A, without manual entry or manual upload of an entire credit card billing statement)?
Hi, @isthiswhatyouwant.
If the intention here is for everyone to repay Co.A for those expenses, yes, you could record all the money owed by each company and person to Co.A as separate asset accounts (and liability accounts on the other side), but you would still have to enter each transaction a second time somewhere. There's no way to do this simply for now.
It is something that's in the works, but for the time being, you'll have to enter one side of that exchange by hand.