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Help requested to make my bookkeeping solid.

NoodzakelijkOnlineNoodzakelijkOnline Member Posts: 4

Dear community,

I am already with Wave since 2018 but due to severe handicaps and half year of homelessness I have never been able to consolidate my information in Wave from previous platforms and such.

Brief background info
1. Went from Paypal -> N26 -> Transferwise (And now using Wave to consolidate payments across those 3).

  1. Expenditure that I make for my handicaps are in fact considered business costs since a healthy version of me wouldn't have them and thus have no place in the household booklet.

  2. I have had a bookkeeper but she refuses to work with Wave because it is not organized enough.

  3. I am using the bookkeeping of Wave for business related to my handicap (i.e. public speaker and such) however until now I have not made any sales.

My situation
Due to fiscal disputes (to which a few thousand euros are on the line in about a week's time of writing) I am forced to do it myself but I am not a bookkeeper myself. And since my bookkeeper refuses to use Wave I am ought to do it myself.

Now I am not a bookkeeper and most likely have made mistakes of which I am now stuck and I need help.

What are my problems?
Problem 1
I want all income (which are my own savings) to be seen as a 'loan' to my company. I made a difference between myself as a person and me as a business. I have this currently set up like this:
https://prnt.sc/sum8bu

However the ones with account 'NOPPP (= NOP PayPal) I can't change account without errors:
https://prnt.sc/sumb08

I did try but it does not show up 'owners loan'
https://prnt.sc/sumc5e

Problem 2
A lot of expenses I made on my bookkeeping come from the 'balance' which to me means that I topped up first from person (private) -> business (NO) as 'owners loan' and then I could spent as business the money.

To display this in my statements (and yes I can go into the negative because that shows how much the business still owes me as person) I went with the 'cash on hand' setting for the expenses paid from the 'balance' of the business:
https://prnt.sc/sumcnu

However, the reconciliation does not like in the slightest what I do so it gives me a lot of error messages:
https://prnt.sc/sumeay

My goal is to display that all 'top ups' are in fact 'owners loans' and that all expenditure is from the balance of 'business'. How to do that without upsetting Wave infrastructure?

Problem 3
I had a few virtual assistants in the past to help me do stuff when I was bedridden due to my handicaps. Alya Salah was one of them. Anyway I want in the transactions screen to change the title of the transaction (at least get rid of the names and add an invoice number or so to it). I want to vendor her as 'Alya Salah' and then still make use of the search so all of her invoices would come up. But that is not the case as the search does not look on vendor tags:
https://prnt.sc/sumfwu

So how can I circumvent this problem without having to put her name in the description?

Problem 4
To the transactions, I want to add a PDF attachment because it is not always clear from the get-go in the description nor notes what exactly I have purchasd.

Conclusion
I am exceptionally well aware that I made a LOT of mistakes in the software. I need help in the form of screenshots or ideally screen captures to help fix my mistakes.

It comes down to that I am looking for a way of working (system or method) in Wave that addresses the 3 problems above as well as:

  • Allows me to see how much my business owes to me as a person
  • From the transactions, I need to make invoices of them (because they are going to be proof to submit to the tax office for the fiscal problem)

Is there anybody willing to dedicate his efforts to help me out? I would be very very grateful.

P.s. If payment is required then I am able to pay up to 2% of my monthly income one-off for the help. However, I work on the basis of successfully completing work first prior to payout.

I am not sure if I get notifications of this group so if please e-mail me at 'noodzakelijkonline@gmail.com' if allowed by Wave.

Tagged:
in Using Wave

Comments

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    CalliePCallieP Member Posts: 439 admin

    Hi @NoodzakelijkOnline , thanks for this message. Below, I'll address some of your concerns.

    1. Generally in Wave, we recommend recording personal investments in a company as Owner's Investment/Draw, which is an equity account. If you'd rather record it as a liability, e.g. Shareholder's Loan, that's okay too - but you'll need to speak with an accountant if you need more insight into the implications of this choice on your bookkeeping. In terms of why the liability account can't be selected, there's a number of factors which could be influencing this. What's the account type of the NOPP account? Did you account for the loan principal by following the directions on this Help Centre article? What steps have you taken so far, and when do you encounter an error?
    2. So the red you're seeing here is not because the balance is negative necessarily; it's allowed to be negative if that's what the balance really is. The issue is that the balances don't match. You'll want to reconcile the previous periods up to now to get the account fully reconciled. Reconciliation in Wave is defined by having the balances match. Learn more here about how to reconcile. As well, cash on hand is meant to represent literal cash. If you have a bank account for this money movement in real life, then in Wave, it should also be a bank account. You want what appears in Wave to be a copy of what appears in your real accounts.
    3. The search by description, as you noticed, doesn't surface vendor names. If you need her to appear in search by description, her name will need to be the description. If you would rather her be a vendor and record bill payments, you can use the filters to filter by Category and choose Bill Payments - then you will see her transactions.
    4. The ability to add files to transactions is not possible in Wave right now. It's on the product's road map, but I don't have an ETA for that feature to be launched, as we are first launching some other improvements to the transactions page.
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    NoodzakelijkOnlineNoodzakelijkOnline Member Posts: 4

    Callie, thanks for the reply. It's a little too late unfortunately so I was forced to make changes and this involves that I am going to leave Wave. To your points:

    1 Although I can somewhat understand this assumption (although I have to really dig hard and deep into others' thoughts) it is generally unwise to assume it that way for the sole reason that entrepreneurship is meant to that what you invest requires to earn itself back and then some. Therefore any investments from the founder itself is always a loan basis unless the founder mentions it to be an equity basis.

    My bookkeeper absolutely hates Wave and has not even took the liberty to take a look so its hard for me to explain this to my bookkeeper at all.

    NOPPP = NOP (my company) & PayPal (PP). Its an import from connecting to google sheets to import all statements. And my god did that went wrong and mess up my whole overview.

    2 An accountant at Fiverr was kind enough to tell me that reconciliation indeed only works by having connected to a bankaccount. And since Wave does not connect to Paypal, N26 & Transferwise it basically defeats its whole purpose of use to me.

    I am grateful the situation pointed out mistakes and unfinished bookkeeping work, but it came to me with a heavy price (money, manpower, health) I am not entirely sure yet if it was worth it.

    As for the articles, it does not help me because I do not learn through fragmenting information absorption. More people have this issue though in general but I will assume for now this style of learning is working for the masses. I am unfortunately not the masses in that regard.

    3 All I can say about this is that the search in Wave in that regard need an update. I am 100% sure this is technological possible because major webshops also allow to search on anything that is within a certain page be it a description, tags, vendors, EAN's, etc. Wave can do this too, I am sure of it :).

    4 Partially one of the reasons why I am always moving away from Wave. This is hands down such an important feature its mind-boggling how this is not given priority over other topics.

    Anyway, I believe Wave serves it purpose to some and that you have many happy clients. I am just disgruntled a bit because of the technical limitations it has whilst presenting itself on the homepage as a one-stop solution for entrepreneurs and SMB's. A classic example of overpromised and underdelivered if you ask me.

    I do wish you guys the best and may you be in the future the shape you present to be on your homepage.

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