@Make_it_Rain Thanks for reaching out! A lot of what goes into Wave's roadmap is user feedback. The more context that our Product Team can get from our users, the more we know what features would be a game changer for you and why! So as Jordan mentioned above, though this is not on our roadmap currently, who knows what the future has in store!
Just my humble, simple, opinion.......
I would truly appreciate nothing more than a simple mileage accumulation counter.
Run to get supplies - visit a customer - etc... Come back and drop in that days mileage.
Tax Time - Boom - There sits my total mileage.
@Smooooth Thanks for sharing your feedback and what you would like to see for the future of Wave! We're listening and we appreciate you sharing your thoughts on this!
Hi @taylorficht . That's definitely one way of handling it. Because this method was made for tracking purposes, the unpaid Bills will still show up. If you wanted them gone and not contributing to your numbers, you can park them as paid via Owner Investment/Drawings.
Hi, just to make sure I have this right.
I'm in the UK and know my mileage allowance. All the fuel (petrol) payments for the car have gone out of the business bank account so I marked those as personal withdrawals which I don't think affects anything. Using option 1 I can just debit my newly made Mileage expense account by the appropriate amount and then credit Owners Equity by the same amount so that everything balances? This is essentially showing an expense (the mileage allowance) on the account without actually removing money from the business. Is that correct? I'll be filing my accounts using the cash based system and don't think that makes a difference.
Andy
Yes crediting your equity account will show that your equity account has increased but this is an account outside of Wave. It's the equivalent of saying "I've taken money from this business account and moved it to an account outside of my business" if that makes sense!
Just a quick question on reporting receipts especially petrol ones.
My car is 75.32% business use (via logbook method). When inputting receipts and expenses am I better off working out the business use part from each receipt and only showing that in each entry, or should I just leave it whole and when I do my BAS work out the business use then.
This is a great question, and to be honest I'm not an accountant or a tax preparer but our Help Center Article seems to be breaking it down by by transaction on an individual basis. I wonder what others think of this.
Agree with BPDM. I appreciate it's not on your radar at the moment. I came over from quickbooks but I find the mileage issue with wave quite irritating. It's so simple in quickbooks. Is there anyway to get a vote on this so you can gauge demand for it?
Vote me in! Having mileage tracking would be incredibly helpful for my small business. It would really seem to complete the usefulness of Wave for me. I came from Joist for invoicing, and ended up getting much more out of the package than I realized at first. Thank you!
@trsanko said:
Vote me in! Having mileage tracking would be incredibly helpful for my small business. It would really seem to complete the usefulness of Wave for me. I came from Joist for invoicing, and ended up getting much more out of the package than I realized at first. Thank you!
And to be clear, I don't much care for automatic tracking - just a place to input starting and ending mileage and/or add mileage after a trip would be incredibly useful.
Thanks for this feedback. Our team has a large amount of feature ideas and changes we're looking to implement, and though our team is aware of mileage tracking we're not sure where this lies in the pipeline for our future updates. As always we appreciate any feedback on how this feature would benefit your business. Thanks for reaching out.
Count me in as another vote for mileage tracking/ simplified mileage entry. I've been using wave for less than 2 weeks now and so far I love what I see, but the mileage thing is a big bug bear.
Following this process, mileage that is reimbursed by the client is reflected as income on the end of year P&L report. Is there a suggested workflow for removing this line item from the income report? I considered a journal entry: debit - mileage reimbursement, credit owner's equity and this does remove the line item from income but I'm not sure Owner's Equity is the correct account to use?
UPDATE: As it turns out my clients reported the reimbursed expenses on my 1099, therefore I will include them as income and simply deduct as I would normally. Still curious as to how this would work in the event that the client does NOT include reimbursed expenses on the 1099.
Hello. Since I use the mobile app to create my invoice at the POS, can I create a $0.00 line item and add my milage in the description line for each individual invoice. This way I have documented my service provided and milage all in one place and don't have to do dual entry.
If I can do it this way, would I be able to report on it at the end of the year with report filtering?
Thank you!
P.S. I love your product!
Enhancement request: have a line item for discounts where you enter the percentage and the total is calculated for you so you don't have to calculate it and then enter as a negative line item.
