Hi @mtopiwalla , this article applies to the Reports section found in the new version of Wave. If your Reports page does not look like what is shown in the article, it means that you are still using the old version of Wave. We are super excited to announce that the new version of Wave is available for all new accounts, and that existing accounts are being migrated as soon as possible. There isn't anything you need to do on your end to migrate to the newer version, it will be done automatically. While you wait for your account to be migrated, we do appreciate your patience. Migration takes a bit of time because of the complexity of data that needs to be moved.
@Myron Can I please request for it to be done for our account soon please? Is there a place I can request for this to be done for me at a more urgent basis?
@mtopiwalla I'm going to send you a support ticket email with further information regarding your specific request. Please take a look when you get a chance so we can move forward.
Hi - I'm trying to adjust the starting balance of my business transaction account for the period 1July 2018 - 30 June 2019. I'm in Australia and have pulled all my transactions through via my bank account, and merged some with receipts I had. I followed the instructions to add a starting balance matching my bank statement as at 1.7.18 (4264.66) but the program wants to have the starting balance as at 1.1.2018 of $65 and I have no idea where that came from! the hyperlink just takes me to the transactions section. How can I remove the $65 amount? I also don't want any data from prior to 1 July 2018.
Thanks, Christina for Prosew Port Macquarie.
Hey @ProSew. If you have any transactions that are prior July 1st, 2018 -- Wave will automatically carry that balance forward. My suggestion is filtering your Account Transactions report for a date range (somewhere from, maybe 2015? to July 1st, 2018) to see if any transactions exist, and that can be deleted.
@MikeCan. To confirm, you are seeing double the income amount under the Profits & Loss section? The Sales category will always show up in your Profits & Loss statement based on the income account associated with the products & services on your invoices. In terms of handling the duplicate amount, it's more than likely you have marked the invoices themselves as paid, but also have a bank connection that is importing the deposit transaction. You will want to merge these two together to avoid the duplication.
@pinheadmetalkraft Yep, absolutely! You can print your Reports by heading to Reports > select your report > Export (top right corner). From your exported file, you can easily print from there!
Just curious if you could elaborate on how the changes to the new Sales Tax report may affect your business. I'm not accountant (or a business owner for that matter) but if you could shed some light on how these fields are necessary for your business that would help us in community understand your question and help to point you in the right direction.
Do I need to do anything to enable the new Wave reports? I am still seeing the same reports page when navigating to Reports - none of the new reports mentioned in this article is available to me.
Hey @jimmyl. It could be that you are still on the legacy version of our software. We're hoping to have all of our users migrated over as soon as possible but in the meantime, I just wanted to thank you for your patience until we get you there.
Hey @Lance . No way to revert back to the old version as we work on migrating everyone over to the new platform. I'd love to hear some of the issues that you're having with the platform in general. We're always open to hearing feedback!
@AlexL One person with issues does not make enough "waves" for changes. The new platform is slower and more time consuming. Categorizing transactions is much more involved, vs the old platform. The loss of the old general ledger is... RIDICULOUS! It was the best way to get a quick overview of necessary information. Now all transaction descriptions for an invoice (payment and merchant account fee) are described as "invoice payment". Doesn't make any sense to me.
Not sure if you checked out the Merchant Account Fees in the Account transactions (general ledger) report, but this will give you a good insight into all of the fees paid for on your invoices!
@BarsinA Yes, I have, thanks. I am fully aware on how to navigate the site. Now just takes more time because of the extra steps to get to the information. If it even loads, that is. This is becoming a very familiar image.
So the bookkeeping has changed in the new platform to reflect a more accurate description of what might be happening in your accounts in real time.
As soon as payment is recorded, you’ll see an invoice payment transaction to your Payments by Wave account.
Two business days after payment is sent, the deposit transaction will be automatically imported from your bank connection.
Once the bank-imported transaction is pulled in, Wave will automatically create a transfer between your Payments by Wave account and your bank account. That transaction represents the movement of funds from the holding account to your bank account.
The initial payments by Wave transaction is the one that is tied to your invoice. Neither of these transactions should be deleted, nor can they be merged. You should keep the transfers as well otherwise it creates a balance in your payments by wave account.
Now I'm no accountant, but surely there must be a way to easily sort all transactions that took place over the course of a year. All I need is a list of transactions. I don't need any reporting features, like sums of sales by item, the one I need. I can make that part happen all by myself. But I sure cannot do it if I can't see all transactions by item for the year. Am I missing something, or is Wave?
