Understanding your new & improved chart of accounts

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Comments

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

    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 :smile:

  • GraydonGraydon Member Posts: 1

    What about non-operating expenses like operate tax payments? Is it possible to create additional accounts under expenses so we can categorize correctly?

  • SunnyOfficeSunnyOffice Member Posts: 10

    On the transactions page, when I make a new entry (say an expense), under sales tax, I see 3 sub categories for each sales tax that I have created. These 3 categories are shown as:
    1. Payments and Refunds to government
    2. Taxes Paid (Asset)
    3. Taxes Received (Liability)
    I can understand Taxes paid and received, but how do we use "Payments and Refunds to Government"?
    Suppose I have received taxes through a sales invoice --- presumably, it should be shown under Taxes Received (Assets), but in my case all my previous taxes are now showing under "Payments and Refunds" category.

    And in which report can I see the breakup under each of these sub categories? Because, when I go to reports and filter an account, all it shows me is the parent account and there is no mention of any of the sub-categories there. Please help urgently.

    Also, the sales tax link above on this page is broken and is taking me to no man's land.

  • dcustodedcustode Member Posts: 1

    How is it possible to have an accounting software that doesn't allow subaccounts? How can I generate reports that don't group expenses together, i.e. utilities: water, gas, electric? When is this feature going to be added? What is the work around in the meantime to organize mychart of accounts?

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

    Hey @Graydon

    At this time Wave does not have the ability to create sub accounts, however perhaps this article on Sales Tax Payments may give you some insight??

    Hi @SunnyOffice

    Similarly, the Sales Tax Payments to government article is essentially what this category however it's a reverse transaction, so instead of a payment to the government, it would be a refund back from the government.

    When you create a recoverable sales tax account and attach it to your transactions, this creates a liability for this account. You'll notice the liability grow under your reports > Sales tax report. At the end, when you pay your sales taxes to the government, you would categorize that expense transaction to this category which will reduce your liability, decreasing the balance of that account.

    A refund tax payment from government however, is the reverse, so the government has refunded you a portion of this money! That is how you would categorize that type of transaction.

    Hello @dcustode

    At this point we understand that this is a popular request. Currently there is no workaround besides creating as many nuanced custom categories as you like. Naming conventions can help you here.

  • A_TrainA_Train Member Posts: 3

    Where can we add non-operating expenses like income taxes? They should be in expenses but not Op. Expense, Cogs, etc. How do we create "Non Operating expenses" on Wave?
    ...income tax expenses, interest expenses and losses on the sale of assets belong in the non-operating expenses section. This separation helps a business assess its core operating costs from period to period without the effects of financing or one-time charges.

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

    Hey there @A_Train

    Check out these following threads on previous discussions around non-operating expense accounts. I believe you might be able to glean some good workarounds here:

    https://community.waveapps.com/discussion/comment/32958#Comment_32958
    https://community.waveapps.com/discussion/comment/15273#Comment_15273

  • A_TrainA_Train Member Posts: 3

    Mostly those threads say that Non-Operating expenses are a requirement in accounting and a shortcoming in Wave.
    I love the software but this is a limitation.

  • DuffyDuffy Member Posts: 1

    How do I print my chart of accounts?

  • AKTAKT Member Posts: 6

    There is no way to "Archive" an account in Chart of Accounts on my interface. I use Chrome on Mac. What's going on?

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @Duffy !

    Currently we do not have a Chart of Accounts export/print feature. However, you can take a screenshot of your Chart of Accounts page and print the image as a workaround.

    Hello @AKT !

    Certain essential accounts like Accounts Receivable cannot be archived. However, any manually created accounts can be. Are you a collaborator on the business? If so, it's possible that you don't have permissions to archive accounts. In this case, you would have to have the primary business owner perform the action.

    Another thing you can try is some browser troubleshooting steps as well.

    edited November 12, 2020
  • jdhymanjdhyman Member Posts: 2

    Take a screenshot? That's your solution? What exactly is on this roadmap because basic useful features doesn't seem to be.

  • Didos1Didos1 Member Posts: 4

    I will move to Zohobooks and I need to export my chart of account in order to be import to Zohobooks

  • rheckrheck Member Posts: 1

    How do I print my chart of accounts?

  • SootySooty Member Posts: 1

    Can you upgrade Profit and Loss reporting? I usually see accounting P&L on a monthly basis in several rows, and custom periods as well. Currently, you can only show 2 periods.

    edited December 31, 2020
  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @rheck !

