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Isn't the dashboard wrong for year end?

GregVeresGregVeres Member Posts: 24

Hi,

I am not an accounting expert, but I believe that the fiscal year is always specified by the year the FY ends in. For instance, my year end is June 30. So just a few days ago, my FY2019 just ended and my FY2020 just began.
https://investinganswers.com/dictionary/f/fiscal-year

But on the dashboard, I noticed that net income tile uses the wrong name for the FY year. It now shows a header with 2018 and 2019 as the two FY years to show - it is showing my FY2019 values under the heading of 2018 and it is showing my new FY for 2020 under the heading of 2019.

Isn't this wrong? Or am I misunderstanding something?

Thanks

in Accounting Feature Ideas

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    ZoeCZoeC Member Posts: 388 admin

    Hey @GregVeres, thanks for reaching out! The way fiscal years actually work in Wave is it goes from your start date to your end date. Your start date goes from 2018 - 2019, which is why you are seeing those headings on your dashboard. Once this fiscal year ends, and your next begins, you will see 2019 and 2020 on your dashboard, your start date to your end date. I hope that explains things, this can be a bit confusing, so let me know if you have any questions! :smile:

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    GregVeresGregVeres Member Posts: 24
    @Zoe_caff
    Hi Zoe

    It isn’t that it is that confusing, it is that it is is wrong based on standard convention. I have been using wave for over a year and I didn’t notice that it was wrong until my fiscal year end this time.

    I am now in my fy2020 even though wave is calling it fy2019.

    I guess you can claim it isn’t technically wrong because the label doesn’t say FY in front of it.

    If I had one big ask it would be better support for fiscal year ends that don’t line up with calendar year ends. Specifically preset report ranges and labels.


    Greg
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    JuliaFrolovaJuliaFrolova Member Posts: 1

    Im new and I am having a huge problem understanding anything.

    I make jewelry at home, so I have enormous expenses buying materials every few weeks.
    Which category is for Business materials and Expenses?...
    It appears that there is NONE.

    I was so excited about wave just an hour ago but now I think I should get the he’ll back to quick books self employed or better to a pen and paper to organize my expenses.

    Why does it have to be made in such a way that a by far not a stupid person ( me) is not able to understand ANYTHING.

    I’m really upset that unless I can get by with hiring someone to do this stuff for me - I won’t even try. I don’t have the time to fulfill my current orders, so money is not an issue for me.

    I seriously doubt that it is just me who finds it incomprehensible: I have 172 college credits from medical school, so I have a sharp intellect usually until it comes to accounting and taxes. I just paid my 2018, because I thought I made too much money and I had a panic attack over doing taxes because I didn’t expect to make 90k and kept zero records of my expenses last year....

    Why can’t it be just a touch more understandable to people who are new to running a business. .?

    I guess it is a rhetorical question but I spent hours trying to set up the account on Wave and now I feel that I won’t be able to use it. I have absolutely no patience, time or just basic common sense to waste time on learning curve when I’m having a thriving shop and turn down clients because I have no time...

    It just made me so disappointed again: I thought there is a cure to Quick Books for self employed but apparently it is all the same. I’m sorry Wave but I won’t be back most likely....

    Good luck everyone 😊

    Julia

    Pen and paper - an elegant solution if you think about it... lol.

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