I apologize if I'm a bit confused with this post, however it sounds like you might be able to find the list of transactions in your Accounting > Transactions page > Then using the filter button and selecting whatever date/account you'd like. Reach out if you need further clarification.
What I'm trying to do is have a list of sales with the item that was sold itemized. That way I can run reports on an item-by-item basis. The Accounting > Transactions page includes a filter for "Category," but as another post (either on this board or another, related board) points out, you can't assign categories to items that have already been sold—you can only create them today and use them in the future. That doesn't help create reports for 2019.
I did answer my own question, and for reference for anyone looking for the same information—sales by item invoiced—go to:
Settings > Data Export > Export all Transactions
If you sold multiple items at the same price, you'll have to add in an extra column and compute the # sold by the price, but that's a small step. Once you do that and create subtotals, you'll have a by-item register of your total revenue.
Hello,
Is there a way to create custom reports in Wave? For example, I want to exclude an account from the PnL so I can get a clearer year over year comparison. The account I want to eliminate from the report is one for a product line we no longer sell.
I'm having an issue with the Balance Sheet Report. Under Long Term Liabilities, it is showing one amount (incorrect). When I click on details and then drill down to the "Loan", it is a different amount (correct). Why is this?
Hi @rzoller There's no way to create custom reports in Wave. What exactly are you looking for, I may be able to offer some sort of alternative option.
@SharonW made a small tweak on the way your data was being displayed in your account. Can you take a look to see if this fixed the issue for you? Let me know!
@SharonW Definitely! You should be good to go now.
@Marion at the moment, no. You do have two alternative options for this.
1. You can tick the "compare to prior period" box to compare two months together.
2. You can filter for the reports on a monthly basis and export them to compare your data outside of Wave.
Comments
Hello - Why is it we do not see this option in Reports?
Hi @mtopiwalla , this article applies to the Reports section found in the new version of Wave. If your Reports page does not look like what is shown in the article, it means that you are still using the old version of Wave. We are super excited to announce that the new version of Wave is available for all new accounts, and that existing accounts are being migrated as soon as possible. There isn't anything you need to do on your end to migrate to the newer version, it will be done automatically. While you wait for your account to be migrated, we do appreciate your patience. Migration takes a bit of time because of the complexity of data that needs to be moved.
@Myron Can I please request for it to be done for our account soon please? Is there a place I can request for this to be done for me at a more urgent basis?
@mtopiwalla I'm going to send you a support ticket email with further information regarding your specific request. Please take a look when you get a chance so we can move forward.
Hi - I'm trying to adjust the starting balance of my business transaction account for the period 1July 2018 - 30 June 2019. I'm in Australia and have pulled all my transactions through via my bank account, and merged some with receipts I had. I followed the instructions to add a starting balance matching my bank statement as at 1.7.18 (4264.66) but the program wants to have the starting balance as at 1.1.2018 of $65 and I have no idea where that came from! the hyperlink just takes me to the transactions section. How can I remove the $65 amount? I also don't want any data from prior to 1 July 2018.
Thanks, Christina for Prosew Port Macquarie.
im so confused now. Why does sales come up in my loss and profit report? Its show double the income.
Hey @ProSew. If you have any transactions that are prior July 1st, 2018 -- Wave will automatically carry that balance forward. My suggestion is filtering your Account Transactions report for a date range (somewhere from, maybe 2015? to July 1st, 2018) to see if any transactions exist, and that can be deleted.
@MikeCan. To confirm, you are seeing double the income amount under the Profits & Loss section? The Sales category will always show up in your Profits & Loss statement based on the income account associated with the products & services on your invoices. In terms of handling the duplicate amount, it's more than likely you have marked the invoices themselves as paid, but also have a bank connection that is importing the deposit transaction. You will want to merge these two together to avoid the duplication.
I need to print reports. Is this possible?
@pinheadmetalkraft Yep, absolutely! You can print your Reports by heading to Reports > select your report > Export (top right corner). From your exported file, you can easily print from there!
Why does the Sales Tax Report no longer show gross sales, Exempt sales and taxable sales?
Hey there @Suzi
I'm not sure if you've read this article on Changes made to the sales tax report but I'd recommend checking it out!
