Wave is saying goodbye to personal budgets & investments.
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Wave is saying goodbye to personal budgets & investments.
We have some exciting feature improvements planned for your Wave account, like faster, more intuitive bookkeeping; more speed everywhere; and better reports with great insights for your business. I...
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My Mum's account has not updated but mine has updated although we both received the notification on the same day. Is there something we need to do to get the second account to upgrade? Thanks
I am waiting now for over a year to have a faster wave app... and there is always the same message . soon.... what means soon pleased be honest if you are behind with rolling it out. Thanks
@RegH @rizo13 Sorry that you have not yet had your account updated to the newest version of Wave. Currently over 90% of users have been migrated to the newest version. If your account has not yet been migrated, then it is likely to be attempted within the quarter. While it is a priority to have all accounts migrated, the security and integrity of your information is of the highest priority. In cases where we cannot guarantee that your data will not be lost or changed, we have held off migration and are currently working on some testing before we can move all of your data appropriately. Many of these accounts are scheduled to be migrated within the next couple of months (most are before this). I totally understand that it seems as though you have been waiting for some time, and I thank you for sticking with us.
Yes I have also been waiting forever on this. Really hoping it happens soon.
I need my account updated as well. My clients have the latest version, but my business does not. Please let me know what I need to do to get over to the new version.
Thanks!
NOOOOO!!!!!! I really want the option to budget, especially for my business, and its really important to my personal finances! I didn't even know this option existed until now it is gone. Maybe that's why a lot of people didn't use it, maybe they didn't know it existed like me? Businesses (and personal finances) do best when they are able to plan and then monitor their spending, not just record and categorize what they are spending. I think if you are really wanting to serve people and help them maximize their business, budgeting would be an important tool that you would keep and focus on teaching people how to use. Does this mean that budgeting will never be an option? If so, I might have to use a different system
It's a shame. I'm trying to pick online financial system for my small business and personal finances and Wave was on the top of my list until I found about budgeting feature. Probably will go to Mint just because the budgeting is a basic of financial management. Very strange to cut this. Will sign up for newsletters in case it will come back.
Ah, I wish you would reconsider. I was real excited to find Wave, but I'm not going to be able to use it if it doesn't have a budgeting feature. It's not a huge part of my accounting needs, but I want to have it at a glance and I'm not going to keep two separate accounting programs. It's really a shame because Wave is so intuitive and I love it. I'd even be happy to pay for a version that has this feature. Please bring it back, and let us know when you do!
I wish you would reconsider also! I love the tools and was planning to use the budget section way more in 2019!
Will we still be able to categorize personal expenses?
Hey @dnord2413. If you are referring to moving/categorizing your personal expenses from your business account, this is something that will no longer be possible in Wave (although, you will definitely be able to categorize your personal transactions from your personal account). We are working toward a solution in the future that will allow for a workaround for this feature, but no immediate timetable as of yet.
Alrighty, I just love that I can go through my expenses on the personal side, look at them in the budget, and then move which ones are business related to my business profile. I hope you don't change too much! I had wave for a long time and am just realizing how powerful it is!
Hello all. The decision to stop building personal finance management tooling is all in service of being able to focus on building more robust, automated, and easy tools and services for your business. I'll break this down into parts based on what we've been hearing on this thread:
We have every intention to allow personal transactions to be categorized against a business bank / credit card account, and business transactions against a personal bank / credit card account on our new Accounting platform. We're not all the way there yet (we only support the former of the two right now). Automating the bookkeeping here is tricky. When we fully roll out this feature on the new platform, it will go beyond our older one and help sole proprietors and corporations correctly differentiate their bookkeeping without needing to learn about the differences between owner equity and shareholder loan pathways for deposits and withdrawals. We'll also better handle and educate our users on why personal accounts being used for business purposes is a delicate scenario that has to be handled carefully from a proper bookkeeping perspective. Notice that while this will all help you do the small business accounting you need, it won't be focused on personal financial management. We are re-looking at cases where "moving" of transactions makes sense from the personal side for those who choose to use a single personal account for multiple businesses.
When it comes to budgeting, our old tools were never built for businesses. We want to revisiting budgeting closer to the end of this year, but to do so for a small business, rather than for personal finances. We haven't committed to this, but we do hear about businesses wanting help on this front, and we think we can help in meaningful ways.
