Hi @HonokaaBob , you are able to change the name of your accounts by navigating to Accounting > Chart of Accounts. There you can click the pencil icon next to the individual account you want to edit and change that account's name to the name you desire instead.
Hi! I'm trying to understand where to record purchase of a camera for my business. It was paid for out of owner's drawings, so that would be the account to charge it to, but It would definitely be an asset because it will be used for years and could be resold. But wouldn't it also be an expense, since I have a receipt for its purchase? Thanks in advance for your help!
Your camera purchase would be recorded as one of a capital asset. You can find the instructions on how to record the purchase here!
As the purchase used personal funds, it will be recorded via a Journal Entry. As it turns out, uploading receipts will only allow you to create an expense transaction, so it's not currently possible to record this purchase by uploading the receipt.
Once recorded as a capital asset, you can also track the depreciation, by following the steps here
In transactions, I am struggling to understand what is meant by '"account" and what is meant by "category".
Also am I correct that if the amount is black it is a debit and if it is green it is a credit. I am use to using a double entry system I created in Google Sheets where everything was visible and very clear. I find myself sort of floating here not understanding how to get the books set up correctly part way through the accounting year. Thanks, Mary at IDEAS
I archived an expense account that I didn't anticipate using (vehicle repair -- I don't currently own a vehicle) but the "archived" grey text isn't showing up. How do I access archived accounts? I want to potentially be able to add these expense accounts back in the future if I end up getting a work vehicle.
Is there a way to create subcategories in the chart of accounts? For example Under "Repairs and maintenance" I have several pieces of equipment that I have created a specific account for such as "Repairs and Maintenance: Ford Dump Truck" Is there a way to subordinate this subcategory under the larger category of "repairs and maintenance" so that when I run a report it will add together the different subcategories under each main category?
So if we break it down on the Transactions page, you will see a dropdown at the top of the page which states the Accounts. These are essentially your bank accounts. So the transactions that import from your checking account will be shown under this account.
Next we have the categorization element of the Transactions page. This relates to the Accounting side of Wave in your Chart of Accounts. This helps categorize different income/expenditure depending on where it comes from and where it goes.
We have a superb guide to accounting with Wave which is available here!!. This will be able to guide you through all the necessary information when it comes to accounting with Wave.
In general accounting for asset accounts, debits will be used to represent deposits into your account while credits will be used to represent withdrawals. For liability accounts (like credit cards), debits will be used to represent payments to the account while credits will be used to represent expenses.
We also have a great Help Center article that sheds light on this. Feel free to check it out here:
When an account/category is tied to transactions in Wave and is archived, you can reactive it when ever you'd like via your chart of accounts page. All you have to do is press the pen icon beside the account/category in question, deselect the "Prevent further usage of this account." check box, and press "Save". Below I attached a screenshot for reference:
If the category/account wasn't tied to any transactions and it was archived, then it would be fully deleted from your Chart of Accounts page. If this happened, you can recreate the account by pressing the blue "Add a new account" button in the top right corner of the Chart of Accounts page.
Can't figure out how to add new account types. For e.g. taxes are currently listed as Opex expenses. I'd like them to be a separate category so I can compute gross margins ex-taxes and EBIDTA.
Hi,
I'm struggling with a really simple thing - the very start. We all contributed equally as initial investment and I recorded that into the Owner Investment/Drawings Account under the Owner's equity category.... but we're obviously going to use as our operating cash and I can't find a way to "transfer" to the business checking account I created. Or should I just create another transaction that does Cash on hand into business checking in the same amount?
I'm migrating my accounting from Quickbooks and I'm trying to enter opening balances into my asset and liability accounts. However, I may be missing something (or have to learn a new workflow here), but I'm unable to directly access any of the registers to enter these amounts. I had no problems creating all of these accounts, but getting the opening balances set up in the registers appears to be next to impossible.
Trying to filter transactions for any non-cash liability or asset from the Transactions menu won't show any of this type of account, just the "Cash and Bank' and 'Credit Card' accounts that I have entered.
I can understand the simplified logic of purchasing an an item (Cash or Credit Card) and adding to the asset, but this opening balance is a bit of a roadblock.
Any suggestions or pointers on how to do this in Wave would be greatly appreciated.
Comments
I want to know how to change an account in the Chart of Accounts from "Money in Transit" to "Cash in Bank".
