Multiple receipts for one same asset. How to link? And other Questions

l4cky

1) A new counter is built and there were some additions to it. I have a receipt of 1000$, and 4 other receipts of 50$ of different date. Total is 1200$ for the counter. Long Term Asset is 1200$.

Now to do the Depreciation, I need to create a bill under the Wave FAQ.

So I create a bill with 5 Products (1000$, 50$,50$,50$,50$).

I can only link one of the 5 receipts uploaded to the bill, while the other 4, I am not sure where to put them?

Of course, I can create 5 bills for that same counter (but in real life, since I built that counter, I have way more than 5 bills) but that is not worth the time for every small amounts.

What should I do?

Solution?

Should put all the receipts and link them to a category Asset Account, and without creating bill, create a journal of entry and called it "Counter depreciation" and debit/credit into Depreciation expense/Accumulation Amortization? Or any better idea?

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2) Also, since my business is a start-up, and I have no cash flow, I believe the good selction of method of payment for all my transactions uploaded is the default account Owner investments drawings? Do I need to put somewhere I put cash into this business and then use the cash for owner investment?

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3) Do I have to create a Depreciation expense account for each asset and an Accumulation Amortization for every asset? Or the journal of entries will be enough for tracking?

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4) I live in Canada and we have what we have ACCOUNTING AMORTIZATION (AA)
AND FISCAL AMORTIZATION (FA)

If I understand, AA is for the ledger (?) and FA is only for filing income taxes to the government. How do we set up both AA and AF in wave accounting? Or I have to make a journal of entry for AA and another one for AF? (If that's the case, how do we view financial statements with AA only or AF only?)

5) Is there a way to Calculate the Amortization of each asset or do I have to use excel sheet?

Thanks

ConnorM

Hey @l4cky! Happy to look into this with you. Let's start breaking these down one by one.

1) As far as I can see here, that journal entry method you'd mentioned is very likely going to be your best call. We do have a really solid Help Center article here on depreciation, which is very likely going to help with starting to break this workflow down.

2) I'm not totally sure on what you're asking with this question. Are you trying to account for starting balances in your business? If so, you can check that workflow out here. If not, I'd love to know more about what you're trying to do here.

3,4,5) Unfortunately, the support team are not accountants, and we wouldn't be able to help with these questions. You're going to need to reach out to an accountant in order to work through these questions, as I would not be able to advise on these.