NEW: Cash flow statement
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NEW: Cash flow statement
Wave performs accounting on an accrual-basis. This means that income and expenses in Wave are recorded from the moment an invoice or bill are created, rather than when they are paid. Accrual-basis ...
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I dont see the option am I missing something. I desperately need cash basis
@Jamey This year, we are looking at adding more options in terms of workarounds for cash-based accounting.. something that our development is aware of. Still though, no immediate time table for when we will have something similar to a choice between using accrual/case basis in Wave.
@yusuffrosh I see that you had a conversation with one of my colleagues Hamish on this particular issue -- we are working toward migrating all of our users over to the latest software as soon as possible (one of our number 1 priorities of 2019) -- appreciate your patience here.
@Jamey Hey thx for the response, I did create my account in 2014 but was still using quickbooks, I moved over to Wave last year, and recently learned there is not cash basis I know you guys are working on it and I really do appreciate it. However I would like to see a screenshot of that the report looks like and is acceptable to my CPA. Is that something you can provide.
@yusuffrosh I don't have any screenshots to share (my test account still hasn't been moved to the new version yet either haha), although this guide which addresses the changes made to the Reports page may be useful for giving you a clearer breakdown of how the Cash Flow report looks and works!
Not having a Cash based workflow in Wave has been the main accounting headache for me these last two years (using Wave). I was literally just deciding to move to another platform when I found this. This feels like it should be a main priority, I was having to copy paste values into a spreadsheet and do it manually (which seems ridiculous, but couldn't work out an easier way). I can't see the report on my end yet but I'm glad to hear that some development has happened finally... Will have to wait to tell if it'll be enough.
When will this new statement be available?
@LouL Although the migration process for our users is currently on hold, one of our main priorities right now is making sure that all of our users are brought over to the latest software this year (we are still working out a few backend scenarios in order to make the migration process seamless). With that said, I'm unable to provide a hard timeline as to when this will be completed, but know that it's coming very soon.
Thanks for the response and info.
why are my bills not flowing into my cash flow statement? I have a number of bills with expense categories flowing into other short term assets, other long term assets, and various expenses. However, none of them are appearing on my cash flow report.
I understand that accrual based accounting methods are compulsory for most Canadian businesses. However, in the US, it is not so much, and Cash Based accounting is preferred by most US professional services companies, especially those without 10 million+ in revenue. If you would like to continue to grow in the US, I highly recommend you continue to provide a cash bases option for all reports, not just a cash flow statement. Cash based Balance Sheets with year to year comparisons, Cash based P & Ls with year to year comparisons, and a Cash bases General Ledger would be great places to start.
Hey @Toddowen , This is really good feedback to have. While most of the reports that you've mentioned are currently accrual-only, there are several other reports in Wave that can be generated on a cash-basis.
The Sales Tax Report, Account Transactions Report (General Ledger) can all be generated on an accrual or cash basis, while the Income by Customer and Expenses by Vendor reports also show paid and unpaid income and expenses. It's not quite everything you've suggested, but the reports page in the updated version of Wave offers a growing number of cash-basis insights!
I don't see the cash flow statement in the report section.
My Cash Flow report is showing amounts in the top level "Sales" category and this can be broken down into "Sales" and "Uncategozied income" which both have amounts. However, these should be zero for my company atm (unfortunately!). When I click the hyperlink to see what items this refers too, the report says "No results were found. Try choosing a different date range or account."
Something seems amiss????
Hey @gerbatron and @hotch - can you head over to your Accounting > Transactions. In your case @gerbatron you'll want to filter for Sales and Uncategorized Income. In your case @hotch you'll want to filter for Uncategorized Expenses. Make sure there isn't something (or many things) that are in there that shouldn't be. It sounds like you may have done so already but confirming this helps us determine if the reports are pulling false information (such as data that has since been changed or deleted).
