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Your reports just got an upgrade! Cash basis reporting is now available for most reports

Tara_VTara_V Member Posts: 3 admin

Hey Wavers,

We know that as a small business owner, cash basis financial reporting is essential to understand how your business is performing and to file your taxes. We heard your feedback, and we’ve released an update to your reports in Wave that allows you to choose either Accrual Basis or Cash Basis when you run most reports.

Both Cash Basis and Accrual Basis modes are now available on:

You can toggle between the two modes by choosing from the report type drop-down in the report.

Learn more about the difference between Accrual Basis and Cash Basis reports.

In addition to introducing Cash Basis mode for most financial reports, we also improved your Cash Flow statement, making it easier to read and understand.

We removed $0 line items and clarified the language we use for transfers. For example, instead of seeing “Transfer to credit card” you’ll now see “Payment to credit card,” making it easier to see where your money is going at a glance.

We also removed transfers between bank accounts to ensure the Cash Flow statement only shows money moving in and out of your business, giving you the best picture of your finances.

Learn more about how to read your Cash Flow statement.

We hope these improvements empower you to spend more time understanding your business, and less time worrying about financial reporting! Let us know below how Cash Basis reporting will help your business.

edited April 2, 2020 in Accounting Release Updates

Comments

  • VBL_LinkVBL_Link Member Posts: 10

    The most important thing other than P&L and Balance Sheet is a monthly cash flow statement. Rest is jazz. Please allow a monthly report format for cash, which would be immensely helpful to visualize the flow of business.

  • ryanpryanp Member Posts: 1

    This is excellent, thank you!!!

  • mikegibbs777mikegibbs777 Member Posts: 1

    Very helpful - my accountant will be happy!

  • jblackettjblackett Member Posts: 1

    YES! Thank you, phew :) Up vote monthly reporting @teamwave x1000 - that would be a huge improvement for P&L and/or cash flow stmt

  • Steve_IsaacsSteve_Isaacs Member Posts: 3

    This is a very useful add on - due to many of my clients dealing with both cash & banking transactions

    Thanks

  • lisa1742lisa1742 Member Posts: 2

    If you have 3 bank accounts connected but only 1 is business, but you still want to keep the personal books on Wave, can you just run reports using information from the business account?

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hi @lisa1742 , you can do this, but keep in mind that when running reports across your entire business (and not just specific to the account), you'll be generating reports based on both personal and business accounts. I'd suggest setting up a bank connection in your Personal profile so that you can track your Personal books outside of your business account.

    edited April 30, 2020
  • lisa1742lisa1742 Member Posts: 2

    ok then how do I delete the personal account out of the existing Wave account? I stopped the automatic downloads but the data / account is still there - I assume and hope I don't have to start over from Jan 1 - on the business account when i have it all in there already! ouch!

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @lisa1742

    If you'd like to delete those transactions from your business you can do this by filtering the account in the Accounting > Transactions Page > Select the account you're looking to filter from the all accounts drop down > Here you can select them all and delete them.

    If you're looking to account for your personal expenses you can do this under the personal business Wave creates for you! Select your business name at the top left > Select personal and here is where you would want to connect your personal bank accounts :smile:

    Have a great weekend!

  • AdvhoaAdvhoa Member Posts: 2

    Anything in the works to have a report that would generate a client mailing list that I could then format in Excel to print labels?

  • CalliePCallieP Member Posts: 439 admin

    Hi @Advhoa , thanks for your comment! This is not something that is currently on the roadmap for our software, but it's a great idea. Thank you so much for this suggestion!

  • AdvhoaAdvhoa Member Posts: 2

    Thank you for the consideration.

  • flutesonlineflutesonline Member Posts: 2

    I am looking for a way to see the counts of products sold each month.
    In account transactions it now mixes the customer name, Invoice number, and product description in one string?! That is not useful.
    Just a simple product sales report.
    Thanks you

  • Ed_a_newguyEd_a_newguy Member Posts: 1

    Tara, I’m evaluating switching to Wave accounting. This cash-bass feature is essential to me and my accountant. I am sole member LLC and will never use accrual accounting. Is there a global setting to make system default all relevant reports to cash basis? I have not found such a setting so far. As it appears I must remember to switch to cash basis each time I run a report, which is a sure-fire recipe for making mistakes since I will inevitably forget occasionally.

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