Hi @DTW! Thanks for reaching out. We're so glad to hear you are enjoying Wave! If you add the line item to your invoice it will have to be associated with an income account. Even though you are entering it as a zero dollar amount it will not be entered correctly for milage tracking if you wanted to follow the process in the Help Center article. You could technically create a report by going to the Reports section in your Wave menu, then Account Transactions report and pull up the income account you have created but it would be reported under 'income'. I can see how dual entry would be more time consuming, but in terms of accounting practices it is the best method to follow! I really like your enhancement request to have the percentage of discounts calculated automatically. I'd be happy to pass this feedback along to our team for review!
RE @EmmaP re @DTW : I'd think of creating a product just like described above, mark it "sell this item" with price $0, and mark it "buy this item" with say $0.55 (I think that's the price of the first 4000km in Canada) with standard vendor "Business Mileage". Finally, set a checkbox to "purchase item automatically". In my approach whenever you sell 5 km of this item for $0 each, it would generate a bill of same quantity to "Business Mileage" with the preset price of $0.55. Either the product or the vendor could be set as paid from "Owner's Equity, Partner Loan" automatically. The notes or a new field in the bill could point back to the invoice where it was generated from.
The part that I really miss in the new system though is the automatic transfer between Personal2Business and backwards, like we had in the old system. My case: I (as a person) am in contract with mobile phone provider, I have 3 sim cards with plans, and a device plan. I get one invoice for all of this monthly and paid by personal credit card.. 1 sim plan and the device plan should be forwarded to business, calculating included taxes, and include the scanned invoice on both personal and business side. Would be nice to have a single button click option for this instead of doing it all manually, 10 minutes each.
Hey @tpeterke! Thanks for reaching out here with your input, and context on how a couple of these things can/would directly affect your business and workflow. The development team are constantly looking through Wave's community for ideas on where we can improve our business, and where to focus next, so your feedback here is invaluable.
When I follow the instructions as written for option 2 for recording a payment, owner's equity account is not an option - the only owner's account is Owner's Investment/Drawings. Since this is the only option presented, I selected this, but it seems that is artificially increasing my expenses and throwing my P & L numbers off. Am I doing something wrong? Is there a way to correct this?
Hi @nwinkleman , thanks for reaching out! Do you have the expense also listed anywhere else, e.g. a bank-imported expense transaction? If there are no other transactions, then only marking the bill as paid should make it only appear as the one expense (per bill). Have you had a chance to reconcile your account and check for any duplicates? (To do so, head to Accounting > Reconciliation.)
If there are no duplicate transactions, would you be able to provide a screenshot of what you're seeing there in the P&L? The entire screen would be best.
@CallieP the expense is not listed anywhere else, it is only listed one time. But, my point is, that it shouldn't be counted as an expense at all. I am only tracking this information to claim a tax deduction at the end of the year and payment of mileage isn't an expense that is actually coming out of any of my business accounts, The IRS rate for 2020 is $.575 cents per mile. Let's say I drive 100 miles. When I log that, I'm showing an expense of $57.50 that isn't really an expense - I didn't pay that amount out to anyone. This is throwing my P&L numbers off because I'm showing more expense than I actually have.
Hi there @nwinkleman , thanks for getting back. The way mileage is recorded in Wave is as an expense from whichever account the mile itself is paid for. I'm afraid that, since Wave doesn't have an actual mile tracker, this is the closest to literal mileage tracking within the app that Wave can offer. The reason we don't have an explicit mileage tracker is because Wave is focused on finance management, rather than the management of projects, time, inventory, or otherwise, just for context. If you don't wish to use it this way, I would recommend using option 1 instead, and tracking outside of Wave. Thanks for your understanding.
It would be nice if Wave would just create a Mileage Log. This alone would be helpful. All that's needed to have the user input the current federal rate, and the mileage info. I think most people understand the restrictions of calculating for accounting purposes but to just to be able to enter it in an easy way would be nice for tracking purposes.
Comments
@Make_it_Rain Thanks for reaching out! A lot of what goes into Wave's roadmap is user feedback. The more context that our Product Team can get from our users, the more we know what features would be a game changer for you and why! So as Jordan mentioned above, though this is not on our roadmap currently, who knows what the future has in store!
