How to record assets and liabilities in wave
bkkclient
Member Posts: 1
I want to enquire how does one record the assets and liabilities in wave as I am struggling to capture the new assets that was bought by my client? I recently started using Wave so I am still learning how to use it.
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Hi, thanks for posting! Could you go into a little more detail? Do you mean, for example, the purchase of an asset? More broadly, you can create asset and liability accounts on your Chart of Accounts page as needed.
I'd also recommend giving our Getting Started webinara watch.
Not sure what person was looking for, but I want to record a bank check for an investment in another business. This is an asset, not an expense. Similarly, if you write a check for "deposit". Again, this is not an expense or income so it should not be recorded as such.
I am assuming that this is not available in WAVE. A work around would be to record to an expense account and then do a journal entry to transfer to the correct asset account?
Hi Michael, thanks for posting. Yes, you can use a journal. However, for recording purchase of an asset, you can also use a Bill. You'll find that you can choose asset accounts as the expense category for your line items in the process of bill creation.
People post here that you are able to use Bill function to record the purchase of an asset but I have not been able to get anything but expense categories to show. I cannot imagine that people don't have assets -computers, cell phones, inventory, assets they buy for resale on Ebay, etc - that would require this function. Have spent 2 hours now online trying to figure this out. Tried typing in "asset", "furniture and fixtures" - any and all of the asset accounts I set up - NONE will work. having to put it in as an 'expense' and journal entry it back to an asset is double double work!! I guess this is why Quickbooks -while costly - works better. Very disappointed.
Hey @OfficeWorker_3698LLC, it sounds like you're trying to assign this bill as an asset when you're in the final steps of recording the payment to the bill. However, you'll need to assign the asset at the item level when you create the bill. I've attached a screenshot, in case that helps!
I am having the same issue as OfficeWorker_3698LLC When I bring up the drop down for "expense category" in same screen as you have taken a shot of, not all of my asset categories show up. Only "accounts receivable" and "unrealized gain on foreign currency" even though I have more categories when I am in "Charts of Accounts" including one I made for the purchase I am trying to record.
@hammondvalleyfarm Could you please send us a screenshot of exactly what you are seeing when you are trying to create an expense transaction and categorize it as an asset? As of right now, if you are creating a bill in Wave you can only add an asset category that's either in Property, Plant & Equipment, Inventory, Short&Long term assets. Please send a screenshot of both the drop down on the bills section as well as the Chart of Accounts showing the accounts under those asset categories.
I am having the same issue. In the drop down I only see the asset account AR.
I’m having the exact same issue as everyone has been mentioning above. Everything has been set up in PPE in chart of accounts. However in bill creation i can only see “accounts receivable ”
@GaugingHotdogs @Active @hammondvalleyfarm This is totally my fault here. This is something that is still not possible in Wave (adding a PPE account to a bill) but the reason why I was so convinced is that on my test account, it does show that it is possible (please see the screenshots to show that I'm not entirely crazy). This is something that our team has discussed and will continue to look into, so I do appreciate your understanding and patience here (we are looking at building a feature for this type of situation soon).
Hello Wave Team,
Any timeline for having this issue resolved? I'm facing the same problem as others (adding a PPE account to a bill).
Hey @MustafaMauqa. We still don't have an immediate timeline as to when this will be resolved.. but our development team has been made aware and understand the nature of the requests that are coming in regarding this specific feature. In the meantime, you will need to create an expense transaction in Wave and categorize it as the fixed asset account that you've created in the Chart of Accounts section.
EXCEPT none of my Assets other than Depreciation (which is technically an offset of an asset) show up. Your screenshot indicates items that my actual "Bill" page does not.
Hey @OfficeWorker_3698LLC! The custom created assets that will appear in that dropdown are what will generate from when you create a Sales Tax in Wave, Current assets or Fixed Long-term assets. You make this selection when creating the account in your Chart of Accounts and unfortunately it is not editable after its creation.
If you needed to add a new Asset account that would appear in that dropdown list you can click ACCOUNTING > Chart of Accounts > Add an Account and then select either Current Asset > Other Current Assets or Fixed Asset > Long-Term Assets. Investment asset accounts or bank asset accounts will not be eligible for selection in the dropdown.
So i still need to enter my ppe purchase at journal ?
Hi @Annabelle ! Could you share a few more details around the transaction you're trying to record? That is, am I correct in thinking you're trying to record a fixed asset?
I am also trying to accomplish something like this. recording fixed assets such as a laptop/computer purchase but I am not able to do that from the bill creation process as seen from the screenshot attached by @JamieD
I am guessing it is a feature which is not yet released to users. @Charlotte could you please update us what's the status of this feature. I am surprised users didn't need this exact feature before.
@Tyler @Charlotte @JamieD
Hi, How can I add the PP&E to Bill ?
Do we have to journal as @Annabelle suggest ?
Guys, just pass an expense journal and change the expense category to the PPE account you created. Works perfectly.
I am moving to Wave from having a CPA do my bookkeeping due to costs. Unlike the other questions around recording and asset and depreciation that I have read, I need to add existing assets to my account. So for instance I have a Building that was acquired in 01/01/2017 with a Basis of 73000. I have created a long term asset in wave using the instructions, but I need to add the starting cost basis. From there, I understand the process of adding yearly depreciation and have the D& A account established for that.
@gary_brown If I'm understanding your question correctly, all you'd need to do is add an income to the existing asset account you've created for the building you acquired in 2017. Then, you can follow the steps involved in accounting for depreciation. Seems like you've got a handle on how to do that but just in case, here is a link to a Help Centre Article detailing the process: https://support.waveapps.com/hc/en-us/articles/208623506-How-do-I-handle-depreciation-and-amortization-
Hi Chelseak, Your suggestion worked and now i can see the vehicle i purchased as an asset however under the asset category dropdown i get only account receivable. is this another bug?
i take it back. my income increased after i added the asset which is not what i want. as everybody is saying is there a way to add a fixed asset with messing up with the bill option?