Questions for accounting software
Tijana2211
Member Posts: 2
Dear Madam/Sir,
I have a few questions regarding Wave accounting software.
- I want to see purchase value (Price in bills) of assets without VAT (Value added tax) - When I put in bills expense category Machinery, equipment, furniture & fixtures Transaction and fill in the necessary info, my bill was recorded. Then I go to reports, Account transactions and select account Machinery, equipment, furniture & fixtures Transaction for some period, I see on debit side amount for that expense category, not only price. My question is - How to see the only price for Machinery, equipment, furniture & fixtures Transaction?
- Prepaid expenses/ Income - In our country, we receive for prepaid expense/income proforma invoices. At the end of the month, we receive an Advance invoice for that payment. After finishing the job, we receive a final invoice, which I can put on the invoice.
My questions are:
a) If I have a lot of Prepaid expenses/income, my any option to split Prepaid expense/income per vendor/customer is to make account per every vendor/customer and post it in journal transaction. Then to go to Account transaction and select account for customer/vendor which I want to see and it will be shown to me. Do I have another option?
b) What if I want to see how much money I receive from one customer (Income per customer & Prepaid Income)? Do I have an option to merge this two (Income per customer & Prepaid Income)? - I’m doing accrual accounting, and for some bills, the date is in the current month and that are costs for the previous. So, I need to change the date to the last day in the previous month how my costs will go to the month where they belong. Do I have an option to add to bills turnover date?
Thank you very much!
Regards,
Tijana
0
Comments
Hi, @Tijana2211.
1. As long as your Sales Tax is attached to your transaction correctly, you should be able to see the amounts before tax under you asset account in the Account Transactions report. You can that report by clicking on Reports, in the menu on the left-hand side. You'll find it at the bottom of the page. Here's how to create a Sales Tax. You can add them to your invoice items, receipts, bills and any other transactions.
2.A. You're right, that's how you would have to handle deposits from multiple customers to keep track of them individually. Alternatively, you could treat the deposit as its own invoice so that the transaction shows in your customer statement. When you create the final invoice, just create an item called "Deposit credit" with a negative price equal to the actual deposit so that your final invoice remains accurate. That will allow you to see everything under that customer's statement.
2.B. . Not if you manage your deposits as holding accounts, but if you treat them as their own invoice item, you'll be able to get this information from your customer statements.
3. When you record a payment for a bill, you can record it as having happened before the date of the bill itself. The date of your payment would represent whichever date the money left your bank account. If that's before the bill was actually created, Wave won't stop you.
Does this answer all of your questions? Let me know if you have anything else, or if you want me to go in deeper on any of my answers.
Thank you very much!
For the third question, I didn't receive an answer from you. I didn't ask you for recording payment
If I receive a bill for costs for February, and date of issue for that bill is 3rd March, I'll put the date of that bill 3rd March on Wave and it will be recorded as an expense in March. But it is an expense for February, not for March. And Sales Tax I need to use for March because the date of issue of that bill is 3r March, not for February. Do I have an option to add some turnover date on bills which in Reports will show me a price for this bill in February and Sales Tax for March? @Alexia
Hi, @Tijana2211.
The first date on a received bill would be the date you've received it. An entry would be created to your Accounts Payable on that date. When you record a payment for it, Wave creates an entry to balance your accounts payable and an expense to your payment account on the date of that payment.
Could you give me a bit more information? Give me a concrete example of how and why a situation like this one would happen. Maybe I can offer a workaround or an explanation.