How can we separate Accounts by grouping, Fore eg:, i have created more than three credit card account under Credit card
When i run the balance sheet all credit cards and Other Short-Term Liability appearing under a common Current liability head. I wanted to see all credit card under " credit cards" other liabilities under different group. is that possible
Hi - I am trying to manage accounting for my 3 rental properties. I see it created single rental income account as part of my business creation. But i like to tag each rental income transaction by the rental property. I know i can create separate rental income account for each property but for ease of accounting, i was hoping to create single rental income account but able to tag income transaction individually. Please let me know...
Is it possible to add an account ID to the Accounts Receivable system account? I really want to use account IDs for various ways of reporting, but I do not seem to be able to edit that one account. I created a second accounts receivable account with an ID, but I could see the two accounts with the same name causing issues further on.
Hi @Cameron , appreciate the request for a video. We'd definitely like to create more video content for our users and it is something that we come back to a lot. No ETAs, but we're hoping this is something we can get done in the future. Thank you for your patience!
Hey @Aneesharayal , I'm afraid you can't group accounts out in this way at the moment.
Hi @jdatatl , Wave doesn't support Property accounting. The workaround that I can offer you for this would be to create each property as a separate business, but the drawback is that you can't then look at the your totals for all properties at the end of the day.
Hi @alex99 , can you explain why you'd like to use Owner's Equity in this situation? If you give me your real world scenario I may be able to offer you a better method.
Hey @Craig_HTS , the Accounts Receivable is a system account which is automatically used when creating invoices. I'm afraid you can't add an Account Id to it, although you may consider renaming your second AR account to something that offers you the ability to differentiate between them.
I archived several accounts, but those account do not appear in the Chart of Accounts with the label Archived like described above. The archived accounts have disappeared completely from the Chart of Accounts and the account list in Account Transactions.
I archived an account, that has disappeared, as I noted above. But this account is still showing up in my Profit & Loss report with an amount listed for this account. If I try to click into the account to view the transactions assigned to it no results are found. There is no way to sort for this account in the Account Transactions because it has disappeared.
This sounds like an interesting error. So typically an account that has never had transactions appear in it that was created in your Chart of Accounts (CoA) should actually delete rather than archive. This is because there was no activity in it and there are no existing transactions. In your case however you're saying that the account no longer appears in your CoA, but there are transactions that appear in your reports page under that account. When you try to click on that transaction in that P&L report, it shows nothing here. Let's try a few things:
Could you head to your transactions page and use the filter tool to see if you can filter out that account. Does the account appear in the filter accounts button?
Use the search tool on your transactions page to search for the transaction that appears in your P&L report. You can search for the exact value. Perhaps there is an existing invoice or bill with that account on it. Can you find it here?
Could you kindly reply with any screenshots of the search functions not appearing but your report showing the discrepancy?
I apologize for this error. Your account claims to be in good working order so in theory this should be able to be fixed, but do reach out after these troubleshooting steps.
Hi,
I have a problem with an account called “Accounts Payable” which exits in the default settings for Liabilities-Expected Payment. It seems impossible to edit or achieve it because there's no grey pencil next to it. Can someone help me solve the problem? Many thanks!
@LisaTang said:
Hi,
I have a problem with an account called “Accounts Payable” which exits in the default settings for Liabilities-Expected Payment. It seems impossible to edit or achieve it because there's no grey pencil next to it. Can someone help me solve the problem? Many thanks!
Hi @ConnorM Actually I gave up the idea of editing it because I noticed later in my textbook that Account Payable is supposed to be a so-called control account, which can't be simply deleted. Guess that's why there's no grey pencil next to it.
I don't understand why when I connected my bank account to the bank section, it doesn't show my checking account in the chart of accounts. All it shows is my savings account with no option to add the checking account when adding an account. Is this chart of accounts supposed to show all accounts that I have selected with my bank import?
Hey @cstapleton, that's a great question. Do you mind sending some screenshots of what you're seeing in the Cash and Bank section of your Chart of Accounts? From what I understand, when you connect your bank account, it should automatically create that account in your Chart of Accounts for you, so if it hasn't done that I'd love to see what you're seeing!
I thought I'd direct you to a thread and a response from one of our other threads about this same situation. As one of our previous community member James Hudson mentioned previously:
@James_Hudson said:
Hi there , If you'd like to change the income account that these invoices are associated with on an invoice-by-invoice payment, it will be necessary to go to "Sales" > "Products & Services" and update the income accounts for your products there.
Once that's done, you can edit each individual invoice and remove the product before re-adding it and saving the invoice.
If there are too many invoices to make this edit worthwhile, however, you can create a journal transaction in the Transactions page to move the balance from one income account to another. This journal transaction would debit the old income account for the amount that has been mis-recorded, and credit the new income account for the same amount.