    Currently Wave doesn't have a specific feature to print your Chart of Accounts. However, there are a few workarounds available that might help:

    1. You can export a complete list of your Chart of Accounts, and transactions associated to each one, by going to Reports > Account Transactions (General Ledger). Once you generate the report, you can click the Export option at the top-right corner of the page, and save it as a PDF or CSV spreadsheet. You can then open either files in your computer and print them.
    2. When viewing your Chart of Accounts page, you can press Command + P or Control + P depending on the operating system you are using to print the page. You can then do this for each Chart of Accounts tab.

    Hey there @Sooty !

    Sorry, do you mind clarifying your inquiry for me? Are you referring to the Profit and Loss report types such as Accrual and Cash Basis? If so, I'm afraid that these are the only P&L report types that we currently offer within Wave. Regarding the data that the report contains, you can adjust the date range to your choosing at the top of the report page. For more information, feel free to check out the Help Center article below:

    edited January 5, 2021
  • apPIERancesapPIERances Member Posts: 1

    How do we customize our own category labels for purchases? I can add a screenshot to make it easier to see... but don't see the option to upload the pic.

  • KristenVKristenV Member Posts: 121 admin

    Hi @apPIERances !

    If you are looking to categorize your expense transactions using a custom Category, you are able to add these through Accounting > Chart of Accounts > Add a New Account. This Help Centre can also walk you through the process of adding a new account/category. If you have additional questions, feel free to reach back out!

  • CarmenBohnCarmenBohn Member Posts: 1

    This article says "Your Wave account will be set up with common business expense accounts, like Office Supplies, but you can always add more based on your specific business needs." - so how do I add more expense categories?

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @CarmenBohn , take a look at the Help Center article that Kristen added in the post above yours to learn how to add new accounts.

  • Jed_SutterJed_Sutter Member Posts: 2

    Hi-
    I am wondering if it's possible to import transactions from credit card (apple card), Venmo, PayPal etc in the same way that bank transactions are automatically imported to wave, or if my non-bank accounts have to be input manually. Thanks

  • KiahDKiahD Administrator Posts: 267 admin

    Hey @Jed_Sutter !

    At the moment, Wave only supports connections to bank accounts to automatically import transactions. This means that any transactions that occur outside of this, such as PayPal transactions, would have to be entered manually. Check out these Help Centre articles for info on how to add transactions!

    edited February 11, 2021
  • MaelisoaMaelisoa Member Posts: 1

    The link under sales tax is broken.
    For more details on accounting for Sales Taxes in Wave, click here.
    Actually, I'm running into a lot of broken links.....
    Thanks.

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hey @Maelisoa !

    Thank you for flagging this for me. I have since escalated the issue and the appropriate changes were made to get the link back up and running. You should be able to view it now. If you run into any other broken links, please do let me know so I can get them sorted out for you and the rest of our users! :smile:

  • Phoenix063Phoenix063 Member Posts: 1

    I don't see how to make "sub-accounts" to customize the CoA. How do you do that?

  • NancyCNancyC Member Posts: 148 admin

    Hi @Phoenix063 as Barsin had pointed out earlier in the thread, while we understand sub-accounts are a popular request, at this time Wave does not have the ability to create sub-accounts.

    There is no workaround besides creating as many custom categories as you like.

  • HeidiwaHammerHeidiwaHammer Member Posts: 4

    When I add an account (a liability account for a credit card,) is there, was there a date limit when it began?

    Background: New customer and a new business. Began in October of 2020. Started using Wave in December. Worked quickly to get the three months of receipts and payments and accounts, all my data, in the program.

    Here's the issue. When running a trial balance report for my taxes, one liability account doesn't appear in 2020, but does appear in 2021. It's a "connected" bank account, and it's reconciled to the beginning of the import (Oct 1.). I deleted it this am. Reconnected it. and Reconciled it all over again. to be sure I included the correct "start" date and I did.

    Is there a similar process to the Chart of Accounts? Maybe I added the liability account in January? And now it doesn't realize it's there in 2020? If that's the case then where are the funds from that liability being recorded in 2020?

    Any of your wonderful help would be appreciated!

  • HeidiwaHammerHeidiwaHammer Member Posts: 4

    Just an update:
    I ran an "account balance" report. And the account is 'there' it doesn't appear on the Trial Balance because it zero's out- no balance positive or negative to more forward.
    I don't like it, but at least I know where it is and what's up.

  • BethdarBethdar Member Posts: 1

    I'm trying to add accounts to my chart of accounts but when I select chart of accounts the screen is blank and I don't have anything like the picture you portray in the help and support.

  • chriscalochriscalo Member Posts: 3

    How are account IDs used? This article says almost nothing about them.

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