Just my humble, simple, opinion.......
I would truly appreciate nothing more than a simple mileage accumulation counter.
Run to get supplies - visit a customer - etc... Come back and drop in that days mileage.
Tax Time - Boom - There sits my total mileage.
Stephen
@Smooooth Thanks for sharing your feedback and what you would like to see for the future of Wave! We're listening and we appreciate you sharing your thoughts on this!
If I am using Option 2... how do I handle all of these "unpaid bills?" Do I mark them all as paid via Owner Investment/Drawings?
Hi @taylorficht . That's definitely one way of handling it. Because this method was made for tracking purposes, the unpaid Bills will still show up. If you wanted them gone and not contributing to your numbers, you can park them as paid via Owner Investment/Drawings.
Hi, just to make sure I have this right.
I'm in the UK and know my mileage allowance. All the fuel (petrol) payments for the car have gone out of the business bank account so I marked those as personal withdrawals which I don't think affects anything. Using option 1 I can just debit my newly made Mileage expense account by the appropriate amount and then credit Owners Equity by the same amount so that everything balances? This is essentially showing an expense (the mileage allowance) on the account without actually removing money from the business. Is that correct? I'll be filing my accounts using the cash based system and don't think that makes a difference.
Andy
Hey there @AndyK
Yes crediting your equity account will show that your equity account has increased but this is an account outside of Wave. It's the equivalent of saying "I've taken money from this business account and moved it to an account outside of my business" if that makes sense!
Hi everyone :-)
Just a quick question on reporting receipts especially petrol ones.
My car is 75.32% business use (via logbook method). When inputting receipts and expenses am I better off working out the business use part from each receipt and only showing that in each entry, or should I just leave it whole and when I do my BAS work out the business use then.
Hey there @mp3damo
This is a great question, and to be honest I'm not an accountant or a tax preparer but our Help Center Article seems to be breaking it down by by transaction on an individual basis. I wonder what others think of this.
this is the only thing about Quickbooks I love! Are you bringing this feature on? Automation of this process would be divine!
Hey @BPDM . We don't have any plans to automate this feature at the moment.
Agree with BPDM. I appreciate it's not on your radar at the moment. I came over from quickbooks but I find the mileage issue with wave quite irritating. It's so simple in quickbooks. Is there anyway to get a vote on this so you can gauge demand for it?
Hey @John876! That comment itself counts as that vote! Thanks for your input, this is the place where we gauge that demand. All the best.
Vote me in! Having mileage tracking would be incredibly helpful for my small business. It would really seem to complete the usefulness of Wave for me. I came from Joist for invoicing, and ended up getting much more out of the package than I realized at first. Thank you!
And to be clear, I don't much care for automatic tracking - just a place to input starting and ending mileage and/or add mileage after a trip would be incredibly useful.
Hey there @trsanko
Thanks for this feedback. Our team has a large amount of feature ideas and changes we're looking to implement, and though our team is aware of mileage tracking we're not sure where this lies in the pipeline for our future updates. As always we appreciate any feedback on how this feature would benefit your business. Thanks for reaching out.
Count me in as another vote for mileage tracking/ simplified mileage entry. I've been using wave for less than 2 weeks now and so far I love what I see, but the mileage thing is a big bug bear.
Not helpful if you are in the UK, other accounting software offers mileage tracker or a way to record it
Following this process, mileage that is reimbursed by the client is reflected as income on the end of year P&L report. Is there a suggested workflow for removing this line item from the income report? I considered a journal entry: debit - mileage reimbursement, credit owner's equity and this does remove the line item from income but I'm not sure Owner's Equity is the correct account to use?
UPDATE: As it turns out my clients reported the reimbursed expenses on my 1099, therefore I will include them as income and simply deduct as I would normally. Still curious as to how this would work in the event that the client does NOT include reimbursed expenses on the 1099.
Hello. Since I use the mobile app to create my invoice at the POS, can I create a $0.00 line item and add my milage in the description line for each individual invoice. This way I have documented my service provided and milage all in one place and don't have to do dual entry.
If I can do it this way, would I be able to report on it at the end of the year with report filtering?