Hopefully this gives you some clarity on how this works in Wave
I've got a unique (maybe?) situation. I started using Wave while doing side work as a way to invoice. I didn't really do complete accounting. In 2020 the business became full time, so I've connected bank accounts and obviously I have to do my accounting properly for business and tax reasons. I recorded all income prior to 2020 using a the Owner Investment/Drawing equity account. Since I wanted the equity to be at 0 beginning 2020, I created a journal account the end of each year prior to 2020 to "close" the year. I debited Owner Equity & Credited Owner Investment/Drawings.
Now I have a negative balance in my Owner's Equity acct. That doesn't seem correct. Also, I thought debiting an equity account would increase the balance? How do I clean this up so I have a zero equity at the beginning of 2020? Update 6:35pm
I now understand that debiting DOES decrease the equity account(s). How do I close the 'Owner Investment/Drawing' account each year?
You need to create a special account that you’ll use to offset the change made to your account balance. Go to Chart of Accounts in the left-hand navigation. Under the Equity tab, find the Business Owner Contribution and Drawing subgroup, and click Add Account. You’ll need to choose a name for this account, like Uncategorized Equity. You can always change this later.
Hey @melon , accounts that don't have pencils cannot be deleted as they're often required so that certain parts of the software function properly. Exactly which account are you looking to delete? We may be able to provide some more insight as to why it is that way.
Can I create sub-accounts? For example, can I create an account for rental property expenses with sub accounts for repairs, water rates, insurance etc so I can group these things in a report?
@melon I'm afraid that sales tax accounts can't be archived due to the association to the sales tax itself. This was added into the software so that people wouldn't accidentally delete a sales tax account while adding sales tax to their items.
@dlh Wave doesn't support sub-accounts at the moment.
This would be a great accounting program for me if it allowed subaccounts and memo lines to be able to describe each expense or deposit. Until then, it is useless to me. With so many people asking for the ability to create subaccounts for so long, it baffles me why Wave has not implemented this feature. The answer always seems to be, "We're thinking of it for the future," and the future never comes. It's like a perpetual sign in a bar saying "Free beer tomorrow." OK, then, I'll tip you tomorrow.
I am hoping for answers to the "SUB ACCOUNTS" questions I see posted here... I need to separate ONE booster club account into Girls / Boys / and General Fund sub accounts — because each group wants "It's Total". I can't keep it in three bank accounts — was hoping Wave could help me solve the major hassle of manually keeping the account balances.
Would you mind shedding a bit more light on this type of expense transaction you're looking to classify? A use-case scenario in Wave would give us a bit more context as to how we can help you a bit more
Comments
How can we separate Accounts by grouping, Fore eg:, i have created more than three credit card account under Credit card
When i run the balance sheet all credit cards and Other Short-Term Liability appearing under a common Current liability head. I wanted to see all credit card under " credit cards" other liabilities under different group. is that possible
Hi - I am trying to manage accounting for my 3 rental properties. I see it created single rental income account as part of my business creation. But i like to tag each rental income transaction by the rental property. I know i can create separate rental income account for each property but for ease of accounting, i was hoping to create single rental income account but able to tag income transaction individually. Please let me know...
Hi, I can't choose anymore "owner's equity" from the expenses list when creating a bill, is there anything changed?
Is it possible to add an account ID to the Accounts Receivable system account? I really want to use account IDs for various ways of reporting, but I do not seem to be able to edit that one account. I created a second accounts receivable account with an ID, but I could see the two accounts with the same name causing issues further on.
Hi @Cameron , appreciate the request for a video. We'd definitely like to create more video content for our users and it is something that we come back to a lot. No ETAs, but we're hoping this is something we can get done in the future. Thank you for your patience!
Hey @Aneesharayal , I'm afraid you can't group accounts out in this way at the moment.
Hi @jdatatl , Wave doesn't support Property accounting. The workaround that I can offer you for this would be to create each property as a separate business, but the drawback is that you can't then look at the your totals for all properties at the end of the day.
Hi @alex99 , can you explain why you'd like to use Owner's Equity in this situation? If you give me your real world scenario I may be able to offer you a better method.
Hey @Craig_HTS , the Accounts Receivable is a system account which is automatically used when creating invoices. I'm afraid you can't add an Account Id to it, although you may consider renaming your second AR account to something that offers you the ability to differentiate between them.
I archived several accounts, but those account do not appear in the Chart of Accounts with the label Archived like described above. The archived accounts have disappeared completely from the Chart of Accounts and the account list in Account Transactions.
I archived an account, that has disappeared, as I noted above. But this account is still showing up in my Profit & Loss report with an amount listed for this account. If I try to click into the account to view the transactions assigned to it no results are found. There is no way to sort for this account in the Account Transactions because it has disappeared.
What is going on?? How do I fix this??
