Available-for-Sale Security and Other comprehensive income

Swaylock

Hello Wavers!

TLDR;

Can (or if not will) Wave support Other comprehensive income as an Equity account? Or, is it possible to add new account types under a major accounting category?

In my business, I keep securities as a long term capital asset. GAAP rules indicate these must be claimed as "Available-for-sale securities" and any gains or losses in asset value are filed under "Accumulated Other Comprehensive Income " which is an Equity account (ie. Available-for-sale security gain/loss doesn't hit the income statement).

Thanks for any help here.

AlexL

Hi @Swaylock , we're diving into complex accounting territory here and this is something that Wave doesn't support the basic functionality for. I'm sure this could actually be accomplished with the right flow and journal transactions, but this isn't something that we would be able to advise on so I'd highly suggest reaching out to an accountant or CPA.

I've attached a Help Center article on how to use and create Journal Transactions

For full transparency, this isn't functionality that we have any plans on adding to the system in the near future.