Hi @HonokaaBob , you are able to change the name of your accounts by navigating to Accounting > Chart of Accounts. There you can click the pencil icon next to the individual account you want to edit and change that account's name to the name you desire instead.
Hi! I'm trying to understand where to record purchase of a camera for my business. It was paid for out of owner's drawings, so that would be the account to charge it to, but It would definitely be an asset because it will be used for years and could be resold. But wouldn't it also be an expense, since I have a receipt for its purchase? Thanks in advance for your help!
Hey @Anneli,
Your camera purchase would be recorded as one of a capital asset. You can find the instructions on how to record the purchase here!
As the purchase used personal funds, it will be recorded via a Journal Entry. As it turns out, uploading receipts will only allow you to create an expense transaction, so it's not currently possible to record this purchase by uploading the receipt.
Once recorded as a capital asset, you can also track the depreciation, by following the steps here
In transactions, I am struggling to understand what is meant by '"account" and what is meant by "category".
Also am I correct that if the amount is black it is a debit and if it is green it is a credit. I am use to using a double entry system I created in Google Sheets where everything was visible and very clear. I find myself sort of floating here not understanding how to get the books set up correctly part way through the accounting year. Thanks, Mary at IDEAS
I archived an expense account that I didn't anticipate using (vehicle repair -- I don't currently own a vehicle) but the "archived" grey text isn't showing up. How do I access archived accounts? I want to potentially be able to add these expense accounts back in the future if I end up getting a work vehicle.
Is there a way to create subcategories in the chart of accounts? For example Under "Repairs and maintenance" I have several pieces of equipment that I have created a specific account for such as "Repairs and Maintenance: Ford Dump Truck" Is there a way to subordinate this subcategory under the larger category of "repairs and maintenance" so that when I run a report it will add together the different subcategories under each main category?
Hey there @MaryDavis_226 !
So if we break it down on the Transactions page, you will see a dropdown at the top of the page which states the Accounts. These are essentially your bank accounts. So the transactions that import from your checking account will be shown under this account.
Next we have the categorization element of the Transactions page. This relates to the Accounting side of Wave in your Chart of Accounts. This helps categorize different income/expenditure depending on where it comes from and where it goes.
We have a superb guide to accounting with Wave which is available here!!. This will be able to guide you through all the necessary information when it comes to accounting with Wave.
In general accounting for asset accounts, debits will be used to represent deposits into your account while credits will be used to represent withdrawals. For liability accounts (like credit cards), debits will be used to represent payments to the account while credits will be used to represent expenses.
We also have a great Help Center article that sheds light on this. Feel free to check it out here:
Hello @kakuni !
When an account/category is tied to transactions in Wave and is archived, you can reactive it when ever you'd like via your chart of accounts page. All you have to do is press the pen icon beside the account/category in question, deselect the "Prevent further usage of this account." check box, and press "Save". Below I attached a screenshot for reference:
If the category/account wasn't tied to any transactions and it was archived, then it would be fully deleted from your Chart of Accounts page. If this happened, you can recreate the account by pressing the blue "Add a new account" button in the top right corner of the Chart of Accounts page.
Hi @MikeWhite85 !
At this time, I'm afraid that sub-accounts are not supported in Wave. Sorry for the inconvenience.
Can't figure out how to add new account types. For e.g. taxes are currently listed as Opex expenses. I'd like them to be a separate category so I can compute gross margins ex-taxes and EBIDTA.
Hi,
I'm struggling with a really simple thing - the very start. We all contributed equally as initial investment and I recorded that into the Owner Investment/Drawings Account under the Owner's equity category.... but we're obviously going to use as our operating cash and I can't find a way to "transfer" to the business checking account I created. Or should I just create another transaction that does Cash on hand into business checking in the same amount?
I'm migrating my accounting from Quickbooks and I'm trying to enter opening balances into my asset and liability accounts. However, I may be missing something (or have to learn a new workflow here), but I'm unable to directly access any of the registers to enter these amounts. I had no problems creating all of these accounts, but getting the opening balances set up in the registers appears to be next to impossible.
Trying to filter transactions for any non-cash liability or asset from the Transactions menu won't show any of this type of account, just the "Cash and Bank' and 'Credit Card' accounts that I have entered.
I can understand the simplified logic of purchasing an an item (Cash or Credit Card) and adding to the asset, but this opening balance is a bit of a roadblock.
Any suggestions or pointers on how to do this in Wave would be greatly appreciated.