Report and file
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Report and file
Now that you've categorized all your transactions and made any necessary adjustments, you have a full picture of the income earned during your financial year, and the expenses incurred to support t...
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It'd be great to have the option to print an Account Transactions report that combines the Cash and Accrual information. So, in other words, total transactions.
Hey @shancdn! In this case, the Accrual version of the Account Transactions report should display all your information. For Cash-based accounting, the Account Transactions page would only be showing the actual inflow and outflow of funds, without displaying anything to be be paid or to be received. What the accrual version of this report adds is exactly that last bit, essentially future predicted inflows and outflows of money, based upon bills and invoices generated in Wave. To confirm though, are there any other items you'd like to see ideally in a report, for instance a report that included both but separated by accounting type so you can compare?
Hello @samd. I wasn't aware the accrual report included all transactions so that's good to know. As an accountant though, I wouldn't want Wave estimating for me, particularly for year end as it should be an actual accrual. Thanks for the info!
I need to make adjustments from 7 bank accounts, I have 2 profiles and need to separate a 2nd business and have records separate, how to I get to look at 2nd business when the data is in Private and first business. I will need to journal entry between each profile.
Bank statements to not reconcile of 2 profiles, I am having to double and triple key in data.
To show a payment from business A to business B, you would need to categorize it as an Owners Investment/Drawing depending on the account you're in.
Business A account pays for business B expense:
The transaction should look like this
Make sure your business payment account is selected under account then categorize as Personal > Owner investment/drawing.
On the other side of the transaction, business B, you'll want to format it as such:
The income came from an owners investment and was selected to an expense account. In my example I used office supplies.
We've learned that this is the proper method for showing this typer of transaction! Hope this helps.
I need to have sales analysis by customer by quantity report, How can i get it
Hey @Didos1! Unfortunately, that report does not currently exist within Wave, but you may be able to find that data by exporting your invoicing/sales information and crunching some numbers in an Excel spreadsheet. I'm sorry for the inconvenience!
Home Office Expenses Journal doesn't show in Sales Tax Report - Purchases Subject to Tax (cash basis).
However the Tax amount on purchases does include the GST portion.
Why is this please? and can this be fixed?
Hey @VBANZ , can you send us a screenshot of this Journal Transaction so we can have a further look?
What's to stop you altering figures after you have prepared a year end and sent reports to accountants/
Hey there @CarbisDeb
That is what Wave advertises you can do. So often in audits or when new businesses take over, they may need to revisit their books and Wave allows you to do this. It's not advised that you do it however if your accounts are all reconciled though
That's the thing - I can produce a set of Reconciled Reports - then go back and change them! It's too easy - you don't even have to remove the reviewed tag - so it still shows reconciled.
Why can't I set a "Flagged dated" that stops earlier entries being made to a that prior period - this wouldn't clear earlier entries which would still be available for viewing -
It's a safety thing really and nearly all the cloud accounting software packages have this facility -
Hi @CarbisDeb , thanks for your feedback here. Wave's accounting allows previous periods to be altered in case of mistakes, and automatically reflects any past changes in Reconciliation to alert you of changes so that your business is as informed as possible about the state of its books. We don't encourage changing books in order to appear to be operating in one way, when really operating in another - it's just to allow for flexibility as an online record of your accounts in real life. Ultimately, it is the real accounts of a business which will be addressed in tax time, and so we always recommend that your books in Wave match your bank accounts exactly.
Hi Wave team, It's time for my fiscal year end. I just exported the relevant reports from Wave system as CSV files, and found the content & format are protected from being changed by password. So, where can I find the password, and how can I change the content/format of the reports?
Hey @Luciel! Definitely an odd one, can you send a screenshot of that password protection? Would love to see what you're seeing so I can get this routed to the appropriate teams!
hi there! i'm new to Wave and am trying to sort out how to organize reports for tax purposes (i'm in Canada, and file both income tax and HST myself). the issue i'm running up against is that the CRA tax form has expense categories which are different from what i want to use in Wave. so, once i have all my expenses recorded and categorized in Wave (using categories which are informative from a business point of view, but which don't correspond to the CRA categories), how do i generate a report which re-assigns those expenses to the CRA categories? is there no way to have an alternate category in Wave for each transaction, and to generate a report for tax purposes only, using those alternate categories? or some other solution? ...or is it really a matter of having to pick through the normal detailed Wave report, and reassign/re-total everything under the CRA categories by hand? also, there's an expense category which is only 50% allowable by the CRA, as a business expense (meals & entertainment); obviously, i want to have those expenses accounted for 100% for my purposes. but then is there a way of having that category pro-rated in a report for tax purposes?
...basically, it's unclear to me how to generate a report from Wave which really makes sense vis-a-vis tax filing. any guidance would be most welcome!
cheers, all!
Welcome to Wave @plutek ! In Wave, you can enter and create sales taxes under Settings > Sales Taxes that you can apply to invoice and bill item lines. This will then allow you to generate sales tax reports that show the net amount of sales and purchases along with tax payments and remaining balances. This report is intended to be a tool to help you easily complete your tax filing.
On our Chart of Accounts page you can create Assets, Liabilities, Income, Expenses, and Equity accounts/categories to record your transactions accurately.
You can enter and create the necessary sales taxes and accounts you need for your business. With that being said, we can help explain how these functions work in Wave but we aren't able to necessarily tell you the right way to file your income and sales tax. If the CRA tax form has expense categories which are different from what you are currently using in Wave, I suggest reaching out to a professional CPA or contacting the CRA for additional guidance. A CPA will be able to assist you with any "Meals & Entertainment" tax breaks and reimbursable expenses that your business is eligible for as well.
Wave offers in house accounting services called Wave Advisors. If you're interested, you can learn more about our in house advisor services here: Wave Advisors.
thanks, @JulianP !
right... i'm not confused or looking for guidance about what is appropriate for the CRA. it's more that i'm looking for a good way to deal with transactions in Wave ~differently~ for tax reporting than for my general accounting. i.e. wanting to assign transactions to a different set of categories for tax reporting purposes and/or using different calculations for some categories (again, only for tax reporting purposes).
this implies a system of tags or alternate categories, which doesn't seem to be possible in Wave, except by adding something in a transaction's notes field, which is then used to export a spreadsheet in order to utilize some different categories or calculations for tax reporting.
i've found this other discussion in the Wave Community forum:
Sub-categories, classes and "tags"
...which looks like it confirms that, and discusses ways to deal with this sort of thing.
anyways, thanks for your help!
cheers!
.pltk.
Hi,
I have used Wave for the last 3 years. It worked great until now. I have 2 bank accounts that I run through the Wave software system. I run reports separately for each account. In 2018 and 2019, the reports were accurate for each account, seperately. Now, when I run the reports for 2020; income in one account, bleeds over into the other. How do I fix this?
Hey @marlasmusic , reconciliation would be the first step in determining where you're seeing issues. I've attached a Help Center article on how to use the reconciliation tool in Wave which should give you an understanding of the first place to start.
When you understand where certain transactions are missing, it should help you determine what needs to be done next.
Let us know if you have any further questions after reconciling!
How do you generate a general ledger for a fiscal year year which does not include the prior fiscal year balances in the income and expense accounts?
I'm stuck on the whole "there's no need to Close out your books at year-end" thing. If i don't close out wont I have inaccurate numbers for my Equity Accounts? ("Owner's Draw" and "Retained Earnings" to name a few)
I went ahead and did some year-end closing for 2019 but then stumbled on the statement that you don't have to in Wave. Any help in understanding this would be great before I go through the process for 2020 (just filed for that year) and shortly 2021.
Thanks!