If this doesn't yield any more information, can you let us know? If you're comfortable doing so, if you could submit a ticket here: https://support.waveapps.com/hc/en-us/requests/new with permission for us to use collaborator access to dig in further! Feel free to copy/paste or link what you've already said here if you do submit a ticket!
Sure, @Samd, I can confirm I have no Uncategorized Income or Expenses. The categories I mentioned in my first comment are showing as Uncategorized in the report. I'll follow up with support.
Hi @Samd - thanks for getting back to me. I had already done the search you suggested and it came up with nothing.
The good news is that the issue has resolved itself. I think the problem may have been that I imported a credit card using "Bank Connection" and then decided to delete it from my connected bank accounts. I think it took a while for the back end to process that the transactions downloaded from my bank were no longer required.
Make sense?
@gerbatron Definitely interesting.. since having a credit card as a bank connection shouldn't really affect anything in terms of your reports showing income amounts (since there would need to be transactions associated with them). It's good to hear that it has resolved itself though... but if you notice there are still issues with this, I would be more than happy to further investigate for you.
Hey @atshannon1
So I took a peak into your account and it looks like you're currently operating on a slightly older platform of Wave. We are in the process of migrating users from the version you're on to a newer model. Most new features announced are for the users who have already been migrated.
I'm sure the next question in your mind is "when will I be migrated". In full transparency, we are still waiting on some features to be improved/tweaked before moving over all other users. Our developers are in the works to get this done, and our team is then continuing to move users over on an individual account basis.
I apologize for not giving you an exact ETA, but the answer is SOON, since we are just as eager as everyone else to make sure our users are on the newest platform!
Why not state something like this rollout over time in the post so users who haven't been migrated aren't stuck looking for it?
Hey there @atshannon1
So, I'll be very honest, we have been hoping to get everyone moved over to the new system, but at the moment we've paused migration for classic users to the next version of wave. The reason is because our team who has been working hard on making sure that people's accounts have transferred over smoothly have noticed some issues when we've moved business owners. For example our accounts reconciliation tool is something we are currently revamping drastically. So this is one of the reasons why we are on pause at the moment. Unfortunately I don't have an ETA of when that will be, but I do know that the design and development team have been working to release these feature asap, as we are hoping to have all of our users migrated over sooner rather than later.
Certainly better to wait until the bugs are worked out... just hope that doesn't take months
This feature is very important to many small business owners, sooner rather than later would be great! Thanks for improving Wave!
Where do I find the option to generate a Cash Flow Statement report?
@atshannon1 @Dan Agreed! Thanks for your patience and thanks for sharing the importance of this feature!
@JTbookkeepingstl Looks like you're on the newer version of the software so you can head to Reports > Cash Flow to generate this report
Hi. I am new to this accounting system. Got a question here. I am not sure how your formula works for the Cash Inflow and Cash Outflow under the Overview section of the Cash Flow Report. I only started using with 5 invoices total created. I am seeing the cash inflow amount higher than the total invoices created when i create a test cancellation charge on 1 of my invoices with a negative value (-32.00). However if i remove that cancellation charge, everything will be fine. Pls advise. Thanks.
Hey @Noyan. If possible, could you please include a screenshot (of the dashboard amount that you are seeing + the cashflow report?). The total amounts will include any transaction that's associated with the Cash on Hand account. Let me know when you get a chance and I would be happy to look into this further for you.
I'm trying to understand how to get items from a Bill to pull through to the 'investing activities' portion - I have a situation where property transfer fees were included on a bill from an attorney. They should go to an investing activities account & not operating activities, but the bill detail does not allow me to use a property/fixed asset account.
Hey there, @Jlr
As you may have already discovered, setting this type of account is not available in the bills section of Wave. But to be honest I'm a little unclear as to what these types of accounts are. Would you mind clarifying to the rest of the users what you're looking to action here and how Wave could improve to allow for this type of action? Any and all context is ideal for our developers to look at.
Is this something you can move with a journal transaction as a workaround?
Thanks so much.