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Receipts - categorize as (fixed) asset

RRTSRRTS Member Posts: 19

Hello, I'm finding that when I forward my receipt to Wave - and I try to categorize it - I only see accounts of the Expense types. I purchased a large piece of equipment on a credit card, and I want to make sure that receipt / transaction is recorded as a fixed (capital) asset - Under "Propery, Plant, & Equipment". How do I tell the system that the receipt is tied to that transaction, and not a traditional expense transaction?
Or am I going about this all wrong - do I track the credit card expense in one of the Expense accounts, and then balance it with the fixed asset in the assets?

Please assist, Cheers

in Technical Support

Comments

  • RRTSRRTS Member Posts: 19

    I think I found what I'm looking for. Previous poster it was suggested to enter the transaction as a bill, then can classify that as a PPE Asset.
    https://community.waveapps.com/discussion/592/capital-expenditure
    Cheers

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

    Hi, @RRTS,

    Yes, but with a caveat. There's currently an issue with accounts made under the Property, Plant and Equipment account type, preventing those accounts from showing up in certain places, including bills, in Wave.

    We're working towards a resolution, but your best option for now if you haven't used that account otherwise is to archive it, create a new account under a different type (Other long-term assets), save that account, and then edit it to change its type to Property, Plant and Equipment. It's a bit roundabout, but it'll fix the issue for now.

    Know that we are working on resolving the issue entirely, but I don't have a timeline to offer right now.

  • Rachel_DRachel_D Member Posts: 1

    @Alexia @RRTS
    Hi,

    Was this issue ever resolved? I'm having the same problem.

  • ChelseaKChelseaK Member Posts: 261 ✭✭

    @Rachel_D It looks like from the bills section, you wouldn't be able to select for your Property, Plant, and Equipment account, just accounts receivable. I would refer to @Alexia's workaround above for the time being as we work towards a resolution! Thanks for your patience on this :)

  • BenMBenM Member Posts: 1

    I attempted @Alexia 's suggested workaround and must be doing something wrong. I created a new account with the Account Type of "Other Long-Term Asset" and when I go back in to my newly created account to change the Account Type to PP&E, I receive the message "Other Long-Term Asset accounts cannot have their type changed after being created." Did I misinterpret the steps of the workaround?

  • JordanDJordanD Member Posts: 515 ✭✭✭

    Hey @BenM It seems like once the account is created within a category, even though you edit the account type, it is still registering as the previous one. It's definitely not ideal, but can you attempt to create a new account altogether, creating it as an "Other Long Term Asset" Account and see if this allows you to complete the action?

  • ToddBToddB Member Posts: 4

    Is the proper way to log a long term asset along with a supported receipt still similar to the above or has it changed?

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey there @ToddB ! Currently you cannot select a long term asset account as the receipt payment account in app. However, you can do so on your computer. To do this, just head over to the Receipts tab and select the receipt in question. I attached a screenshot for reference:

    edited November 23, 2020
  • PatGPatG Member Posts: 13 ✭✭

    What's the deal with this feature? I bought several tools for my business and I have receipts for them but I cannot add the receipt to the category under PPE. Apparently this issue has been going on for seven years inside of the wave system. Alexia's suggestion doesn't seem to work. I have a bunch of stuff to add and I'm not sure how to go about it. Any input would be helpful. Thanks.

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @PatG !

    When selecting a receipt category, you can only select an expense account found on your Chart of Accounts page. Since PPE is an asset account, and not an expense account, you would be able to select your PPE account(s) under the account drop down menu instead. Below I attached a screenshot example for reference:

  • AnneliAnneli Member Posts: 2

    I'm sorry - I'm still finding this confusing. The payment account in my case would be Owner's Investment, because I bought the building (which would be an asset) FROM personal cash - right? I think what I need is to have an asset account be available under the CATEGORY drop-down, since that is where we record where the money is GOING, right? Or is there a better way to do this???

  • KiahDKiahD Administrator Posts: 267 admin

    Hey @Anneli, it looks like our Customer Support Team has clarified what to do here via email! However, if you're still confused, feel free to thread below and we can explain further :smile:

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