Finally, to address the comments about waiting to get on the new platform: some accounts are more difficult to migrate than others for technical reasons. Our new platform brings a lot of enhancements from a data architecture perspective and is more strict on what counts as valid bookkeeping to help small business owners avoid accidents that mess up books. With the millions of users who've come through our doors over the years, bringing each one over requires careful validation and occasionally manual investigation. We're doing this with care as quickly as we can. We're also taking the time to ensure that if a user was actively engaged with a feature that hasn't yet been built on the new system, that we don't cut them over until we can give them the right experience. While not perfect, we hope that our users feel rewarded when they're transitioned.
Ah man, I've only just setup personal and love it, inflow, outflow, personal bank accounts connected. Am I able to keep this going without the features of budget and investments? At the end of the dat, personal finance management us just a lesser form of business so why can't I have personal as if it were a business in its own right? Maybe I've misread this. Am I still going to be able to see personal when I log in? Thanks
No, please continue to develop personal budgets! That will be the deciding factor for my switch to Wave.
@Katie_Silkina will you be able to categorize personal transactions WITHIN your business account or ONLY within the personal account?
@Patrick_R we're still fleshing out details on this. Depending on the nature of your bank / credit card account (it being primarily business or primarily personal), we'd allow you to connect it on the business or personal side respectively, and categorize transactions in specific ways. Situationally, it will either be personal categorizations categorized on the business side, or business transactions categorized from the personal side. We're not currently thinking about removing the ability to have personal transactions categorized on the personal side, but we're being very transparent about the fact that our focus is not on personal finance management.
Thanks @Mani and to clarify further, I'm referring to using the same bank and credit card accounts for business transactions as well as personal transactions and having the ability to categorize personal and business transactions within the business account. And correct me if I'm wrong, but the situation that I just described will be permissible in the foreseeable future. That's what you're saying?
When will this roll-out and how will the new dashboard look like?
@Patrick_R you've surmised this correctly!
@Jimit we're in the final stages of getting the last groups of people still on the old version moved over to the new one. We're close, but I can't give a guaranteed timeline right now. That said, I can say that the dashboard doesn't change dramatically; instead, it's the transaction/accounting tools, as well as the reporting features, that have the biggest overhaul.
I understood that budgeting for personal not available but I wasn't expecting my accounts to disappear. I am still entering expenses and income under personal and where have all the entries gone? They seem to have disappeared and I need to retrieve them as it is my only record....
Hi @Heather_Donaldson. It appears that you are still on the legacy version of our software -- basically you should still have access to the budgeting feature in the Personal section.. in terms of your data being misplaced, could you please elaborate a little more in terms of what you are no longer seeing? I feel as though this help centre article should guide you in the right direction: https://support.waveapps.com/hc/en-us/articles/115005756506
@Mani ,
I can attest that as a board treasurer selecting accounting software for a business network, budgeting and forecasting ability is key! Do you have an update on timeframe or commitment to rollout of this feature?
@KathlynKinney If this is a feature that we decide to bring back, it will be a fairly low priority on the list as we've already mentioned above (our focus is small business owners not for personal financing). When/if we have details on releasing something along the lines of budgeting, we will definitely let our users know.
Hey @KathlynKinney, thank you for getting back to us and clarifying! We do not have an ETA on updates to budgeting, as Mani mentioned above we have not committed to this but we want to be able to offer the correct and most needed features to our business owners. As soon as there is any update on this feature, we will be sure to update you all. As always, thank you for your patience!
I am with an HOA and we picked your software because of what it offers, however, we really need the budget part. Please consider doing something sooner rather than later.....
Hey @LilOleMe . As we've moved away from Personal finances while we focus ourselves on Business, we've also stepped away from budgeting. This is not currently on our roadmap to be implemented in the near future and in full transparency I can't see it being added any time soon. Just want to be honest with you about it.
Sad to hear, was all set to begin using Wave for my various bookkeeping accounts but without the ability to load and track against a budget it doesn't do us any good. Hopefully they come back around to the importance of a budget within any business and add back in eventually...
I'm a bit confused as to why there isn't a budget/tracking function. I was getting ready to switch from Quickbooks to Wave but with no budget/tracking for my 3 businesses, seems silly and more work for me to work with Wave. Maybe I'm missing something but if not, I'm so disappointed if this is the case. Sigh. Back to the drawing board and am gonna do more research to find something that works for me.