Looking forward to the future of accounting with Wave [Discussion Closed]
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UPDATE June 4th, 2019:
Hi folks, this discussion was previously linked to a Help Center article that has become out of date. We have depreciated the article and have closed this thread for comments.
Hi folks, this discussion was previously linked to a Help Center article that has become out of date. We have depreciated the article and have closed this thread for comments.
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Hi @d_g_1 ! You can create a Sales Tax by navigating to Settings > Accounting > Sales Taxes. Once you have created a Sales Tax, you can assign this to transactions, invoices and bills.
In terms of adding a customer to a transaction, this will allow you to use these transactions towards your reporting. The Income by Customer Report will include any transactions with a customer attached to it, as well as any invoices that contain that customer as well. Many users find this helpful when assessing which customers they do the highest volume of Sales with.
@JordanFromWave, i don't think I understood your answers, or perhaps my questions were not clear.
From the post above:
Q: I know how to create and assign a sales tax to invoices and transactions. How do I create a default one for a category?
Q: When I go to "Income by Customer" report, it does NOT show expenses, nor does it deduct expenses tagged with a customer from the "income" column. What am I missing?
@d_g_1 Hoping to re-address your concerns:
We currently don't support a default sales tax for each category. When categorizing transactions, you will have to click on the "Include sales tax" link below the category picker.
Our systems currently has the Income by Customer report that you've seen, but we don't yet support a Expenses by Customer report. Here's how you can achieve the the closest thing:
1. Navigate to Reports > Account Transactions
2. Filter the report using the Contact picker
3. You can now see all expenses associated with a particular customer, broken down by category
Congratulations on the upgrade. Where can we read the release notes?
Is there anywhere where we can track the progress of account migrations to have an idea of when we might be migrated?
"multi-currency transaction management (including transfers and invoice/bill payments)"
Has this part been completed?
I just went through nightmare with my UK taxes. All book-keeping was completed in WAVE on the UK accounts, go to run reports; transactions all report in USD, as well as all other reports (P&L etc). So try to export transactions. As well as having to export YEARS of my imported transactions, the EXPORT IS IN USD not in the correct currency..
Since EVERY transaction has a different FOREX for the date of the transaction, there is NO WAY i can convert this info back to GBP, even though EVERYTHING was automatically pulled from my GBP banks, and presented on screen in GBP - you just won't let me user that information! ARGHHH. I had to download all transactions from my bank, REPEAT all my book keeping in Excel, create manual calcs in excel for each income/expense type. I got my taxes submitted at T-7mins I should have been able to submit them from a simple P&L report about 12h earlier. Lost time, stressed etc.
THe article above says that multi-currency transaction reports were to be available last year. Its 2019 now.
Just deciding whether to ditch WAVE for something that works, or wait until...??? for the ability to actually USE the multi-currency information that I have invested time in tracking here.
Furthermore - the P&L report - by using spot daily FOREX conversions prevents me from reporting UK assets and earnings to the IRS who want the entire year's GBP numbers presented with ONE conversion rate that the IRS provides for this purpose. So the P&L and balance sheets need to be presented in GBP so I can convert using IRS rates.
Hey @jennyc, reporting will always default to the currency you set when creating the business in Wave. I can see that both of your businesses are set to USD.
With regards to when multi-currency reporting will become available, your account hasn’t been migrated to our upgraded platform yet, but as mentioned in the article, you’ll hear from us via email when your account is ready to be updated.
I want to take this opportunity to clarify what multicurrency reporting means, both in the platform you’re currently using and in the upgraded accounting experience.
In the old version of our accounting software, you could see gain and loss on foreign exchange transactions. In our updated platform, we’ve substantially expanded this to include the ability to see foreign currency on your reports. This means that for a foreign currency transaction, you will be able to see the original transaction amount on your reports, as well as the FOREX rate to your business’s default currency. However, there’s no way to toggle between currencies when running reports in order to view reports in a totally different currency, and this feature isn’t planned.
For example, if your business’s default currency is USD, and you’ve connected a GBP bank account, you’ll be able to see the original currency as well as the exchange rate on your reports for that account. In this screenshot, you can see what that will look like for a Wave account doing business in USD and reporting in CAD.
This would allow you to continue running your business in USD, but see the GBP rate for your GBP bank accounts.
Let's face it guys, You have pooched the dog on this. Everything was looking good for 2019 and I was hoping to grow with Wave, but this is a huge setback that brings you back into the basic systems category. We're in a global economy and we have to jump through hoops to add or see a different currency.
@Sophia, thank you for answering, but I agree with @shaunooo that this is very disappointing and shortsighted of WAVE. The data is there on screen ...right in front of my eyeballs... but you can't post it to a report? I'm a database developer and this makes no sense at all. If the data is there it can be reported on. Nothing new or complex there. I even developed multi-currency systems in plain old MS Access 21y ago.
The glimmer of hope; you say the reports provide original currency & exchange rate, meaning in theory I could export the report to excel, create the darned formula myself (for example to change exchange rate to the IRS mandated rate for the date in question). But Looking at the report screen I don't see either an exchange rate or a foreign currency (or is that a foreign currency in gray?)... and this report does not look exportable (the onscreen data is not structured). And your example is a transaction report; don't see how this could work for P&L or Balance sheets where numbers are totalled (only in base currency I assume), but each number in that total was calculated at a different daily rate, which I won't be able to see on that report... right?
In the ~4y I've used wave I've seen no investment at all in developing the user experience, the product has bee totally static. If there is no plan to allow reports to total in a choice of currency, or even to allow transactions to be exported in their native currency, then as far as I can see Wave is dead in the water, and that is what I will have to say when reviewing online.
If you DO have a roadmap for development of multi-currency to function properly for cross-border taxation and other common personal and business requirements, please post it publicly so we can see where you are going with this product if anywhere.
@Sofia, FYI the reason my base currency is USD for these primarily UK accounts, is because my primary requirement is US tax reporting, so I need the data converted to USD. But as it is I can't produce either UK or US tax numbers from the data: because you won't report on GBP totals or export GBP transactions in GBP, USD totals are based on daily rates which I cannot see, and USD transaction exports are also based on daily rates not included in the report, so I can't use the data. ie not only is it not multi-currency, I don't even get ONE usable currency report.
Is there an update to the roadmap for Wave? Perhaps a more regularly updated roadmap could quell some of the frustrations that so many users have in waiting for business vital features that are often labelled as perhaps/someday/oh that's interesting thanks to noted/under consideration/actively being developed/completed to give us all much more transparency?
Hi @Wapperer and thanks for weighing in! I love sentiments that having a publicly facing roadmap may provide more insight into what the team is currently working on or what may be upcoming. I'm afraid that we don't currently have one, however, your feedback is super valuable and I have passed this along to the Team.
I hope you will include me soon!
Thx
Hi @Jarman . Nope. This article accurately says 2010 when we created Wave! In regards to the ability to assign Sales Taxes to categories, this has not been released and looks to be an oversight in the article. Thanks for pointing it out to us
!