Sub Accounts in Chart of accounts
Soso
Member Posts: 1
I am seriously thinking of moving here from quickbooks but I cant figure out a way to implement their sub-accounts feature as we have a lot of itemized accounts that can be easily categorized. Any suggestions?
3
Comments
Hi @Soso 👋
So great to hear that you're thinking of making the switch to Wave!
As of right now, Wave does not offer a sub-accounts feature. What we do offer is the ability to categorize transactions to track the moving coming in and leaving your business. You can learn about those by clicking here but I understand it won't accomplish the same thing.
You also have the option to Open Multiple Businesses within the same Wave account treating each one like a different project. This way you can switch between them with just a few clicks. You could then run reports for each business as needed and manually add the totals but again, Wave is not explicitly designed for this.
Hope this gives you some helpful insight on making the best decision for you and your business!
I am considering a move from Quickbooks as well but don't know how I will operate without sub accounts/categories. It is not enough to know what expense goes on a tax for but one also needs to track there specific expense types.
Lou
I am considering a move from QuickBooks as well but don't know how I will operate without sub accounts/categories. It is not enough to know what expense goes on a tax for but one also needs to track there specific expense types.
Lou
Any updates on this? Would love to nest accounts / have sub-accounts built into Wave.
Hey there @AJG @LoutheRealtor
We have a more detailed community thread you can follow HERE.
Presently we don't have an ETA at this time
I understand how this would help your accounting. My apologies that we don't have an ETA for whether this product will be updated in Wave. Don't hesitate to reach out if you have other questions.
Is there a reason that genuine, interested users and potential users ask for new, but standard functionality and the company does not address the requests? Another example is the Tip feature on invoices--you can Edit, but not Tip. Emailing my clients to Edit their invoice is bizarre and awkward. If they Tip me I'll love the product more and you guys make more money on the 2.9% credit card processing of a higher invoice/payment amount. In this case, sub-categories is a standard feature of accounting tools. Why is it taking so long for development team to accomodate these requests?
Hey @BHS , when we plan out the features we're building next, although a significant factor we pay attention to is customer feedback, there's also a lot more that goes into our product planning,
Our product managers and customer success heroes are constantly in touch with customers, accountants and bookkeepers, gathering insights into how they use Wave and what they want to see next. We capture it all.
Naturally, a feature that has the potential to revolutionize the way you run your business, or that affects many customers, will get more attention. Also, some features are easier to build than others. If a feature request will take a lot of time to build, we need to make sure it drives extra value for our customers.
Sometimes a feature looks easy, but it has underlying requirements that are difficult, or an infrastructure that doesn't exist. Wave's system handles billions of data packages every week, and we want everything to flow smoothly. Sometimes, it's the architecture that supports a feature, and not the feature itself, that requires the most engineering. We look at whether the work that goes into a feature can be bundled up with other work. Sometimes a feature with fewer requests will get worked on early because we're already making changes to a related part of the machinery, and it makes sense to address several issues while we're in there.
There are more factors, too, like competitive considerations, advances in technology, changes to regulatory constraints and so on.
All of this goes into the decision-making process for new features. I do apologize if it seems like the features that you're the most interested in get ignored, but we are always looking at how we can improve the software for our users.
Is this feature of creating sub-accounts ever going to be created? It is making it very cumbersome and I am also considering switching. I'd like to know if it is in the timeline to be created before I switch to another software. Thanks.
Hey @kimhopkins !
Feel free to check out this discussion here for more information. I hope this helps.
But I mean..thats not the case. Wave already has subaccounts that have been created by the system just the functionality is locked to users.
Operating Expenses
Accounting Fees (Is this not a sub account of operating expenses?)
Payroll Expense
Payroll Employer Taxes
I mean I'm not a professional programmer but isn't that what exist and what we'd like made useable?
Hey there @IGOTNOSTRINGSONME !
I'm afraid that Wave does not support sub account/category functionality. Regarding operating expenses, this is not a stand alone account that you can select. If you view your Chart of Accounts page, the Operating Expense section simply helps you group up and organize your different operating expense accounts/categorizes. You can't break them down further into sub accounts/categorizes at this time. For full transparency, this feature is not on our current product roadmap and I'm afraid there is no ETA on when or if this feature will be implemented. With that being said, we are not dismissing your feedback and we appreciate you reaching out about this.
I'm with the others that have asked for this. That Wave doesn't perplexes me. Kind of like making a car that doesn't have a reverse gear because it was too difficult to add as a feature.
JulianP, sub-accounts provide a way to group similar account types together. If you already are able to group some accounts as you explained regarding the Operating Expense section, you're halfway to sub-accounts. I'm curious why management is so hesitant to pursue something your users want that's readily available on other platforms.
I'm glad I haven't gone too far in testing out Wave so I haven't lost too much time. What I've otherwise seen had been promising but I won't be continuing. If you ever decide to be like other companies and add sub-accounts I'll probably be back. Cheers!
I think I figured out a workaround to sub-account for my needs (but may not be sufficient for others).
For example, I like to track different Internet-related expenses such as: Internet-Domain Registrations, Internet - Hosting, Internet-Access Providers, etc. So, on the report, it should be grouped together by spelling.
However, in the P&L report, is there a way to customize or format a P&L report or is there just one version and no other? Will there be options to customize or reformat a P&L report where we can drag and drop different expenses into different groups?
Thank you.
Add me to the list of those requesting sub accounts. Hopefully we can get enough requests to get it added to Wave's roadmap. As is I have to track expenses for the "parent" accounts manually.
Hey @matt3006 !
At this time, Wave only offers one version of the Profit & Loss report and it can't be customized. A drag a drop functionality that you described isn't supported either. Your best bet would be to use our Account Reconciliation tool. Sorry if this hinders your accounting workflow.
In fact I am considering moving away from Waves into quick books just because there are not sub-categories. Lack of this feature makes the reports a pain to work with
Been using wave for 4+years now, and the sub category feature has been an ask even before i joined. It's a basic function of any accounting software. I have 5 businesses i'd like to track, but for the last 3 businesses i had to look elsewhere for accounting due to wave not supporting sub categories. If this doesn't get supported soon, may have to move the remaining two businesses from wave as well. I love the software but the lack of a basic very important feature just wont do anymore.
Hi, I tried my best at tax time last year to work around the absence of sub-categories. I can't do it again. I'm not sure if this is the best place but I wanted to make sure it's communicated to Wave directly. Do you have any plans to roll out sub-categories and if so, when? If it's not by the end of 2021, I'm 100% switching to another software. I don't care how much I have to pay for it. This is unusable without sub-categories. Thank you, Kim
Considered using Wave until I discovered the lack of sub-categories and limited reporting. Unfortunately, I'll have to go with the evil competition and an alternate payroll service.