Thank you!
P.S. I love your product!
Enhancement request: have a line item for discounts where you enter the percentage and the total is calculated for you so you don't have to calculate it and then enter as a negative line item.
Hi @DTW! Thanks for reaching out. We're so glad to hear you are enjoying Wave! If you add the line item to your invoice it will have to be associated with an income account. Even though you are entering it as a zero dollar amount it will not be entered correctly for milage tracking if you wanted to follow the process in the Help Center article. You could technically create a report by going to the Reports section in your Wave menu, then Account Transactions report and pull up the income account you have created but it would be reported under 'income'. I can see how dual entry would be more time consuming, but in terms of accounting practices it is the best method to follow! I really like your enhancement request to have the percentage of discounts calculated automatically. I'd be happy to pass this feedback along to our team for review!
Another vote here for mileage tracking. Thanks.
RE @EmmaP re @DTW : I'd think of creating a product just like described above, mark it "sell this item" with price $0, and mark it "buy this item" with say $0.55 (I think that's the price of the first 4000km in Canada) with standard vendor "Business Mileage". Finally, set a checkbox to "purchase item automatically". In my approach whenever you sell 5 km of this item for $0 each, it would generate a bill of same quantity to "Business Mileage" with the preset price of $0.55. Either the product or the vendor could be set as paid from "Owner's Equity, Partner Loan" automatically. The notes or a new field in the bill could point back to the invoice where it was generated from.
The part that I really miss in the new system though is the automatic transfer between Personal2Business and backwards, like we had in the old system. My case: I (as a person) am in contract with mobile phone provider, I have 3 sim cards with plans, and a device plan. I get one invoice for all of this monthly and paid by personal credit card.. 1 sim plan and the device plan should be forwarded to business, calculating included taxes, and include the scanned invoice on both personal and business side. Would be nice to have a single button click option for this instead of doing it all manually, 10 minutes each.
Hey @tpeterke! Thanks for reaching out here with your input, and context on how a couple of these things can/would directly affect your business and workflow. The development team are constantly looking through Wave's community for ideas on where we can improve our business, and where to focus next, so your feedback here is invaluable.
When I follow the instructions as written for option 2 for recording a payment, owner's equity account is not an option - the only owner's account is Owner's Investment/Drawings. Since this is the only option presented, I selected this, but it seems that is artificially increasing my expenses and throwing my P & L numbers off. Am I doing something wrong? Is there a way to correct this?
Hi @nwinkleman , thanks for reaching out! Do you have the expense also listed anywhere else, e.g. a bank-imported expense transaction? If there are no other transactions, then only marking the bill as paid should make it only appear as the one expense (per bill). Have you had a chance to reconcile your account and check for any duplicates? (To do so, head to Accounting > Reconciliation.)
If there are no duplicate transactions, would you be able to provide a screenshot of what you're seeing there in the P&L? The entire screen would be best.
@CallieP the expense is not listed anywhere else, it is only listed one time. But, my point is, that it shouldn't be counted as an expense at all. I am only tracking this information to claim a tax deduction at the end of the year and payment of mileage isn't an expense that is actually coming out of any of my business accounts, The IRS rate for 2020 is $.575 cents per mile. Let's say I drive 100 miles. When I log that, I'm showing an expense of $57.50 that isn't really an expense - I didn't pay that amount out to anyone. This is throwing my P&L numbers off because I'm showing more expense than I actually have.
Hi there @nwinkleman , thanks for getting back. The way mileage is recorded in Wave is as an expense from whichever account the mile itself is paid for. I'm afraid that, since Wave doesn't have an actual mile tracker, this is the closest to literal mileage tracking within the app that Wave can offer. The reason we don't have an explicit mileage tracker is because Wave is focused on finance management, rather than the management of projects, time, inventory, or otherwise, just for context. If you don't wish to use it this way, I would recommend using option 1 instead, and tracking outside of Wave. Thanks for your understanding.
It would be nice if Wave would just create a Mileage Log. This alone would be helpful. All that's needed to have the user input the current federal rate, and the mileage info. I think most people understand the restrictions of calculating for accounting purposes but to just to be able to enter it in an easy way would be nice for tracking purposes.