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Ad Spend Accounts

VoiceintheWildernessVoiceintheWilderness Member Posts: 3

Hey All,

I run a digital marketing firm, and am new to Wave. I have already invoiced my customer and am having difficulty classifying their Ad Spend account.

I initially approached this as an Asset account to simply hold the funds until they needed to be used. Wave is asking me to classify the Income account to receive payment however. I went ahead and set up an Ad Spend income account, but now I have no way of tracking the amount of money remaining in the account for my customer. It's just going to all be lumped together.

Can you help me devise a better accounting scheme within Wave?

Thanks,
Kyle Steven Kirchner

edited October 4, 2018 in Accounting Technical Support

Comments

  • VoiceintheWildernessVoiceintheWilderness Member Posts: 3

    I was able to resolve this with the Journal entries feature under Accounting > Transactions.

    Best,
    KSK

  • VoiceintheWildernessVoiceintheWilderness Member Posts: 3

    Hi Katie,

    Thanks for the assist. I got this reclassified as a prepayment account under Liabilities and all appears to be well using the individual Journal entries at this time. I may run into issues if I am processing a lot of transactions, but it's working for now. :)

    Thanks again,
    Kyle Steven Kirchner

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