Hey @natespace
This sounds like an interesting error. So typically an account that has never had transactions appear in it that was created in your Chart of Accounts (CoA) should actually delete rather than archive. This is because there was no activity in it and there are no existing transactions. In your case however you're saying that the account no longer appears in your CoA, but there are transactions that appear in your reports page under that account. When you try to click on that transaction in that P&L report, it shows nothing here. Let's try a few things:
I apologize for this error. Your account claims to be in good working order so in theory this should be able to be fixed, but do reach out after these troubleshooting steps.
Hi,
I have a problem with an account called “Accounts Payable” which exits in the default settings for Liabilities-Expected Payment. It seems impossible to edit or achieve it because there's no grey pencil next to it. Can someone help me solve the problem? Many thanks!
Problem solved! Thanks!
Hey @LisaTang! Thanks for keeping us updated! Can you let us know what you had done in order to solve your issue?
Hi @ConnorM Actually I gave up the idea of editing it because I noticed later in my textbook that Account Payable is supposed to be a so-called control account, which can't be simply deleted. Guess that's why there's no grey pencil next to it.
Hey @LisaTang, that would do it! Thanks for the clarity and the followup, that definitely makes more sense.
I don't understand why when I connected my bank account to the bank section, it doesn't show my checking account in the chart of accounts. All it shows is my savings account with no option to add the checking account when adding an account. Is this chart of accounts supposed to show all accounts that I have selected with my bank import?
Hey @cstapleton, that's a great question. Do you mind sending some screenshots of what you're seeing in the Cash and Bank section of your Chart of Accounts? From what I understand, when you connect your bank account, it should automatically create that account in your Chart of Accounts for you, so if it hasn't done that I'd love to see what you're seeing!
I need to identify how to change an income account on an already paid invoice.
Hey there @anese_and_associates
I thought I'd direct you to a thread and a response from one of our other threads about this same situation. As one of our previous community member James Hudson mentioned previously:
Hopefully this gives you some clarity on how this works in Wave
I am having difficulty processing deposits against a loan that was given to a company.
I've got a unique (maybe?) situation. I started using Wave while doing side work as a way to invoice. I didn't really do complete accounting. In 2020 the business became full time, so I've connected bank accounts and obviously I have to do my accounting properly for business and tax reasons. I recorded all income prior to 2020 using a the Owner Investment/Drawing equity account. Since I wanted the equity to be at 0 beginning 2020, I created a journal account the end of each year prior to 2020 to "close" the year. I debited Owner Equity & Credited Owner Investment/Drawings.
Now I have a negative balance in my Owner's Equity acct. That doesn't seem correct. Also, I thought debiting an equity account would increase the balance? How do I clean this up so I have a zero equity at the beginning of 2020?
Update 6:35pm
I now understand that debiting DOES decrease the equity account(s). How do I close the 'Owner Investment/Drawing' account each year?
Hey there @cwsink
I think the issue might be the type of equity account you used. I'd recommend taking a loo at this article on Adding a Year End Adjustment Entry for Reconciliation.
how do you delete an account that does not have a "pencil"???
Hey @melon , accounts that don't have pencils cannot be deleted as they're often required so that certain parts of the software function properly. Exactly which account are you looking to delete? We may be able to provide some more insight as to why it is that way.
Thanks!
I created a "sales tax" account which have not been used and not needed.
Can I create sub-accounts? For example, can I create an account for rental property expenses with sub accounts for repairs, water rates, insurance etc so I can group these things in a report?
@melon I'm afraid that sales tax accounts can't be archived due to the association to the sales tax itself. This was added into the software so that people wouldn't accidentally delete a sales tax account while adding sales tax to their items.
@dlh Wave doesn't support sub-accounts at the moment.
I see "dlh" below has asked my question, but I see no answer since the ask on July 7. Answer?
Sorry, didn't go down far enough. I see the answer, but I'm disappointed by it.
This would be a great accounting program for me if it allowed subaccounts and memo lines to be able to describe each expense or deposit. Until then, it is useless to me. With so many people asking for the ability to create subaccounts for so long, it baffles me why Wave has not implemented this feature. The answer always seems to be, "We're thinking of it for the future," and the future never comes. It's like a perpetual sign in a bar saying "Free beer tomorrow." OK, then, I'll tip you tomorrow.
I am hoping for answers to the "SUB ACCOUNTS" questions I see posted here... I need to separate ONE booster club account into Girls / Boys / and General Fund sub accounts — because each group wants "It's Total". I can't keep it in three bank accounts — was hoping Wave could help me solve the major hassle of manually keeping the account balances.
What chart of accounts can one use for CSR Expenditure?
Hey there @Uzo
Would you mind shedding a bit more light on this type of expense transaction you're looking to classify? A use-case scenario in Wave would give us a bit more context as to how we can help you a bit more