Accrual vs. Cash-Basis Reporting
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Accrual vs. Cash-Basis Reporting
Wave offers both Accrual- and Cash-Basis reporting. All reporting in Wave defaults to Accrual-basis accounting but you can toggle to Cash-basis anytime you need from within your reports!
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Configuring the default to cash-basis under account preferences would be ideal.
Hey @patm
Thanks for this feedback. Our system typically operates on Accrual, but I understand how fewer clicks makes a program far pleasing to use. Thanks again.
I agree with Patm.. It's annoying having to change it every time. Sometimes I forget and I get the wrong data.
yes, would be nice to be able to establish a default for your business. I have several businesses using separate wave accounts with most operating on cash basis an one on accural. having to adjust this each time is both an extra (unnecessary) step and can lead to providing incorrect reports if it is missed.
Also vote for making option for the default to be cash-basis under account preferences
Another vote for allowing a default setting on the Settings page for accrual vs. cash basis that flows through to the reports and dashboards.
When I select Cash basis, almost all my transactions for the year disappear. Any idea why?
Wave is awesome - thank you! It would be even better if there were a global setting to select cash basis as default for reports and the dashboard. If that is not possible - could you put a button on top of the net income dashboard to see the cash basis version?
Hey @Bob_G_89 !
It appears that some of your Wave pages might not be communicating with each other.
I have triggered an accounting data fix on your account, and it showed that your account was in need of this! The reports and accounts should be properly connected within 15-30 minutes, depending on how much data there was to fix. If, after that time the accounts are still off, please let me know and we can go from there.
Hello @JTS !
Thanks for reaching out about this. For full transparency, we do not have any plans to implement such a feature on our current product road map. With that being said, we are not dismissing your feedback and ideas as we often reevaluate our existing features. Once again, thank you for highlighting this.
Not the answer I was hoping for, but I do appreciate the quick and honest response. Keep up the great work!
I am also voting for making an option for the default to be cash-basis under account preferences.
Thank you for a great platform.
I am also voting for making an option for the default to be cash-basis under account preferences.
Thank you for a great platform.
Having the option to set our reports to default to Cash-Basis is such a no-brainer when so many, possibly even the majority, of small businesses (a large portion of the Wave user base) calculate their books on a cash basis. Yet one of your admins said below that "we do not have any plans to implement such a feature on our current product road map."
I'm VERY curious to hear the logic of the product managers on this one, because it blows my mind that you won't consider this simple feature. One that would require less than a day's work from a single competent programmer to implement, and yet it would save your users millions of unnecessary clicks collectively over the lifetime of the product.
Please listen to your users on this one. For the love of all that is good in UX design.
This comment is over 9 months old so your team has realized this problem for a while... but you still haven't fixed it. Please please pay attention to us. Lack of this drop dead simple feature is going to make me switch to a competitor.
Hi @dandan , in full transparency, we have no plans on implementing a default cash basis report option in the near future. We appreciate all of your user feedback on this thread and I'd encourage others to keep sharing their voices as to why they'd appreciate this feature as our Product team continues to read through these threads.
Just wanted to say I think being able to set a default method in the settings may be a better answer. I use accrual method because first and foremost it is the method that follows the Generally Accepted Accounting Principles, I also carry an inventory and I want a better long-term vision of the financial health of my business as opposed to a snapshot in the moment. But because most people use the cash method maybe developing a way to set a default method for each business is a better option.
There is no toggle to put the account balance sheet into cash basis - my tax person is having conniptions over this.
And this is another vote that a default setting would be very helpful, because almost every time I look at the P/L, I forget to set it to cash basis.