Just curious if you could elaborate on how the changes to the new Sales Tax report may affect your business. I'm not accountant (or a business owner for that matter) but if you could shed some light on how these fields are necessary for your business that would help us in community understand your question and help to point you in the right direction.
Thanks.
Do I need to do anything to enable the new Wave reports? I am still seeing the same reports page when navigating to Reports - none of the new reports mentioned in this article is available to me.
Hey @jimmyl. It could be that you are still on the legacy version of our software. We're hoping to have all of our users migrated over as soon as possible but in the meantime, I just wanted to thank you for your patience until we get you there.
Can we revert back to the old version? The new version just makes my job WAY MORE DIFFICULT! The old version is more streamlined and functional.
Hey @Lance . No way to revert back to the old version as we work on migrating everyone over to the new platform. I'd love to hear some of the issues that you're having with the platform in general. We're always open to hearing feedback!
@AlexL One person with issues does not make enough "waves" for changes. The new platform is slower and more time consuming. Categorizing transactions is much more involved, vs the old platform. The loss of the old general ledger is... RIDICULOUS! It was the best way to get a quick overview of necessary information. Now all transaction descriptions for an invoice (payment and merchant account fee) are described as "invoice payment". Doesn't make any sense to me.
Hey @Lance
Not sure if you checked out the Merchant Account Fees in the Account transactions (general ledger) report, but this will give you a good insight into all of the fees paid for on your invoices!
@BarsinA Yes, I have, thanks. I am fully aware on how to navigate the site. Now just takes more time because of the extra steps to get to the information. If it even loads, that is. This is becoming a very familiar image.
Also, under Accounting/Transactions, the invoice payments no longer link to the invoice. They use to. That's another short coming of the new platform.
Hey again @Lance
So the bookkeeping has changed in the new platform to reflect a more accurate description of what might be happening in your accounts in real time.
The initial payments by Wave transaction is the one that is tied to your invoice. Neither of these transactions should be deleted, nor can they be merged. You should keep the transfers as well otherwise it creates a balance in your payments by wave account.
Now I'm no accountant, but surely there must be a way to easily sort all transactions that took place over the course of a year. All I need is a list of transactions. I don't need any reporting features, like sums of sales by item, the one I need. I can make that part happen all by myself. But I sure cannot do it if I can't see all transactions by item for the year. Am I missing something, or is Wave?
Hey @TutorTed
I apologize if I'm a bit confused with this post, however it sounds like you might be able to find the list of transactions in your Accounting > Transactions page > Then using the filter button and selecting whatever date/account you'd like. Reach out if you need further clarification.
What I'm trying to do is have a list of sales with the item that was sold itemized. That way I can run reports on an item-by-item basis. The Accounting > Transactions page includes a filter for "Category," but as another post (either on this board or another, related board) points out, you can't assign categories to items that have already been sold—you can only create them today and use them in the future. That doesn't help create reports for 2019.
I did answer my own question, and for reference for anyone looking for the same information—sales by item invoiced—go to:
Settings > Data Export > Export all Transactions
If you sold multiple items at the same price, you'll have to add in an extra column and compute the # sold by the price, but that's a small step. Once you do that and create subtotals, you'll have a by-item register of your total revenue.
Hello,
Is there a way to create custom reports in Wave? For example, I want to exclude an account from the PnL so I can get a clearer year over year comparison. The account I want to eliminate from the report is one for a product line we no longer sell.
Thanks!
I'm having an issue with the Balance Sheet Report. Under Long Term Liabilities, it is showing one amount (incorrect). When I click on details and then drill down to the "Loan", it is a different amount (correct). Why is this?
Hi @rzoller There's no way to create custom reports in Wave. What exactly are you looking for, I may be able to offer some sort of alternative option.
@SharonW made a small tweak on the way your data was being displayed in your account. Can you take a look to see if this fixed the issue for you? Let me know!
AlexL, yes it is correct now. Thank you! Can I make the assumption that all the other data is displaying correctly?
Is there a way to see an income/expense report of the year with columns for each month?
@SharonW Definitely! You should be good to go now.
@Marion at the moment, no. You do have two alternative options for this.
1. You can tick the "compare to prior period" box to compare two months together.
2. You can filter for the reports on a monthly basis and export them to compare your data outside of Wave.
Hey @Marion
This specific type of report layout is not available to be customized in Wave. My apologies for that.